Econ 1.4 F25

Open Ended

1) What relationship is the graph showing?

2) What information is missing or assumed?

3)What can you infer or what is a possible implication of this graph?

Multiple Select

What types of value doesn't Tickle Me Elmo represent? (Mark all that are correct)

• Intrinsic Value (cost of production & rarity)

• Speculative Value (may be worth more later)

• Subjective Value (based on personal opinion)

• No Value (it's a dumb toy from the 90s)

Open Ended

Why do you think Disneyland prices tickets for less as you purchase more days in a row?

Multiple Choice

A city did an economic study that collected data on wage levels, based upon proven economic methods.  The city then created a plan based on the study to bring higher wages to the city

• Positive Economics

• Normative Economics

Multiple Choice

To make U.S. citizens happy, the U.S. President reacts to sky rocketing gas prices by signing an executive order to lower gas prices by $3.00.  Unfortunately, this leads to a gas shortage.

• Positive Economics

• Normative Economics

Poll

Is a cellphone a want or a need?

• Want

• Need