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AP Macro - Basic Concepts 2025 Flashcards | StudBud
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AP Macro - Basic Concepts 2025
AP Macro - Basic Concepts 2025
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AP Macroeconomics unit 1
Flashcards
51 cards
F
Practice quiz
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Host live
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Questions
51
Answers
1
Any point ALONG a PPC is
attainable and efficient
attainable but inefficient
Not utilizing resources to their potential
unattainable and inefficient
2
When supply increases, the...
curve shifts left, prices rise
curve shifts right, prices rise
curve shifts left, prices fall
Curve shifts right, prices fall
3
What is occurring in the following supply and demand graph?
supply is decreasing
supply is increasing
demand is increasing
demand is decreasing
4
Economic growth would best be represented by movement from
B to D
A to B
D to A
B to C
5
We are forced to make choices because of
efficiency
the margin
scarcity
exploration
6
You can spend $100 on a textbook or a concert, you choose the concert. Your opportunity cost...
is the textbook
is $100
is the $100 and the textbook
is undefined
7
Type of economics that deals with the entire economy
Macroeconomics
Mincroeconomics
8
Which of the following is an example of labor?
A barrel of oul
a nurse
a share of stock
A cement mixer
9
Which of the countries below has the absolute advantage in Coffin production?
Ghoulany
Frankenland
neither
10
Supply or Demand? - Change in consumer preferences?
Quantity/Price Issue
Supply
Demand
11
What is David's opportunity cost to make 1 pie?
1/2 cake
2 cakes
2/3 cake
1 and 1/2 cakes
12
Supply or Demand? - Change in consumer preferences?
Quantity/Price Issue
Demand
Supply
13
The country with the comparative advantage....
are not specialized in the production of any goods
can produce the goods with the highest opportunity cost
can produce the most product
can produce with the lowest opportunity cost
14
Ford can produce 5 trucks or 10 cars an hour, what is the opportunity cost of 1 car?
1/2 of a truck
indeterminate
5 trucks
2 trucks
15
With trade, a country can
produce outside its PPC
Shift its PPC right
avoid opportunity cost
consume outside its PPC
16
Points "B" and "D" are on the
Apex
Frontier
Line
Edge
17
Which of the following would indicate economic growth
Lower prices
A PPC shifting to the right
Demand curve shifting right
Supply curve shifting right
18
Which of these is not a shifter of demand?
Change in price
Future expectations
Income
Tastes and preferences
19
What might be said of a point like "A"
The economy is under utilizing its resources
They could produce more oranges, but not sweaters
The economy could produce more sweater, but not oranges
The economy is efficient
20
All Resources are ________
Ample
Copious
Abundant
Scarce
21
What is absolute advantage?
To make the most of a certain product
To have the biggest PPC shift
To make a product least efficiently
To have have the most money
22
Law of demand says that as prices go up, quantity demanded will go ________
Up
Down
23
How is it possible for a country to consume a combination of goods beyond its PPC
More specilization
Specialization and Trade
Absolute advantage
Increasing education
24
What is William's opportunity cost to make 1 cake?
2/3 pie
1/2 pie
45/120 cakes
2 pies
25
The shape of the frontier indicates....
Constant opportunity costs
decreasing opportunity costs
Increasing opportunity costs
26
Which point is unattainable given the current amount of resources?
A
D
C
B
27
An economy is said to have a comparative advantage if it
has the highest opportunity cost of producing a good
con produce less goods than others
can produce more goods than others
has the lowest opportunity cost of producing a good
28
When Demand increases the...
curve shifts left, prices rise
curve shifts right, prices fall
curve shifts right, prices rise
curve shifts left, prices fall
29
What effect would a sale have on the demand for clothing?
Demand would remain unchanged, Qd decreases
Demand would increase
Demand would decrease
Demand would remain unchanged, Qd increases
30
How are prices set in a pure market system?
By supply and demand
By the government
Through opportunity costs
By the federal reserve
31
Where would you find a
shortage
on the supply and demand graph?
above the equilibrium price
to the left of the equilibrium price
under the equilibrium price
to the right of the equilibrium price
32
According to the law of supply, the higher the price....
the smaller the quantity supplied or produced
the larger the quantity supplied or produced
the more the availability of a good is reduced
the more consumers are willing to pay
33
Type of economics dealing with individuals and businesses
International
Macroeconomics
Microeconomics
34
The shape of this PPC indicates
constant opportunity costs
decreasing opportunity costs
Increasing opportunity costs
35
Opportunity cost is
the benefit derived from the product
half the monetary cost of a product
the best alternative forgone when choosing
the dollar value of the product
36
Which of the following is not one of the four Factor Payments?
Capital
Rent
Interest
Wages
37
What productive resource does the image represent?
Land
Capital
Entrepreneurship
Labor
38
What groups have to deal with scarcity
industrialized societies
all societies
communist economies
pre-industrial societies
39
All of the following describe market economies EXCEPT
freedom to enter and exit the market
government ownership of the Factors of Production
unrestricted consumer choices
competition among producers
40
Efficient production exists when the economy is _____
moving beyond its production possibility curve.
in a recession.
operating underneath its production possibility curve.
operating on its production possibility curve.
41
Supply or Demand? - Change in available technology
Supply
Demand
Quantity/Price Issue
42
The opportunity cost of moving from point "A" to point "B" is
1 million bushels of coffee
2 million bushels of corn
2 million bushels of coffee
1 million bushels of corn
43
When Supply decreases the...
curve shifts right, prices fall
curve shifts left, prices rise
curve shifts left, prices fall
curve shifts right, prices rise
44
When Demand increases the...
curve shifts right, prices fall
curve shifts left, prices fall
curve shifts right, prices rise
curve shifts left, prices rise
45
The Law of Supply represents the interests of
Producers
Consumers
46
Where supply and demand curves meet is known as:
coincide
equilibrium
equal
connection
47
Two countries will only trade when
both have comparative advantage
neither can produce above their PPC
both countries benefit
both have absolute advantage
48
Increases in total output realized when individuals specialize in tasks and trade is called
gains from trade
foreign exchange
trade-offs
marginal analysis
49
How would a point like "C" be reached?
Less access to human capital
More resources and technology
A recession
Lower unemployment
50
Rhys can produce 20 pizzas or 200 burgers. Andres can produce 100 pizzas or 200 burgers
Rhys has an absolute advantage in pizzas
Andres has a comparative advantage in burgers
Andres has an absolute advantage in burgers
Rhys has a comparative advantage in burgers
51
What is the study of scarcity and choice
Math
English
Chemistry
Economics
