2. The Rules
• Raise your hand to answer the question.
• If you get it correct, you may take a shot.
• You choose how far away from the basket
you want to be. The further away you are,
the more points you get.
• If you get it wrong, I get to shoot.
• I’m going to be tracking participation so
everyone must attempt at least one answer.
• If you answer but don’t want to shoot, you
can donate your shot to somebody else.
• Every so often I will call on somebody
randomly, so be ready.
11. What does a Production
Possibilities Curve show?
Butter
Guns
12. What kind of economy does
the United States mostly
have?
• For a bonus shot, name two current
countries that have command
economies.
13. Explain to me how utility and
selfishness aren’t the same
thing.
14. Name one of the seven
factors that can affect the
demand for a product
• For two bonus shots, 5 of the 7.
• (Change in income, change in prices or
availability of substitutes, ch. in prices or
avail. of complements, ch. in
weather/season, ch. in # of buyers, ch. in
styles/tasts/habits, ch. in expectations)
15. Give me an example of a
product that’s demand will
change based on the price of
a substitute.
16. Give me a pair of products
that would be complements
to each other.
17. Who won the Grammy for
rock album of the year?
18. What is a normal and inferior
good?
• Bonus shot for giving me an example of
each.
33. Why doesn’t the change in
price of a product change it’s
demand?
• What changes when the price is
changed?
34. Graphing stuff you should
know.
• Shortage or surplus (and how much).
• Comparative advantage (who is going
to trade what).
• Moving supply and demand curves (and
how that affects price).
• Price elasticity of demand (which
product is more or less elastic).
