Unit 1: Basic Economic Concepts

/ Unit 1: Basic Economic Concepts

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You’ll start the course with an introduction to economic concepts, principles, and models that will serve as a foundation for studying macroeconomics.

Question Difficulty:

Question	Difficulty	Students Solved
Decreasing and Increasing Opportunity Costs	medium	221
Simultaneous Shifts in Supply and Demand	hard	164
Law of Supply Definition	medium	137
Determinants of Demand	medium	127
Interpreting The Production Possibilities Curve	medium	110
Effect of a Binding Price Ceiling	medium	98
Law of Supply	medium	87
Scarcity and Economic Decision-Making	medium	92
Determinants Of Supply	medium	86
Scarcity and Societal Trade-Offs	easy	100
Comparative Advantage and Gains from Trade	easy	84
Calculating Consumption After Trade	medium	64
Tax Decrease Impact on Market Equilibrium	medium	57
Comparative Advantage and Specialization	medium	48
Properties of the Production Possibilities Curve	medium	50
Price Elasticity of Demand Concept	medium	49
The Economic Concept of Scarcity	easy	44
Determining Absolute Advantage From Output	medium	37
Determinants Of Demand	medium	35
Comparative Advantage and Trade Outcomes	hard	30

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1 – 20 of 800

Unit Leaderboard

Rank	User	Correct Count	Attempt Count	Time	Score
#1	jcbaird17	98	110	28m 28s	7,972
#2	nisak4sh	80	106	0m 00s	7,740
#3	haydenfung7	59	70	0m 00s	5,790
#4	mateozoretic	54	64	0m 02s	5,298
#5	hajinkim1128	52	75	11m 11s	4,299
#6	lvanhui20230312	38	50	0m 00s	3,680
#7	syoh	62	102	37m 37s	3,543
#8	s568769	54	79	31m 36s	3,254
#9	sophiamoon0823	33	53	1m 34s	3,006
#10	joannazhoub	31	46	0m 12s	2,938

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1 – 10 of 203

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