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Ap Macro - Econ 12 Flashcards | StudBud
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Ap Macro - Econ 12
Ap Macro - Econ 12
20 terms
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Unit 1 Macro - Economics 12
Flashcards
20 cards
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Practice quiz
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Host live
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Questions
20
Answers
1
A price ceiling is?
The best price of a good
The minium price of a good
The maximum price of a good
The price you must pay to obtain an object
2
North Korea is a good example of an?
Frictional economy
Free market economy
Centrally planned economy
General economy
3
Scarcity is?
Unlimited resources and limited wants
Limited resources and unlimited wants
Unlimited Resources
Limited resources
4
An example of a consumer good is?
Camera
Blender
Tablesaw
Pie
5
Which of the following is not an economic market
Labour market
Super market
Capital market
Product market
6
Which of the following is a shifter of the PPC
Foreign investers
No specialization of trade
Change in technology
An employe is promoted in a company.
7
Trade offs are?
The decisons you have to make while trading
The option after your second best option
Options in trade that must be taken
All other options given up when a decision is made
8
A Positive statement is?
A suggestion
A statement
An idea
Your opinion
9
Allocate efficiency is?
A location in the PPF that best suits you
A location on the y axis that best suits you
A location on the PPF that best suits you
A location on a graph that best suits you
10
The Law of supply states that?
As Price remains stationary quantity supplied increases
As price decreases quantity supplied increases
As price increases so does quantity supplied
As price increases quantity supplied decreases
11
Which of the following is not a factor of production
Stocks
Labour
Resources
Capital
12
Which of the following is not a shifter of demand
advances in technology
Change in consumer tastes and preferences
number of consumers
Change in consumer income.
13
An Example of a capital good is?
Oven
Uncle ben's minute rice
toothpaste
A new suit
14
Canada is a mixed economy
yes
no
I'm just here for the uncle ben's
not sure
15
A normative statement is?
A normal idea
A suggestion
A Statement
A fact
16
Opportunity cost is?
The option that is unachievable
The option that is taken
The next best option
The best option
17
Which of the following is a shifter of supply
Preferences and tastes of consumers
Increased income
Job security people working in factories
Number of sellers
18
The law of Demand states that?
As price stays the same quantity demand increases
As price goes up quantity demanded decreases
As price decreases so deos quantity demanded
As price goes up so does quantity demanded
19
The income effect would cause you to do what as your income increases?
Buy more normal goods
Buy more inferior goods
sell more goods
Buy more goods
20
Investment is defined as?
The action of purchasing medicine for underprivileged kids
The action of investing money for profit or material suit
The action of volunteering to aid other people
Buying a cake for a birthday
