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UNIT 1 MODULES 1/2 AP MICROECON Flashcards | StudBud
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UNIT 1 MODULES 1/2 AP MICROECON
UNIT 1 MODULES 1/2 AP MICROECON
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1
Scarcity is a permanent condition of limited resources
False
True
2
During the peak in a Business Cycle what is true?
Decrease in Unemployment
A and B
Increase in CPI
Neither
3
A skyscraper in Chicago is an example of which factor or production?
capital
labor
land
entrepreneurship
4
Private Property Rights are a part of __________.
Communism
America
Capitalism
Socialism
5
Marginal analysis focuses on:
obtaining the best results for even those on the margins.
the effects of policy on the marginalized
comparing the cost and benefits of tiny incremental changes.
suspending the concept of scarcity
6
What does Ceteris Peribus imply?
Assumptions in economics are harmful
"All things Unequal"
Many variables are assumed to be constant
Behavioral Economics state we can't rely on assumptions
7
A deposit of diamonds is a example of which factor or production?
capital
land
entrpreneurship
labor
8
A fall in income will lead to a rise in demand or a rise on the label of supermarket foods.
Normative economic statement
Positive economic statement
9
Steve Jobs is an example of which factor of production?
entrepreneurship
land
labor
capital
10
Who pays taxes to receive goods and services like roads, educations, workers, etc.
individuals (us)
rich people
individuals and businesses
businesses
11
Measures such as unemployment rate, inflation rate, & gross domestic product are examples of
opportuntity cost
Specialization
Economic aggregates
Aggregate output
12
Limited resources with unlimited wants is called
Laissez Faire
trade-off
opportunity cost
scarcity
13
Who is included in the labor force?
a 16 year-old looking for a part-time job
a prison inmate waiting to be released
a 30 year-old serving in the air force
a homemaker volunteering at an animal shelter
14
The study of how people make decisions and how those decisions interact is called
Macroeconomics
Microconomics
15
How many stages are there in the business cycle?
4
3
7
5
16
What determines the overall salary levels paid to workers in a given year? This is a..
Micro question
Macro question
17
When did the ''Great Depression'' end?
1918-1928
1929-1933
1932-1940
1930-1940
18
What was the great depression
A earthquake in new york
A sad time
A world pandemic
A world crisis
19
Where are these things traded? (labor, capital, land, entrepreneurship)
public sector
gov
factor market
product market
20
Type of economics concerned with the overall ups and downs in the economy.
Microeconomics
Macroeconomics
21
Economic consequences of unemployment :
Loss of tax revenue for Govt.
Loss of real GDP
Personal problems
Social problems
22
Workers in a mining cave are examples of which factor or production?
capital
land
entreprenuership
labor
23
In the circular flow model who do businesses trade goods and services with?
product market
government
individuals
resource market
24
Should I go to college or get a job after high school? This is a ...
Micro question
Macro question
25
The Great Depression can best be described as...
an end to poverty
an economic downturn
an increase of wealth
a time of wars
26
Everything that's given up to receive a good or service
scarce
opportunity cost
money
trade-off
27
When do recovery and expansion occur in the business cycle?
R:Economy moves from trough to peak; E:After a recession
R:Following a recession; E:Economy moves from trough to peak
When the cycle goes over the peak
Both of them occur when economy moves from peak to trough
28
This branch makes prescriptions about the way the economy should work.
Normative economics
Positive economics
29
The economic concept of guns or butter means that
A company must decide what to manufacture; guns or butter
A person can spend money on either sports equipment or food
Government must balance military and civilian goods
Government can buy unlimited military and civilian goods
30
A falling overall price level is
inflation
output
deflation
input
31
The branch of economic analysis that describes the way the economy actually works is called
Normative economics
Positive economics
32
Marginal benefit
When the price of a product changes
Making good decisions
Business organization
Extra benefit of a product
33
Where did the Great Depression Start?
Cockapoo Street
Wall Street
North Street
Sesame Street
34
Idea that the invisible hand will keep an economy running smoothly. First mentioned by Adam Smith in Wealth of Nations
laissez faire
elasticity
circular flow
economics
35
What is the definition of economics?
The study of the marketplace
The study of money
Study of how people produce, distribute, use goods/services
The study of people and their jobs
36
What is marginal cost?
Change in total production cost when quantity produced changes by one unit
“The cost of total overhead due to changes in production levels”
“The change in the cost of producing one more unit of product”
37
A rising overall price level is
deflation
input
output
inflation
38
What is the lowest point in the graph of a business cycle?
Recession
Trough
Peak
Expansion
39
The congestion charge for drivers of gasoline guzzling cars should increase $25
Normative economic statement
Positive economic statement
40
Which economy would Individuals own resources, large variety of goods, & have large incentives?
free market
market economy
command economy
centrally planned
41
Ceteris Peribus is latin for
E Pluribus Unum - From Many One
All things being equal
laissez faire
status quo
42
What ended the Great Depression?
Tax regulation
All of the above
Reduced taxes
Spending less money
43
Lebron James giving up college for a $13 million contract with the Cavaliers is an example of
incentives
opportunity cost
real cost
price stability
44
Define unemployment
The number of people not actively looking for a job, but are able to work
The number of people unable to find a paying job
The number of people able/willing to work but unable to find a paying job
45
Max: 2hrs cut music & 4hrs choreo. Ava: 4 hrs music & 2 for choreo. Who should choreograph?
Ava
Max
Both
46
If a country chooses guns over butter...
It maximizes goods for its civilians like free college
It's at war
It maximizes security, but reduces civilian goods
Its opportunity cost is a strong military
