James Hannum

Socrative Econ Quiz

Tuesday, February 02 2016 07:53 PM
Room: uLBSIjpa
Common Core Tags:

Student Name+A8:M8s

Peanut butter and jelly are

compliments. Due to
The price of apples has
advancements in processing
recently gone down.
technology, there is an
Assuming apples and
increase in the supply of
The Federal Reserve Bank is
oranges are substitutes, what peanut butter. What happens responsible for printing and
will happen in the market for as a result in the market for
minting physical American The current Chairman of the
oranges?
jelly?
currency.
Federal Reserve is...

Total Score (0 - 100)

Number of correct answers

Lexi Morgan

40

Orange demand will

decrease, leading to a lower Equilibrium price and quantity
True
equilibrium price and quantity. increase

Michael Bloomberg

Danley, Haley

80

Orange demand will

decrease, leading to a lower Equilibrium price and quantity
equilibrium price and quantity. increase
False

Janet Yeller

3
5.00

Orange supply will decrease,

leading to a higher
equilibrium price and lower
Equilibrium price decreases,
equilibrium quantity
equilibrium quantity increases True
66.7%
66.7%

Momma, Jo
Class Scoring

30
50.0%

33.3%

The U.S. can choose to

produce 10 big jets, or 20
small planes, or combination
of the two (i.e 5 big jets and
10 small planes). Mexico can
Using the classical closed
produce 5 big jets, or 15
economy model, what
small planes, or a
happens to the real interest
At what point will a
combination of the two. What
rate as a result of an increase perfectly competitive firm An increase in the money supply will will each country specialize The CPI measures a nation's The difference between the
in government spending?
produce?
increase aggregate demand.
in?
output.
short run and the long run is...
Because of absolute
advantage, the U.S. will
specialize big jets and Mexico
will specialize in small planes. True

aggregate demand is fixed in

the short run, but not in the
long run.

Where marginal revenue

It will decrease as a result of equals average total
an increase in loanable funds. cost.
True

Because of comparative
advantage, the U.S. will
specialize big jets and Mexico
will specialize in small planes. False

prices are sticky in the short

run, but not in the long run.

Where marginal cost

It will increase as a result of a equals marginal
decrease in loanable funds. revenue.
33.3%
66.7%

Because of absolute
advantage, the U.S. will not
specialize and produce a
combination of small planes
and big jets. Because of
comparative advantage,
Mexico will specialize in small
True
planes.
33.3%

aggregate demand is fixed in

the short run, but not in the
long run.
33.3%

Where marginal cost

It will increase as a result of equals marginal
an increase in loanable funds. revenue.

True

True
100.0%

33.3%

Ben Bernanke
33.3%