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Duplicate of Unit 1: The Basics of Economics Flashcards | StudBud
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Duplicate of Unit 1: The Basics of Economics
Duplicate of Unit 1: The Basics of Economics
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StudBud Administration
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AP Macro Unit 1
Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
What is point D?
The company is efficient
Please stop w/ the graph!!!
The company is inefficient
This is impossible! There is not enough resources to do this
2
What would be the price for an effective price ceiling?
$2
$5
$4
$3
3
What is MICROeconomics?
The study of the economy as a WHOLE
The study of money
The study of important people in economic studies
Study of decisions that small units like individuals make
4
When the price of a good drops, the ________________.
demand increases
quantity demanded increases
supply decreases
quantity demanded decreases
5
What happens to eq. P and Q in the corn mkt with more buyers and a drought?
Price increases, quantity is unknown
Price increases, 1uantity decreases
Price decreases, quantity decreases
Price is unknown, quantity decreases
6
In order to set a price floor, what price should be set? (according to the graph)
$1
$4
$3
$2
7
If supply of a product increases, then price ___________
Who knows?!?!?
Decreases
Increases
Stays the same
8
What does A, B, and C represent?
The company is not being efficient
The company is being efficient
This is impossible, there is not enough resources to do this
What is this a picture of?!?!?
9
If there is a price ceiling, what is the market impact?
surplus
equilibrium
no impact
shortage
10
What type of economy do most countries in Europe have?
Command Economy
Market Economy
Traditional Economy
Mixed Economy
11
If ham & turkey are substitutes & the price of ham goes up, what happens to the mkt for turkey?
none of the above
The demand increases
The demand curve stays the same
The demand decreases
12
Which of the following is NOT a factor of production??
Entreprenuership
Government intervention
Labor
Land
13
An econ system that is based on supply & demand with individuals making economic decisions is a
Mixed Economy
Traditional Economy
Market Economy
Command Economy
14
Who has the comparative advantage in little red books?
Mickey Mouse
Neither
I hate math
Chairman Mao
15
Which of the following is NOT one of the 3 basic questions of economics?
How it is produced?
What is produced?
How long should it be produced?
Who gets to consume it?
16
Who has the comparative advantage in top hats?? (Do the math!)
Mickey Mouse
Neither
I refuse to do the math
Chairman Mao
17
If demand increases, then price _____________
Supply doesn't care about demand!
Increases
Stays the same
Decreases
18
When the government decides the basic economic questions, it is referred to as a(n):
Command Economy
Market Economy
Mixed Economy
Traditional Economy
19
What does E represent?
This is not possible there isn't enough resources for this
The company is being effecient
The company is not being efficient
I still have no idea what this graph is!!!
20
What is MACROeconomics?
The study of important people in economic studies
The study of money
Study of decisions that small units like individuals make
The study of the economy as a WHOLE
21
In the scenario in the picture, who has the absolute advantage in little red books?
Chairman Mao
Stop with the charts!!!!
They are even
Mickey Mouse
22
If a study says owning a dog will reduce your risk of diabetes what will happen in the market?
The demand curve for dogs will decrease
The demand curve for dogs will increase
The supply curve for dogs will decrease
The supply curve for dogs will increase
23
Why do we make choices?? (Businesses and consumers)
Because the government makes us choose
Because life is all about choices
Because there are more resources than people want
Because resources are scarce/limited
