AP® Macro Unit 1 review

X's Opp Cost of corn = 5 pigs Y's Opp Cost of corn = 2 pigs. Which is a fair trade price?

Waffle-making: Horne 1 hour, Frost 30 minutes. Who has absolute advantage?

X makes 20 corn or 10 pigs. Y makes 30 corn or 6 pigs. Who has Comparative Advantage in pigs?

Which event would increase demand for eggs?

If the price of a complement of Good X increases,

Which of the following would lead to an INCREASE in the demand for golf balls?

If demand increases and supply decreases, what happens to eq'm price level?

Which is not a Factor of Production?

Which of the following would shift a country's PPC out?

Unemployment is represented on a PPF by

In my free time, I prefer: 1) sleep, 2) watching TV; 3) boating, 4) snorkeling. Which is true?

An increase in the price of forks will lead to

In which of the following cases will the effect on equilibrium quantity be indeterminate

A linear PPF means

To have Comparative Advantage in production of a good means