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AP Macroeconomics Review - Roberts 4th Block Flashcards | StudBud
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AP Macroeconomics Review - Roberts 4th Block
AP Macroeconomics Review - Roberts 4th Block
20 terms
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StudBud Administration
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271 plays
Mackenzie Brantley, Jordan Berry, Chase McDaniel, Hobie Dowell
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
What is the government decision on whether to produce more military or consumer goods?
Scarcity
Law of Demand
"Guns or Butter"
Substitute
2
Which of the following choices is NOT included in the Balance of Payments?
Capital Account
Net Exports
Change in Official Reserves
Current Account
3
What is the natural unemployment rate?
5-7%
2-4%
4-6%
5-10%
4
Which of the following is not a function of money?
Waterproof and Tearproof
Medium of Exchange
Store of Value
Unit of Account
5
If a country produces a product with lower opportunity cost they have ____________
Absolute Advantage
Comparative Advantage
Normative Economics
Inferior Goods
6
What happens to the value of a currency when it depreciates?
Stays the Same
None of the Above
Increases
Decreases
7
What is NOT a factor of production?
Businesses
Land
Capital
Labor
8
Which of the following are not included in M1 Money?
Demand Deposits
Savings Accounts
Currency
Traveler's Checks
9
If the GDP stops rising and the economy is almost at full capacity, what is the business cycle?
Expansion
Contraction
Trough
Peak
10
If consumption is rising, how is the aggregate demand curve affected?
Shifts Right
Moves Right Along the Curve
Shifts Left
Shifts Left Along the Curve
11
What is the rate of interest the Fed charges on loans to banks?
Interest Rate
Discount Rate
Charge Rate
Loanable Funds Rate
12
What is the most alarming type of unemployment?
Structural
Frictional
Seasonal
Cyclical
13
Who predicted that our population would eventually out place our ability to grow?
Adam Smith
Thomas Robert Malthus
John Smith
John Maynard Keynes
14
What is the rate at which a person can trade goods and services?
Foreign Exchange Rate
Exchange Ratio
Nominal Exchange Rate
Real Exchange Rate
15
What is NOT a pillar of Market Economics?
Private Property
Competition
Free Enterprise
Entrepreneurs
16
Which best describes supply-side economics?
lower taxes = economic growth
Money drives the economy
higher taxes = economic growth
Aggregate demand drives the economy
17
What causes the Phillips Curve to be inaccurate?
Automatic Stabilizers
"Servicing the Debt"
Crowding - Out Effect
Stagflation
18
Who is counted in the labor force?
Students
Unemployed and Employed
Retired Individuals
Discouraged Workers
19
What is the combination of inflation and falling aggregate output?
Cost-Push Inflation
Stagflation
Wealth Effect
Aggregate Inflation
20
What is it called when aggregate demand increases, which increases the price level?
None of the Above
Demand Pull Inflation
Cost Push Inflation
Supply Pull Inflation
