Economics Graph Review Quiz

What is the main objective of the 'What's Wrong with This Picture' game?

• To identify correct elements in a graph

• To find mistakes in graphs

• To create new graphs

• To memorize graph labels

In the production possibilities curve, what does a point inside the curve represent?

• Efficient use of resources

• Unattainable production

• Inefficient use of resources

• Maximum production capacity

What is incorrect about the labeling of supply and demand curves?

• Demand is upward sloping

• Supply is upward sloping

• Demand is downward sloping

• Supply is downward sloping

In a price ceiling graph, what is the common mistake regarding surplus and shortage?

• Equilibrium is achieved

• Shortage is created

• No effect on market

• Surplus is created

What should the average total cost curve do at its minimum point?

• Diverge from average variable cost

• Continue going down

• Go up after hitting marginal cost

• Stay constant

In perfect competition graphs, what is a common labeling error?

• Demand labeled as supply

• Market labeled as firm

• Equilibrium labeled as loss

• Profit labeled as cost

In a monopoly graph, where should the profit box extend to?

• Demand curve

• Average total cost curve

• Supply curve

• Marginal cost curve

In resource market graphs, what is the correct label for the horizontal supply curve?

• Average cost

• Marginal revenue product

• Marginal resource cost

• Total revenue

What is a common mistake in labeling negative externality graphs?

• Marginal social cost below marginal private cost

• Marginal private cost above marginal social cost

• Deadweight loss in the correct spot

• No externalities shown

What should teachers avoid doing with the provided handouts?

• Using them in class without purchase

• Sharing them with colleagues

• Using them for personal study

• Discussing them in class