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AP Introduction to Economics Flashcards | StudBud
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AP Introduction to Economics
Hmmm....
Hmmm....
AP Introduction to Economics
58 terms
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181 plays
https://www.youtube.com/watch?v=dYZA7VatKgo Introduction to Economics -- AP
Flashcards
58 cards
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Practice quiz
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Host live
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Questions
58
Answers
1
Hmmm....
Land
Labor
Capital
Entrepreneurship
2
Hmmm....
traditional
market
command
3
A straight-line production possibilities curve is true when...
Resources are completely adaptable to alternative uses.
The opportunity cost of producing another unit is constant.
The PPF is bowed.
Resources are used efficiently.
4
The price of pizza is $2 and the price of pens is $1... you have $6. The best combo is...
4 Pens and 1 Pizza
3 Pizzas
6 Pens
2 Pizzas and 2 Pens
5
Based on output, who has the absolute advantage in the production of Ketchup?
Thom
Bod
Bob
Tom
6
What is in the carton?
Entrepreneurship
Land
Labor
Capital
7
A country can consume beyond its present production possibilities curve when it...
faces a downward-sloping production possibilities curve
trades with other countries taking advantage of different opportunity costs
experiences decreasing opportunity costs
reduces unemployment, thus increases output
8
Hmmm....
labor
good
land
opportunity cost
9
Hmmm....
labor
opportunity cost
service
trade-off
10
Which is not possible?
X
D
A
B
11
Hmmm.....
Service
Good
12
What is Sully carrying
Capital
Entrepreneurship
Labor
Land
13
What is labor paid?
wage
goods
profit
rent
14
If the US has an absolute advantage in all goods compared to the UK...
No trade is necessary
Trade will still be benefitial
Tariffs should be imposed to protect the domestic economy
The US should only import essential raw materials
15
What is land paid?
Rent
Labor
Wage
Profit
16
Tariffs decrease trade...
Maybe
Statement
Positive statement
Normative statement
17
Stuff that we would like to have....
Opportunity Cost
Want
Need
Scarcity
18
Hmmm....
market
traditional
command
19
Based on hours of time to produce, who has the comparative advantage in Ketchup?
Chuck
Tom
Bob
Chris
20
The social science that studies the problem of scarcity.
History
Economics
Sociology
Psychology
21
Consuming one more good...
Additional Satisfaction Theory
marginal utility
marginal tacos
marginal resource
22
Based on output, who has the comparative advantage in the production of Ketchup?
Bod
Tom
Thom
Bob
23
Opportunity cost is defined as...
the value of the next best alternative that is forgone
excess demand for a good
a comparative advantage in the production of a good
unlimited resources an unlimited wants
24
Hmmmm.....
Free Market
Traditional Economy
Command Economy
Centrally Planned
25
Based on hours of time to produce, who has the comparative advantage in the production of wine?
Portugal
England
26
What is the opportunity cost of going from B to C?
55 tons of wheat
5 tons of steel
80 tons of steel
30 tons of wheat
27
Additional satisfaction...
Utility Theory
Additional Utility
Marginal Satisfaction
Marginal Utility
28
The additional satisfaction received from consuming an additional unit of a good is called
average utility
marginal utility
marginal product
average productd
29
Hmmm...
Panel A - Increase in tFOPs+
Panel A - Decrease in tFOPs+
Panel B - Increase in CD's
Panel B - Increase in tFOPs+
30
Hmmm....
traditional
market
command
31
Marginal...
Last Added
Least Added
Change in Quantity/Change in Cost
Most Added
32
Leakages?
Exports
Public Goods
Imports
Investment
33
Don't click right away.... was this clip helpful?
Yes
No
34
Hmmm...
Thought Process
Human Capital
Thinking
Physical Capital
35
What is "F"?
under-utilization
PPF
not possible
efficient
36
Hmmm....
Trade-offs
Opportunity Cost
Service
Choices
37
Which demonstrates underutilization?
D
A
X
B
38
Based on hours of time to produce who has the comparative advantage in producing Iron Ore?
Australia
China
39
What does this represent? NOT what is on the graph.
under-utilization
PPF
guns or butter
efficient
40
Firms are demanders and households suppliers
Factors Market
Products Market
Consensual Economy
Circular Flow Model
41
Someone who exercises initiative by organizing a venture to take benefit of an opportunity.
land
entrepreneur
labor
good
42
What is "F"?
not possible
PPF
efficient
under-utilization
43
Which demonstrates efficiency?
X
A
D
B
44
What is capital paid?
rent
interest
profit
wage
45
Tangible things that can be bought and sold...
Service
Good
Want
Need
46
Hmmm....
opportunity cost
production possibilities
scarcity
guns or butter
47
Hmmm....
Service
Good
48
Opportunity cost is defined as
the value of the next best alternative that is forgone
unlimited resources an unlimited wants
a comparative advantage in the production of a good
the value of all other possible alternatives forgone
49
Based on output, who has the comparative advantage in the production of Iron Ore?
China
Australia
50
TR - TC
Profit
MC
⫪
RC = VC
51
What is "A"?
not possible
efficient
under-utilization
PPF
52
W > R
PPF
Need
Scarcity
Trade-offs
53
Based on units produced, who does not have an absolute advantage in Iron Ore?
China
Australia
54
Don't click right away.... was this clip helpful?
No
Yes
55
What are the three economic questions?
how, what, why?
what, how, when?
what, how, for whom?
what, how, tacos?
56
Things that are required for survival...
Opportunity Cost
Need
Want
Scarcity
57
Intangible things that producers due for consumers
Opportunity Cost
Service
Scarcity
Good
58
Hmmmm....
Marginal Analysis
Winking at the Margin
Thinking at the Margin
Cost Benefit Analysis
