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A comprehensive library of Practice Activities with Answer Keys

Practice activities to accompany the video lectures on EconClassroom.com covering major topics from Micro, Macro and International Economics

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Welker’s Wikinomics is licensed by Jason G. Welker under a Creative Commons license 3.0

Welker’s Wikinomics practice activities provide teachers with the perfect tool for formative assessment, and can be assigned either as in-class activities or as homework. They complement the video lectures perfectly! Units covered include (scroll down to see a detailed table of contents):

  1. Microeconomics and Theory of the firm - 26 activities with answer keys

  2. Macroeconomics - 21 activities with answer keys

  3. International Economics - 11 activities with answer keys

  4. NEW: Development Economics - 10 research and project-based activities that cover every topic in the IB Development section. These activities provide teachers with a complete, student-centered unit of study for the development section, with links to vetted sources, including the World Bank, IMF, OECD and more.

What you get: The practice activities cover every major unit from the IB Economics class and most units from AP Economics. The detailed table of contents can be seen below. Click on the hyperlinked titles to preview the activity or an answer key.

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1.0 Basic Economic Concepts

  1. Circular flow

  2. Production Possibilities Curve

1.1 Markets, Supply and Demand

  1. Law of Demand

  2. Determinants of Demand

  3. Law of Supply and Determinants of supply (two versions)

  4. Market Equilibrium

  5. Linear Demand and Supply Functions

1.2 Elasticities

  1. Price Elasticity of Demand

  2. PED and the Total Revenue Test

  3. PED, XED, YED and PES

1.3 Government Intervention

  1. Indirect taxes

  2. Calculating the Effects of Indirect Taxes

  3. Per Unit Subsidies and Price Controls

  4. Calculating the Effects of Subsidies

  5. Calculating the Effects of Price Controls

1.4 Market Failure

  1. Positive Externalities

  2. Negative Externalities

1.5 Theory of the Firm

  1. Introduction to Market Structures

  2. Costs of Production

  3. Productivity and Costs

  4. Perfect Competition

  5. Monopoly

  6. Monopoly Graphing Challenge

  7. Price Discrimination and Natural Monopoly

  8. Monopolistic Competition

  9. Oligopoly


2.1 The Measurement of Overall Economic Performance

  1. Introduction to Macroeconomics

  2. Measuring GDP

  3. Calculating GDP

  4. Real versus Nominal GDP

2.2 Aggregate Demand and Aggregate Supply

  1. The Determinants of AD

  2. Introduction to the Spending Multiplier (preview the Answer Key)

  3. Equilibrium in the AD/AS model

2.3 The Macroeconomic Objectives

  1. Unemployment

  2. Unemployment Research Activity

  3. Inflation (preview the Answer Key)

  4. Inflation Research Activity

  5. The Phillips Curve

  6. Economic Growth

  7. Income Inequality

  8. Tax Systems and Income Distribution

2.4 Fiscal Policies

  1. The Keynesian Spending Multiplier

  2. Expansionary Fiscal Policy

  3. Contractionary Fiscal Policy

  4. Fiscal Policy and the Crowding-out Effect

2.5 Monetary Policy

  1. Monetary Policy

2.6 Supply-side Policy

  1. Supply-side Policy

International Economics

3.1 International Trade and Protectionism

  1. The Gains from Trade

  2. Protectionism

  3. Calculating the Effects of Protectionism

3.2 Exchange Rates

  1. Determinants of Exchange Rates

  2. Calculating Exchange Rates

3.3 The Balance of Payments

  1. Introduction to the Balance of Payments

  2. The Structure of the Balance of Payments

  3. Calculating the Balance of Payments

  4. BoP Puzzle Activity

  5. Balance of Payments and Exchange Rates

3.5 Terms of Trade

  1. Terms of Trade

Development Economics

  1. 4.1 Introduction to Development - Gapminder

  2. 4.1 Poverty Cycles and Poverty Traps

  3. 4.2 Measuring Development - HDI Country Comparisons

  4. 4.3 Measuring Development research activity

  5. 4.4 International Factors and Economic Development (Answer Key)

  6. 4.5 FDI and Economic Development

  7. 4.6 The Role of Aid in Economic Development

  8. 4.7 The Role of Debt in Economic Development

  9. 4.8 The Balance between Markets and Intervention activity

  10. 4.8 The Balance between Markets and Intervention reading and essay