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AP Economics: Basic Economic Concepts
Answer the following question
Answer the following:
AP Economics: Basic Economic Concepts
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Answers
1
Answer the following:
B
D
A
C
2
Answer the following question
D
A
B
C
3
How is absolute advantage measured and recorded?
number of the same product made in different amounts of time
number of different products made in the same amount of time
number of different product made in different amount of time
number of the same product made in the same amount of time
4
Answer the following
A
B
C
D
5
The economy is at point B in the graph, which of the following can bring the economy to point Y
Technological advances
Changes in Government spending
Greater production of cars
Greater production of Refrigerators
6
A straight line on the PPC represents?
there is no straight lines in the ppc
increasing opportunity cost
decreasing opportunity cost?
constant opportunity cost
7
Answer the following question
Chris has comparative advantage of Both
Cheese: Hans; Bread: Chris
Hans has comparative advantage of Both
Cheese: Chris; Bread: Hans
8
Refer to the following
80
40
9
70
9
What is positive economics and how does it contrast normative economics?
Pos. economics is based on religion; norm. is based on facts
Pos. economics is based on opinions; norm. is based on facts
Pos. economics is based on politics; norm. is based on study
Pos. economics is based on facts; norm. is based on opinions
10
Who has absolute advantage in peaches?
Country A
Neither has absolute advantage
Both have absolute advantage
Country B
11
What are the 4 basic resources?
Capital,Natural resources,Entrepreneurship, Land
Capital,Labor,Land,workers
Capital,Labor,Tools,Land
Capital,Land,Labor,Entrepreneurship
12
Answer the following question
B
C
A
D
13
According to the theories of comparative advantage; countries gain from trade because:
All firms can take advantage of cheap labor
Every country has absolute advantage in one field of trade
World output rises when countries specialize in one trade
Output per worker increases.
14
Answer the following
B
C
D
A
15
Which of the following correctly represents the concept of opportunity cost?
Producing one product over the other due to costs
Making two products at the same time
Outsourcing jobs to India
Multi-tasking in order to improve efficiency
