Topics, in course order
- 1.1ScarcityNot practicedLessonNotes
- 1.2Resource Allocation and Economic SystemsNot practicedLessonNotes
- 1.3Production Possibilities CurveNot practicedLessonNotes
- 1.4Comparative Advantage and TradeNot practicedLessonNotes
- 1.5Cost-Benefit AnalysisNot practicedLessonNotes
- 1.6Marginal Analysis and Consumer ChoiceNot practicedLessonNotes
Practice this unit
Question setExam-style questions from this unit's 6 topics, with an explanation for every option.
Unit testA timed test on the whole unit, every topic weighted equally.
Tools for this unitSimulators, skills tools and drills for the course.
In this unit's tools
Free-response questions 4
- A per-unit tax on ferry rides: prices, revenue, incidence and deadweight loss, then a subsidy and its cost
- A small country opens its lentil market: comparative advantage, the gain from trade, imports and a tariff
- A consumer with a budget: marginal utility per dollar, the best bundle, a larger budget and a sunk cost
- Two studios, mugs and vases: opportunity cost, comparative advantage and terms of trade