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AP Macroeconomics Unit 1 Flashcards | StudBud
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AP Macroeconomics Unit 1
AP Macroeconomics Unit 1
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#Basic Economics Concepts# Problem Set 1#
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
which of following is an example of Free -Market Economies?
Roger's House
United States
North Korea
Hong Kong
2
Which of the following will make a change in supply?
Technology
Scabies
Taxes
Price of resources
3
Which of the following will shift the demand curve for chicken?
Chickens become diseased
decrease in price of beef
4
which of the following does make a change in demand?
a change in price
a movement along the curve
price of resources
price of related goods
5
What happen when the Quantity Supply is bigger than Quantity Demand?
Bankrupt
Surplus
Shortage
Investment opportunity
6
What is the opportunity cost of moving from D to A?
there is not opportunity cost
6 bikes
8 bikes
6 phones
7
What is Scarcity?
The study of the Economic Growth
Unlimited wants,limited Resources
All the things given up making a choice
limited wants,unlimited resources
8
What do you call the amount of money that a consumer has to spend to buy a product?
Opportunity cost
Price
Cost
Revenue
9
What would increase the demand for Inferior Goods?
A lots of immigration from rich countries
A decrease in wages
Economic Growth
An increase in wages
10
Which is not an example of a Resource?
Land
Chairs
machineries
Infrastructures
11
Which of the following is a Compliment good for milk?
Cereal
Nesquik
Almond Milk
Coconut Water
12
What is the difference between what a consumer pays and what he is willing to pay?
Producers Surplus
Consumer Surplus
three cats and a chicken
$1.50
13
What will happen to the production possibility curve if technology increases?
Shift inward
Shift outward
Unemployment
Unchanged
14
What happen if demand increase and supply decrease? (make a double shift graph)
price goes up and quantity is indeterminate
nothing happen
price and quantity fall down
price and quantity go up
15
In the Law of Supply the price and the quantity supply are ________
inverted
directly correlated
equal to zero
the same
16
The Ugandan PPC will ____ if there is a large increase of immigrants.
Stay the same
Get steeper
Shift Out
Shift In
17
What is the willingness of consumers to buy a product?
Price
Manufacturer
Supply
Demand
18
Which of following could have made the Supply curve shifting to the right?
decreasing in the price of resources
decreasing in number of producers
increasing in population
increasing in taxes
19
Which of the following would change quantity supply and quantity demand?
price
expectations
Income
technology
20
Who are the buyers in the Resource Market?
Households
Government
Businesses
