The supply curve will shift to the left, due to

an increase in the cost of an input

the total of people employed and unemployed

Khalil is offered a free ticket to the opera. His opportunity cost for going to the opera is:

Whatever he would have done if hadn't gone to the opera

nominal GDP, adjusted for changes in prices

The opportunity cost of production

is what you give up to produce the good

The unemployment rate is

the percent of the labor force that is unemployed

When individuals act in their own self-interest:

in some cases, society may be worse off

If demand shifts left and supply shifts right, what will happen to Price and Quantity?

Price will fall, Quantity change is ambiguous

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AP Econ Unit One Review (Chapters 1, 2, 3, 23, and 24)

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Unit One Review

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Questions 21

Answers

1
If quantity supplied exceeds quantity demanded, what will happen to prices?
not enough information
it will fall
prices will fluctuate
it will rise
2
A high school student who gets a college degree is adding to the stock of:
none of these
labor
capital
human capital
3
What room are you in right now?
C155
C149
C161
C148
4
Generally speaking, we consider the US economy to be in "full employment" at
95% employment rate
the limit does not exist
100% employment rate
90% employment rate
5
Total population is 200m; 135m have jobs; 15m looking for jobs; what is the unemployment rate?
7.5%
67.5%
4%
10%
6
The supply curve will shift to the left, due to
a technological improvement
an increase in the cost of an input
an increase in the number of buyers
an increase in the number of sellers
7
When hamburger prices increase, what will happen to the demand for hamburger buns?
not enough information
goes down
no change
goes up
8
Which of the following is NOT a non-price determinant of supply?
the technology of production
expectations regarding future prices
consumer tastes
the cost of production
9
The basic concern of economics is:
to use limited resources to produce goods and services
to prove the value of capitalism
to study people's choices
to keep businesses from losing money
10
The labor force is:
the total of people employed
the total civilian population
the total of people employed and unemployed
the total of working-age population
11
Khalil is offered a free ticket to the opera. His opportunity cost for going to the opera is:
both B and C
zero--the tickets were free
Whatever he would have done if hadn't gone to the opera
the rpice listed on the ticket
12
Real GDP is
nominal GDP, adjusted for double counting
nominal GDP adjusted for imports
nominal GDP, adjusted for changes in prices
nominal GDP adjusted for population
13
The opportunity cost of production
is the price of a good
decreases as production increases
is inversely related to the scarcity ratio found in PPF
is what you give up to produce the good
14
The unemployment rate is
the total number of people who are unemployed in a system
the percent of the labor force that is unemployed
the ratio of labor force to the number of people unemployed
the average length of time someone is unemployed
15
When individuals act in their own self-interest:
in some cases, society may be worse off
equity is always achieved
all opportunities to some people better off have been taken
efficiency is always acheived
16
What color are the lockers in the C House? Hint: you walk by them every day--multiple times a day....
green
yellow
red
blue
17
Trade benefits
one side--for sure--but not always both sides of the exchange
the side with the absolute advantage
both sides of the exchange
neither side
18
Century's first graduation happened in which year?
1999
2001
2000
1997
19
I receive a raise at my job, so I stop buying as much McDonald's food. For me, McDonald's food
is a normal good
is part of the Production Possibility Frontier
is an inferior good
has no opportunity cost
20
If the price of gas goes up and the demand for tires goes down, that means tires and gas are
inferior goods
substitutes
both expensive
complements
21
If demand shifts left and supply shifts right, what will happen to Price and Quantity?
Price will increase, Quantity will increase
Price will decrease, Quantity will decrease
Price will fall, Quantity change is ambiguous
Price change is ambiguous, Quantity will increase

AP Econ Unit One Review (Chapters 1, 2, 3, 23, and 24) Flashcards | StudBud