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