AP Macroeconomics

On a graph, a positive linear relationship

Index numbers express base data in relation to some relative value

Macroeconomics is the study of

In a free market

A straight-line diagram can be drawn knowing the ____ and ____

Normative economics forms ______ based on _______

The opportunity cost of a good is

A supply curve is directly affected by

Positive economics studies objective explanations of the workings of the economy

A demand curve can shift because of changing

In the mixed economy

When we know the qty. of a product that buyers wish to purchase at each possible price, we know

An increase in consumer income will increase demand for a _____ but decrease demand for a _____

An increase in price will cause a supply curse to shift to the left

a market can accurately be described as

If a price increase of good A increases the quantity demanded of good B, the good B is a

A change in price can cause a shift of a demand curve

Microeconomics is concerned with

The retail price index is used to

A real value can be derived from a nominal value by

Economics is the study of

Price ceilings are imposed increase price above the free market equilibrium price

When a market is in equilibrium

Data are important in economics because ______ and ______

Time series data show information

Supply is the quantity of a good sellers wish to sell each time the market opens

An economic model is a physical representation of an economy

A command economy decides resource allocation by government planning

To find the % change in a number, divide the absolute change by the original number and x 100

____ and ____ do not directly affect the demand curve

diagram of a line:lower values on vertical scale associated w higher values on horizontal scale

A resource is scarce if supply exceeds demand at zero price