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