AP Macro Final Exam Review

A great example of a resource is

An increase in the price of a good will

Economic systems

Change in input prices, tech., expectations, the price of related goods or the # of producers

The overall rise and fall of price level

Ceteris Paribus

This picture illustrates what?

Nominal GDP is _______ while Real GDP is _______.

A robot just took my job, I am ____ unemployed

What illustrates the ups and downs of any economic system

When the quantity supplied exceeds the quantity demanded we have a...

The sum of employment and unemployment

Changing government spending or taxes

Supply, Quantity, Price and Demand represent a

Point A on the Phillips Curve represents a

(Market Basket / Market Basket BASE YEAR) 100 =

Nominal Interest, Quantity of $, $ Supply and $ Demand are all present in a ____ curve

I can produce at a lower opportunity cost than you

What you give up when you make a choice

Which of these shifts the PPC outward?

When you give up something to get something

This AS / AD curve would earn full credit on the AP Exam

If an economy is producing along its PPF it is

# of unemployed / labor force =

Factors of production are also known as

The curve shown in the image represents a

What is this?

The following image represents what?

The total value of all FINAL goods and services produced in the economy

Changes in taste, income, expectations and the price of a substitute or complement will

An economy is ___ if there is no way to make one better off without making another worse off.

The expenditures approach to GDP =

ΔConsumption / ΔDisposable income