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1. Introduction to Macroeconomics(0)

Introduction to Economics
(0)

Three Key Economic Ideas
(0)

Productive and Allocative Efficiency
(0)

Factors of Production
(0)

Positive and Normative Analysis
(0)

Circular Flow Diagram
(0)

Graphing Review
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Percentage and Decimal Review
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Fractions Review
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2. Introductory Economic Models(0)

Production Possibilities Frontier (PPF) - Introduction and Productive Efficiency
(0)

PPF - Increasing Marginal Opportunity Costs and Allocative Efficiency
(0)

PPF - Outward Shifts
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PPF - Comparative Advantage and Absolute Advantage
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PPF - Comparative Advantage and Trade
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PPF - The Price of the Trade
(0)

3. Supply and Demand(0)

Introduction to Supply and Demand
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The Basics of Demand
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Individual Demand and Market Demand
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Shifting Demand
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The Basics of Supply
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Individual Supply and Market Supply
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Shifting Supply
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Overview of Supply and Demand Shifts
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Supply and Demand Together: Equilibrium, Shortage, and Surplus
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Supply and Demand Together: One-sided Shifts
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Supply and Demand Together: Both Shift
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Supply and Demand: Quantitative Analysis
(0)

4. Elasticity(0)

Percentage Change and Price Elasticity of Demand
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Elasticity and the Midpoint Method
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Price Elasticity of Demand on a Graph
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Determinants of Price Elasticity of Demand
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Total Revenue Test
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Total Revenue Along a Linear Demand Curve
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Income Elasticity of Demand
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Cross-Price Elasticity of Demand
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Price Elasticity of Supply
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Price Elasticity of Supply on a Graph
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Elasticity Summary
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5. Consumer and Producer Surplus; Price Ceilings and Price Floors(0)

Willingness to Pay and Consumer Surplus
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Willingness to Sell and Producer Surplus
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Economic Surplus and Efficiency
(0)

Quantitative Analysis of Consumer and Producer Surplus at Equilibrium
(0)

Price Ceilings, Price Floors, and Black Markets
(0)

Quantitative Analysis of Price Ceilings and Price Floors: Finding Points
(0)

Quantitative Analysis of Price Ceilings and Price Floors: Finding Areas
(0)

6. Introduction to Taxes and Subsidies(0)

Introducing Taxes and Tax Incidence
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Effects of Taxes on a Market
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Elasticity and Taxes
(0)

Subsidies
(0)

The Laffer Curve
(0)

Quantitative Analysis of Taxes
(0)

Tax Efficiency
(0)

Tax Equity
(0)

7. Externalities(0)

Externalities: Social Benefits and Social Costs
(0)

Public Solutions to Externalities
(0)

8. The Types of Goods(0)

Four Types of Goods and Two Characteristics
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The Free Rider Problem and the Tragedy of the Commons
(0)

Public Goods: Demand Curve and Optimal Quantity
(0)

9. International Trade(0)

Exporting and Importing
(0)

Sources of Comparative Advantage
(0)

Tariffs
(0)

Import Quotas and VERs
(0)

Arguments Against International Trade
(0)

10. The Costs of Production(0)

Revenue, Cost, and Profit
(0)

The Production Function and Diminishing Returns
(0)

Marginal Cost
(0)

The Relationship Between Average Cost and Marginal Cost
(0)

Graphing Costs
(0)

Average Total Cost: Short Run and Long Run
(0)

Isoquant Lines
(0)

Isocost Lines
(0)

Cost-Minimizing Combination of Labor and Capital
(0)

11. Perfect Competition(0)

Introduction to the Four Market Models
(0)

Characteristics of Perfect Competition
(0)

Revenue in Perfect Competition
(0)

Perfect Competition Profit on the Graph
(0)

Short Run Shutdown Decision
(0)

Long Run Entry and Exit Decision
(0)

Individual Supply Curve in the Short Run and Long Run
(0)

Market Supply Curve in the Short Run and Long Run
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Long Run Equilibrium
(0)

Perfect Competition and Efficiency
(0)

Four Market Model Summary: Perfect Competition
(0)

12. Monopoly(0)

Characteristics of Monopoly
(0)

Monopoly Revenue
(0)

Monopoly Profit on the Graph
(0)

Monopoly Efficiency and Deadweight Loss
(0)

Price Discrimination
(0)

Antitrust Laws and Government Regulation of Monopolies
(0)

Mergers and the Herfindahl-Hirschman Index (HHI)
(0)

Four Firm Concentration Ratio
(0)

