AP Macro Final Exam Review

This AS / AD curve would earn full credit on the AP Exam

When you give up something to get something

The expenditures approach to GDP =

Which of these shifts the PPC outward?

Changing government spending or taxes

A robot just took my job, I am ____ unemployed

When the quantity supplied exceeds the quantity demanded we have a...

Supply, Quantity, Price and Demand represent a

This picture illustrates what?

An economy is ___ if there is no way to make one better off without making another worse off.

(Market Basket / Market Basket BASE YEAR) 100 =

An increase in the price of a good will

Ceteris Paribus

Factors of production are also known as

ΔConsumption / ΔDisposable income

I can produce at a lower opportunity cost than you

The sum of employment and unemployment

A great example of a resource is

The overall rise and fall of price level

Economic systems

The curve shown in the image represents a

If an economy is producing along its PPF it is

The total value of all FINAL goods and services produced in the economy

Change in input prices, tech., expectations, the price of related goods or the # of producers

Nominal Interest, Quantity of $, $ Supply and $ Demand are all present in a ____ curve

The following image represents what?

What illustrates the ups and downs of any economic system

# of unemployed / labor force =

Point A on the Phillips Curve represents a

Changes in taste, income, expectations and the price of a substitute or complement will

What is this?

Nominal GDP is _______ while Real GDP is _______.

What you give up when you make a choice