Econoworld - Escape Room - Review 1st term

Start game

Story

© 20XX A game by 'Name'

breakout

dungeon

dragon

The

's

Start game

Legend says that a faraway kingdom forged a sword that together with the power of the Elemental Gems (fire, water, air, and earth) could defeat any evil. Gather the gems to assemble the ultimate weapon and defeat the dragon hiding in the dungeon.

X

Thank goodness you’ve come! We need your help!You need to find the 4 Elemental Gems so that the sword has enough power and then defeat the fearsome dragon that is terrorizing our people…

No thank you, I’ll pass

Of course!

X

Help us, only a person like you can do it!

Hehehe, I was kidding. Ahem, of course I’ll help you

X

Ouch! I thought you were cool ... What will become of us!

X

I knew you would not fail me! Thanks a lot! Here is the holy sword. Now gather the Elemental Gems to complete it and defeat the dragon.

X

LEVEL 1 - EARTH GEM

Start level

Watch out, a wandering skeleton is in your way! Get the earth gem by passing a quiz...

EARTH GEM

X

Where do you think you’re going, mortal?! You won’t be worthy of the Earth Gem until you get all my questions correct. Do you dare to try?

Resources

Needs and wants

1

X

Goods and services are scarce because ______ are scarce.

Not all variables were kept constant

There is no error

2

X

“The price of T-shirts keeps rising and rising, and people keep buying more and more. T-shirts must have an upward- sloping demand curve.” Identify the error.

False

True

3

X

It is possible for a person to incur an opportunity cost without spending any money.

False

True

4

X

When two individuals enter into an exchange, you can be sure that one person benefits and the other person loses.

Normal

Rational

5

X

Anne is trying to decide whether to buy a new pair of shoes. She already has a pair of shoes, but would like to have new ones. If she decides to purchase them, she would need to take money out of her savings account that was intended to purchase a cellphone (since her old cellphone broke), so she would most likely have to wait longer to purchase the phone. She then decides that the opportunity cost of purchasing the pair of shoes (not purchasing the cellphone) is too high compared to the benefit she would obtain from them. What is this type of behavior called?

An oven

Money

4

X

Which of the following is an example of capital (in terms of factors of production)?

X

Congratulations!! Here is your reward, you have earned it

Oh, I've lost my mind, give me another chance!

x

X

Hahahaha, what do you say? ...

X

LEVEL 2 - AIR GEM

Start level

Choose the correct image to get out of the room aliveand get the next gem

AIR GEM

X

The demand curve for a market is comprised by___.

The sum of the individual demand curves of the consumers of that good/service

The multiplication of the individual demand curves of the consumers of that good/service

X

The slope of the supply curve is ____.

Upward-sloping

Downward-sloping

X

As the price of oranges rises, the demand for oranges falls, ceteris paribus.

False

True

X

A Dell computer is a substitute for an HP computer. Due to an increase in the supply of Dell computers, what happens to the demand for HP computers, ceteris paribus?

The demand will decrease, shifting the demand curve to the left.

The demand will increase, shifting the demand curve to the right.

X

An increase in supply will automatically lead to an increase in demand.

False

True

X

The price of satin, which is the primary fabric used to make wedding dresses, increases. What happens to the supply of wedding dresses?

Supply decreases, shifting the supply curve to the left

Supply increases, shifting the supply curve to the right

X

You got the Air Gem!

X

Exit

Try again

GAME OVER

X

LEVEL 3 - WATER GEM

Start level

Drag the light to find the correct answer

WATER GEM

If at price X quantity demanded is greater than quantity supplied, then in that market there will be a(n) ______ of that good/service.

Shortage

Equilibrium

Surplus

X

If supply and demand are both changing simultaneously (for example, in the sugar market, a drought that affects the harvest of sugarcane and at the same time people are buying less sugar because of health issues), then it is possible to conclude with certainty the direction of the change in both price and quantity.

False

Not sure

True

X

In market equilibrium, the price consumers are willing to pay for a good/service ___ to the price producers are willing to obtain.

Is equal

Is less than

Is greater than

X

An increase in supply will cause a decrease in the quantity demanded

True

False

Sometimes

X

The equilibrium price in this market for cement is:

$26

$30

$22

X

$28

$24

$20

If an increase in the cost of labor lowers the quantity supplied by 65 tons at each price, the new equilibrium price would be:

$28

$30

$22

X

$26

$24

$20

X

You got the Water gem!

X

Exit

Try again

GAME OVER

X

LEVEL 4 - FIRE GEM

Start level

Search among the tiles for the mathematical operationto find the correct answer

FIRE GEM

7

3

x

False

True

X

When measuring elasticities, the result is a percentage.

54

-

36

False

True

X

Firms can directly change the elasticities of the goods/services they sell.

8

2

÷

It is inelastic

It is unit elastic

It is elastic

X

Due to the sales of “El Buen Fin”, the price of the Apple Watch decreased from $7,000 to $6,013.75. This increased sales of this product in Liverpool from 250 to 291 units. What can you say about the price elasticity of demand for Apple Watch?

6

x

7

A complementary good

A normal good

An inferior good

X

Suppose that coffee sold at Oxxo has an income elasticity of -2.5. This implies that the good is which type of good?

6

x

7

Be more price sensitive than the demand for Pepsi

Be less price sensitive than the demand for Pepsi

Have the same price sensitivity than the demand for Pepsi

X

The demand for soft drinks is likely to:

6

x

7

We don't have enough information

Yes

No

X

Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price for wheat and a price $2 higher per bushel. Do you think that farmers collectively would try to reduce the supply of wheat and drive the price up $2 higher per bushel?

X

You got the Fire Gem!

X

Exit

Try again

GAME OVER

X

FINAL LEVEL - DRAGON

Defeat the dragon!

X

How dare you bother me, you fool!

X

X

X

X

X

X

© 20XX A game by 'Name'

You defeated the dragon, and the kingdom i at peace again. And you’ve become became a legend!”

THE END

Stay

Exit

SURE YOU WANTTO GO OUT?

What will become of us!