Unit 1: Basic Economic Concepts

/ Unit 1: Basic Economic Concepts

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Question Difficulty:

Question	Difficulty	Students Solved
Decreasing and Increasing Opportunity Costs	medium	74
Simultaneous Shifts in Supply and Demand	hard	37
Law of Supply Definition	medium	39
Determinants of Demand	medium	37
Interpreting The Production Possibilities Curve	medium	31
Effect of a Binding Price Ceiling	medium	27
Law of Supply	medium	26
Scarcity and Economic Decision-Making	medium	26
Determinants Of Supply	medium	23
Scarcity and Societal Trade-Offs	easy	26
Comparative Advantage and Gains from Trade	easy	23
Calculating Consumption After Trade	-	19
Tax Decrease Impact on Market Equilibrium	easy	15
Comparative Advantage and Specialization	-	17
Properties of the Production Possibilities Curve	medium	16
Price Elasticity of Demand Concept	-	15
The Economic Concept of Scarcity	easy	16
Determining Absolute Advantage From Output	-	15
Determinants Of Demand	easy	9
Comparative Advantage and Trade Outcomes	-	9

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