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AP Economics Review #1 Flashcards | StudBud
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AP Economics Review #1
AP Economics Review #1
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AP Economics
Flashcards
75 cards
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Practice quiz
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Questions
75
Answers
1
Which of the following is a tax collected by state and local gov't but not the federal gov't?
Sales tax
Excise tax
Income tax
Tariffs
2
At what point is it impossible to produce?
B
C
A
D
3
What is this?
Time And Relative Dimension In Space
Temporal Area Direction Inter Service
Temporary Art Director Interstate Subway
Time And Relative Direction In Space
4
A decision always involves...
New ways of accomplishing goals
Different ways of accomplishing goals
Better ways of accomplishing goals
Worse ways of accomplishing goals
5
What is the name of the protagonist from Grand Theft Auto: San Andreas?
C.J. (Carl Johnson)
C.J. (Carlos Jimenez)
C.J. (Cameron Jarvis)
C.J. (Chris Johannson)
6
How many different colored properties are on a standard Monopoly board? (No RRs or utilities)
10
8
6
12
7
What is the labor force participation rate?
20%
50%
10%
70%
8
If producing at point B, what is the opportunity cost in terms of apples?
30
70
20
75
9
As the price of donuts increases, firms that produce donuts will...
Increase the quantity of donuts supplied
Lower the price of donuts
Decrease the supply of donuts
Leave their production unchanged
10
Which of the following best summarizes the wealth effect?
Those who make more, tend to spend less
Those who make more, tend to spend less
Those who spend more, tend to make less
Those who make more, tend to spend more
11
This refers to how many of a certain good or service are available for people to purchase...
Quantity Demanded
Demand
Supply
Price
12
What is one way the US can be adversely affected by lower interest rates?
Less capital may be available
Unemployment may increase
Tax rates may increase
Prices may inflate
13
Which country has more volcanoes than any other?
United States
Venezuela
China
India
14
Which of the following places has Mr. Carr NOT lived?
Phoenix, Arizona
Lee Hall, Virginia
Grand Terrace, California
Osaka, Japan
15
Which scenario is most likely to occur if the Fed raises the reserve requirement?
More $$$ kept in banks, less available to loan
More $$$ kept in securities and bonds, less to loan
More $$$ kept in Fed Reserve, more available to loan
More $$$ kept in banks, more available to loan
16
An increase in the price of a complementary good will...
Increase quantity demanded
Not affect quantity demanded
Increase demand
Decrease demand
17
What point of the business cycle is indicated at (4)?
Trough
Peak
Expansion
Contraction
18
What does GPS stand for?
Global Positioning Satllite
Going Places Swiftly
Global Planetary Satellite
Global Position System
19
Think of a number, 1-10... what is it?
2
5
3
7
20
What is the law of supply?
Quantity supplied goes down as price goes up
Quantity supplied goes down as price goes down
Quantity supplied goes up as price goes up
Quantity supplied goes down as price goes up
21
The unemployment problem in an economy may be understated by the unemployment rate due to...
Discouraged workers
Job candidates with one offer but waiting for more
People lying about seeking a job
Overemployed workers
22
What is the unemployment rate?
50%
20%
70%
10%
23
What year has California not been a state?
1849
1860
1859
1850
24
The formula: Nominal GDPxPrice index(base)/Price index(current) provides what?
Nominal GDP
Per capita GDP
Marginal GDP
Real GDP
25
How many people are employed?
100,000
30,000
10,000
20,000
26
What type of curve is this?
Laffer curve
Bell curve
Phillips curve
Keynes curve
27
Which of the following will have the LEAST effect on how well a product sells?
Advertising
Presentation
Quality
Education of seller
28
Money that has value simply because the gov't says it does is...
Credit
Representative Money
Fiat money
Currency
29
Which of the following best summarizes the interest rate effect?
Lower borrow rates = more likely to interest
Lower interest rates = less likely to borrow
Higher interest rates = less likely to borrow
Higher interest rates = more likely to borrow
30
What is the specific quantity that buyers demand at a given price?
Demand
Supply
Quantity supplied
Quantity demanded
31
Contractionary fiscal policies address inflationary problems and are intended to...
Decrease the amount of money in circulation
Increase the level of economic investment
Extend the expansion phase of the business cycle
encourage consumer spending
32
Approximately how old is the earth?
6 billion years
6 million years
4.5 million years
4.5 billion years
33
What is the scientific name for the kneecap?
Patella
Tibia
Sternum
Scapula
34
The formula: Nominal GDP/Real GDPx100 provides what?
Price index
Real GDP
Rate of inflation
Nominal GDP
35
How many flowers must a honeybee visit to make 1 pound of honey?
1 million
100,000
1,000
2 million
36
What point of the business cycle is indicated at (1)?
Trough
Peak
Contraction
Expansion
37
Which is not the name of this droid?
BB-8
BD-8
BeeBeeAte
Be Be Eight
38
What are the functions of money?
Medium of exchange, measure of value, store of value
Medium of exchange, portability, store value
Durability, divisibility, portability, limited availability
Durability, divisibility, store value, limited availability
39
In order to require banks to hold more money as opposed to lending it, the Fed can...
