stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
AP Economics 1.1 to 1.4 (Unit 1) Flashcards | StudBud
Explore
/
AP Economics 1.1 to 1.4 (Unit 1)
Output is ________ goes ________ (___)
"what ought to be" is a positive statement
AP Economics 1.1 to 1.4 (Unit 1)
43 terms
·
StudBud Administration
·
93 plays
#Economics
Flashcards
43 cards
F
Practice quiz
P
Host live
L
Questions
43
Answers
1
"what ought to be" is a positive statement
true
false
2
Output is ________ goes ________ (___)
Other; Under; IOU
Other; Over; OOO
Other; Under; OOU
Other; Over; IOU
3
Input is ______ goes ________ (___).
Other; Over; (IOO)
Other; Under; (OOU)
Other; Over; (IOU)
Other; Under; (IOU)
4
All the alternatives we give up when we do something is known as ___________.
opportunity cost
trade-off
scarcity
supply and demand
5
Absolute advantage is ______.
The one with the most output, or least amount of input
The one with the lowest opportunity cost.
The one with the higher opportunity cost.
The one with the least output, or most amount of input
6
______: resources are easily adaptable for producing either good. However, this ___ common.
Law of Increasing Opportunity Cost; is
Constant Opportunity Cost; is
Constant Opportunity Cost; is not
Law of Increasing Opportunity Cost; is not
7
Economics is the study of...
choices
needs and wants
supply and demand
me
8
Allocate means _______
distribute
anything
something
additional
9
"We have unlimited wants, but limited resources," is the definition of __________.
Scarcity
Opportunity Costs
Economics
Marginal Analysis
10
Which of these are the 4 Factors of Production?
Land; Labor; Entrepreneurship; Capital
All of the things mentioned
Entrepreneurship; Capital; Laws; Sand
Land; Labor; Exercise; Capitals
11
As you increase more of any good, the opportunity cost will increase is the definition for ___.
Constant Opportunity Cost
Law of Increasing Opportunity Cost
Law of Constant Opportunity Cost
PPC
12
__________ is the most desirable alternative given up when you make a choice.
oppportunty cotes
tade-offffs
trade-offs
opportunity cost
13
This can be any point on the PPCc b/c it is the most efficient.
Allocative Efficiency
Productive Efficiency
Utility Efficiency
Marginal Efficiency
14
A model that shows alternative ways that an economy can use its scarce resources is a _______.
PCP
PPC
PPCP
CCP
15
Look at the chart. This is a(n) ______ problem.
Output
Marginal Analysis
PPC
Input
16
What would happen if we did not trade?
People would start to specialize in things.
Everybody would have what they needed at a cheap price.
The world would be a lot more interdependent.
There would be limited choices.
17
Ceteris Paribus means _________.
Full employment of resources
Fixed Resources
Fixed Technology
Only 2 goods can be produced
18
______economics is the study of small economics units
Micro
Smart
Macro
Microbiology.
19
Which one of these is NOT one of the 3 Shifters of the PPC?
Change in demand
Change in resource quality of quantity
Change in technology
Change in trade
20
This is the most desired product for the society.
Productive Efficiency
Allocative Efficiency
Production Effcence
Alocation Effcence
21
Which of these is NOT one of the 3 Economic Questions?
When do these goods and services arrive at the consumer?
What goods and services should be produced?
Who consume these goods and services?
How should these goods and services be produced?
22
What is an advantage of a Centrally-Planned economy?
Great Leaders
Low unemployment
No competition
Freedom of Speech
23
What is a PPC?
Production Possibilities Course
Product Possibilities Curve
Producers People Consumption
Product Producers Consumers
24
Most countries have ______ economy. We have this.
Free
Communism
Centrally-Planned
Mixed
25
Who has the Competitive Advantage?
Israel for Planes; USA for Smartphones
USA for Planes; Israel for Smartphones
USA for Planes and Smartphones
Israel for Planes and Smartphones
26
Marginal analysis is _______
making decisions based off on what makes you popular
making decisions based on the increments
a type of graph that analyze margins for businesses
a type of graph that analyzes every decision you make
27
Marginal means ________.
additional
satisfaction
distribute
anything
28
The _____ to make a doll is 5 dollars. The ______ of the doll is 14 dollars.
costs; price
costs; costs
price; costs
price; price
29
Positive statements are based on ______ where Normative statements are based on _____________.
facts; value judgements
value judgments; facts
facts; facts
value judgments; value judgments
30
Look at the image. Is the
italics
part true.
Yes, true
Yes, False
No, False
31
Comparative advantage is ______.
The one with the lower opportunity cost
The one with the most output, or least amount of input
The one with the higher opportunity cost
The one with the least output, or most amount of input
32
Economic System is used by a society to produce and distribute goods and services. (2 answers)
False
True
False
True
33
What are the two types of Capital Production?
Human and Physical
Supply and Demand
Producers and Consumers
Human and Producers
34
Who has the absolute advantage?
Israel for Planes and Smartphones
USA for Planes and Smartphones
USA for Planes; Israel for Smartphones
Israel for planes; USA for Smartphones
35
______economics is the study of large economics as a whole
Dumb
Smart
Micro
Macro
36
Economics is the science of scarcity.
True
False
37
Which one of these is not one of the 4 Key Assumptions of PPCs?
Full employment of resources
Only 2 goods can be produced
Fixed Consumers
Fixed Technology
38
The terms of trade is the agreed upon conditions that the trade would benefit bothcountries.
False
True
39
Look at the picture and answer the question.
opportunity cost
trade-offs
my choice.
supply and demand
40
Utility means ________.
addition
satisfaction
something
distribute
41
Which one of these is not part of a free market economy?
Governments regulate companies, so that prices are fair.
A wide variety of goods are created.
Individuals answer the 3 economic questions.
People have an incentive to create new products.
42
Which of these is not an economy?
Centrally-Planned (communism)
Free Market
Mixed
Full (Fascist)
43
Why do people trade?
So they can obtain everything they don't produce.
So they can brag about it.
So people can be limited in their choices.
So they can have an abundance of one thing.
