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Socrative Quiz

The document summarizes the results of an economics quiz taken by 5 students - Lexi Morgan, Danley Haley, Momma Jo, and Ben Bernanke. It shows the number of questions each student got correct out of 10, along with the class scoring summary. Key details include: - Lexi Morgan answered 4 questions correctly for a score of 40 - Danley Haley answered 8 questions correctly for a score of 80 - Momma Jo answered 3 questions correctly for a score of 30 - Ben Bernanke answered 5 questions correctly for a score of 50 - The class average score was 50% correct answers.

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565 views1 page

Socrative Quiz

The document summarizes the results of an economics quiz taken by 5 students - Lexi Morgan, Danley Haley, Momma Jo, and Ben Bernanke. It shows the number of questions each student got correct out of 10, along with the class scoring summary. Key details include: - Lexi Morgan answered 4 questions correctly for a score of 40 - Danley Haley answered 8 questions correctly for a score of 80 - Momma Jo answered 3 questions correctly for a score of 30 - Ben Bernanke answered 5 questions correctly for a score of 50 - The class average score was 50% correct answers.

Uploaded by

api-307974839
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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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%

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