Decrease the Federal Funds Rate
Increase the reserve requirement
Suspend the Federal Funds Rate target
Decrease the discount rate
40
In what year did the Great Depression officially begin?
1928
1930
1931
1929
41
An economy where the government decides who gets what is called...
Command economy
Market economy
Agrarian economy
Traditional economy
42
Whenever you make a choice, you face...
An opportunity cost
A sunk cost
A high cost
A low cost
43
Which of the following will likely lead to cost push inflation for the corresponding good?
Rise in hamburger prices (Hot dogs)
Rise in hamburger prices (cheese)
Rise in gas prices (Pizza)
An increase in Drake's popularity (Drake's Albums)
44
Which of the following has not been a place Mr. Carr has worked?
Target
Colonial Williamsburg
Burger King
Pizza Hut
45
What is la carne de pavo?
Beef
Meatballs
Buffalo
Turkey
46
Who wrote "On the Wealth of Nations?"
Galileo Galilie
Adam Smith
Nicolaus Copernicus
Sir Isaac Newton
47
When does scarcity occur?
When you run out of cheese
When prices are too high
When you can't find a product you want
When others have more than you
48
Which of the following best summarizes the concept of scarcity?
You can't have everything you want
Life is not fair
People are selfish
Life is hard
49
Which of the following would be considered 'unemployed?'
Not working, but no longer seeking employment
Recently lost job, searching for a new one
Working only part time, but wanting full-time work
Full-time student
50
What point of the business cycle is indicated at (3)?
Contraction
Expansion
Peak
Trough
51
Which of the following will likely lead to demand pull inflation for the corresponding good?
Rise in hamburger prices (cheese)
Rise in gas prices (Pizza)
Rise in hamburger prices (Hot dogs)
A decrease in Drake's popularity (Drake's Albums)
52
Real GDP per capita is an imperfect measure of the quality of life in part because it...
Includes the value of leisure time
Excludes expenditures on education
Excludes expenditures on entertainment
Includes expenditures on natural disasters
53
One disadvantage of a barter system is that trading...
can be very time consuming
is conducted without consumer protections
takes place without currency
is carried out in very large markets
54
Which of the following best summarizes the foreign trade effect?
Higher foreign prices = less US goods purchased
Higher US prices = more foreign goods purchased
Higher foreign goods = less US prices purchased
Lower US prices = more foreign goods purchased
55
One way the Fed can counter unemployment and stimulate spending is...
Decrease the discount rate
Increase the reserve requirement
Sell securities
Tighten monetary policies
56
This is how many people wish to buy a certain good or service
Demand
Price
Supply
Quantity Supplied
57
What is the formula for calculating GDP?
C+Y+G+Xn
C+I+X+Gn
C+I+G+Xn
C+Y+X+Gn
58
What type of ship is this?
Galeass
Caraval
Galleon
Fluyt
59
What is the law of demand?
Quantity demanded goes down as price goes down
Quantity demanded goes up as price goes up
Quantity demanded goes down as price goes up
Quantity demanded goes up as price goes down
60
What vegetable was originally known as an "Earth Apple?"
Apricots
Peaches
Gala Apples
Potato
61
In which state have the most U.S. presidents claimed residency?
Ohio
Virginia
South Carolina
New York
62
A tractor is an example of which factor of production?
Entrepreneurship
Labor
Land
Capital
63
If producing at point A, what is the opportunity cost in terms of oranges?
60
45
90
75
64
The formula: Change in tax paid/change in income provides what?
Real Tax Rate
Average Tax Rate
Consumer Tax Rate
Marginal Tax Rate
65
If you are producing 100 apples, how many oranges can you produce?
110
0
10
100
66
What type of unemployment is this?
Frictional
Cyclical
Structural
Technical
67
Which of the following is not a type of pasta?
Mastacolli
Luinguilli
Rotinni
Fetuccine
68
What country does this flag represent?
Iceland
Great Britain
New Zealand
Australia
69
What are supply and demand used for?
To sound smart
None of the above
To solve a conundrum in a competitive market
To analyze competitive markets
70
What point of the business cycle is indicated at (2)?
Contraction
Peak
Trough
Expansion
71
Which of the following can be determined with the information in the table?
The EU had a larger economy than the US
The EU had a higher nominal GDP per capita than the US
Residents of Japan were worse off than those in the US or EU
People in the EU are better off than those in the US
72
Supply curves have a positive slope because of...
An inverse relationship between price and quantity supplied
A negative relationship between price and quantity supplied
A direct relationship between price and quantity supplied
A neutral relationship between price and quantity supplied
73
What year did Citrus Hill High School open?
2004
2005
2007
2006
74
The best measure for comparing a country's aggregate output over time is...
Nominal GDP
Nominal GDP per capita
Real GDP per capita
Real GDP
75
Which of the following are fed tools for monetary policy
Buying & selling stocks, discount rate, reserve ratio
Discount rate & government spending
Open market operations, discount rate, reserve ratio
Taxes & government spending