Four Market Model Summary: Monopoly
(0)

13. Monopolistic Competition(0)

Characteristics of Monopolistic Competition
(0)

Revenue in Monopolistic Competition
(0)

Monopolistic Competition Profit on the Graph
(0)

Monopolistic Competition in the Long Run
(0)

Efficiency in Monopolistic Competition
(0)

Advertising
(0)

Four Market Model Summary: Monopolistic Competition
(0)

14. Oligopoly(0)

Characteristics of Oligopoly
(0)

One-Time Games and the Prisoner's Dilemma
(0)

Game Theory and Oligopoly Profit
(0)

Repeated Games
(0)

Kinked-Demand Theory
(0)

Four Market Model Summary: Oligopoly
(0)

15. Markets for the Factors of Production(0)

The Production Function and Marginal Revenue Product
(0)

Demand for Labor in Perfect Competition
(0)

Shifts in Labor Demand
(0)

Supply of Labor in Perfect Competition
(0)

Shifts in Labor Supply
(0)

Differences in Wages
(0)

Other Factors of Production: Land and Capital
(0)

Unions
(0)

Monopsony
(0)

Bilateral Monopoly
(0)

16. Income Inequality and Poverty(0)

Income Inequality in the USA and Worldwide
(0)

Poverty
(0)

Polices to Reduce Poverty
(0)

Lorenz Curve and Gini Coefficient
(0)

Income Equality and Efficiency
(0)

17. Asymmetric Information, Voting, and Public Choice(0)

Asymmetric Information: Adverse Selection and Moral Hazard
(0)

Solutions to Informational Problems
(0)

Median Voter Theorem
(0)

Condorcet Voting Paradox
(0)

18. Consumer Choice and Behavioral Economics(0)

Budget Constraint
(0)

Indifference Curves
(0)

Indifference Curves for Perfect Substitutes and Perfect Complements
(0)

Consumer Optimum Consumption: Budget Constraint and Indifference Curves
(0)

Consumer Optimum Consumption: Marginal Utility per Dollar Spent
(0)

1. Introduction to Macroeconomics

Introduction to Economics

1. Introduction to Macroeconomics

Introduction to Economics: Videos & Practice Problems

Video Lessons Practice Worksheet

20 problems

Problem 1Multiple Choice

Which of the following best defines 'demand' in microeconomics?

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Problem 2Multiple Choice

How do supply and demand interact to determine the market price of a good?

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Problem 3Multiple Choice

What is the likely effect of a new sales tax on the equilibrium price and quantity of a good?

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Problem 4Multiple Choice

If a student chooses to spend an hour studying instead of working a part-time job that pays \$10 per hour, what is the opportunity cost of studying?

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Problem 5Multiple Choice

If the price elasticity of demand for a product is -2, what happens to the quantity demanded if the price increases by 5%?

Problem 6Multiple Choice

What is the equilibrium price in a market where the demand curve is P = 20 - Q and the supply curve is P = 5 + Q?

Problem 7Multiple Choice

Which of the following best describes the impact of a price ceiling set below the equilibrium price?

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Problem 8Multiple Choice

How do incentives influence consumer behavior in a market?

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Problem 9Multiple Choice

Consider a city that implements a congestion charge to reduce traffic. Which microeconomic principle does this illustrate?

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Problem 10Multiple Choice

If a government imposes a tax on sugary drinks, what is a potential outcome in the market for these drinks?

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Problem 11Multiple Choice

What is 'profit maximization' in the context of microeconomics?

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Problem 12Multiple Choice

What happens to the market price if there is an increase in demand while supply remains constant?

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Problem 13Multiple Choice

How does a tax on a good affect the supply curve?

Problem 14Multiple Choice

A company has limited resources and must choose between producing cars or trucks. What economic concept does this scenario illustrate?

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Problem 15Multiple Choice

If a product has an elasticity of supply of 0.5, what happens to the quantity supplied if the price increases by 10%?

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Problem 16Multiple Choice

In a market where the demand curve is P = 30 - 2Q and the supply curve is P = 10 + Q, what is the equilibrium quantity?

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Problem 17Multiple Choice

What is a potential negative effect of a subsidy on a market?

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Problem 18Multiple Choice

Why might a company offer discounts on its products?

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Problem 19Multiple Choice

A government introduces a tax on carbon emissions to reduce pollution. Which economic principle does this illustrate?

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Problem 20Multiple Choice

If a new technology reduces the cost of producing electric cars, what is a likely outcome in the market for these cars?

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Three Key Economic Ideas Practice Problems

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