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Duplicate of AP Economics: Basic Economic Concepts Flashcards | StudBud
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Duplicate of AP Economics: Basic Economic Concepts
Answer the following:
What are the 4 basic resources?
Duplicate of AP Economics: Basic Economic Concepts
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1
What are the 4 basic resources?
Capital,Natural resources,Entrepreneurship, Land
Capital,Labor,Land,workers
Capital,Labor,Tools,Land
Capital,Land,Labor,Entrepreneurship
2
Answer the following:
B
D
A
C
3
Answer the following question
Hans has comparative advantage of Both
Chris has comparative advantage of Both
Cheese: Hans; Bread: Chris
Cheese: Chris; Bread: Hans
4
Answer the following:
B
A
C
D
5
A straight line on the PPC represents?
decreasing opportunity cost?
increasing opportunity cost
constant opportunity cost
there is no straight lines in the ppc
6
Which of the following is does not cause a shift in demand?
Change in income
Expectations of Buyers
Increase of supply
Tastes
7
What is positive economics and how does it contrast normative economics?
Pos. economics is based on facts; norm. is based on opinions
Pos. economics is based on politics; norm. is based on study
Pos. economics is based on religion; norm. is based on facts
Pos. economics is based on opinions; norm. is based on facts
8
How is absolute advantage measured and recorded?
number of the same product made in different amounts of time
number of different product made in different amount of time
number of different products made in the same amount of time
number of the same product made in the same amount of time
9
Refer to the following
70
9
40
80
10
Answer the following question
C
B
A
D
11
Answer the following
B
D
A
C
12
Answer the following
D
B
C
A
13
Answer the following:
C
D
B
A
14
According to the theories of comparative advantage; countries gain from trade because:
Output per worker increases.
World output rises when countries specialize in one trade
Every country has absolute advantage in one field of trade
All firms can take advantage of cheap labor
15
Which of the following correctly represents the concept of opportunity cost?
Making two products at the same time
Producing one product over the other due to costs
Multi-tasking in order to improve efficiency
Outsourcing jobs to India
16
The economy is at point B in the graph, which of the following can bring the economy to point Y
Changes in Government spending
Greater production of cars
Greater production of Refrigerators
Technological advances
17
Who has absolute advantage in peaches?
Country A
Both have absolute advantage
Neither has absolute advantage
Country B
18
Answer the following question
A
D
C
B
