One of the common pieces of feedback from Econ 101 students is that there is a lot of class time spent on concepts and not enough spent on practice problems, and it’s not always obvious how to go from one to the other. Therefore, I am trying to fix that by putting up a practice problem every day, starting with micro. Here’s the first one, and wish me luck, since I think I’ll need it. 🙂
This video covers a practice problem on opportunity cost, absolute advantage, comparative advantage, and trade prices. The problem is taken from Principles of Economics, 6th Edition, by N. Gregory Mankiw, and is Ch. 3 problem #3.
You can find more practice problems via the Practice Problem of the Day category archive or by visiting the Econ Classroom page. You can also be notified of new practice problems by subscribing to the YouTube channel.