Final Review Game Economics

Unit Two 7. What is utility?

Unit Two 18. Explain double taxation.

Unit One 1. What term means “of limited amount?”

Unit Three 30. Define the short-sightedness effect.

Unit Three 16. What are “secondary effects?”

Unit Three 9. An engineer who has recently graduated from college and is looking for work.

Unit Two 12. What are cartels?

Unit One 2. This term means to decide whether or not to use one more additional unit or resource.

Unit Two 13. How are oligopolies and monopolistic competition different? Provide examples of each.

Unit Three 18. Explain what the “tragedy of the commons” is and provide an example.

Unit Two 14. What are the four types of non-price competition?

Unit Three 19. Provide examples of each of negative and positive externalities.

Unit One 8. What is the difference between a scarcity and a shortage?

Unit One 10. Create a production possibilities curve using guns and butter as your axis and correctly label these points: a. Unattainable b. Inefficient c. Full production during war d. Full production during peace

Unit Three 22. What is the goal of protectionist policies?

Unit One 14. What is comparative advantage?

Unit One 18. A doctor performing surgery is which factor of production?

Unit One 20. Using a correctly labelled supply and demand graph, illustrate what would happen if consumers expect real estate prices to skyrocket in the future and how that would affect price and quantity.

Unit One 24. In a market for waffles, the price of syrup increases.

Unit One 29. What are goods that are demanded more when consumer income rises?

Unit Two 20. What are the advantages and disadvantages of business franchises?

Unit Two 1. If the benefits of a good are the same, then consumers will chose the good with the ___________ cost.

Unit Two 9. What is elasticity?

Unit Three 12. When ATMs were created, some bank tellers found themselves…

Unit Three 14. Which theory says that when demand for goods exceeds supply, prices are pulled up?

Unit Two 17. What are the advantages and disadvantages of corporations?

Unit Two 3. What is a price floor? Give an example

Unit Three “The fluctuations of economic activity that an economy experiences over an extended period of time which drives it forward,” is also referred to as…

Unit One 4. What is the desired alternative that must be given up to obtain something else?

Unit Three 5. Why is the value of final goods included in GDP but the value of intermediate goods excluded?