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AP Macro Unit One Test Review Flashcards | StudBud
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AP Macro Unit One Test Review
AP Macro Unit One Test Review
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A Quiz review for the first unit of AP Macroeconomics at BNL.
Flashcards
36 cards
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Practice quiz
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Host live
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Questions
36
Answers
1
The equilibrium price point is where what two numbers are the same?
price and demand.
quantity supplied and quantity demanded.
price and supply.
supply and demand.
2
If two goods are complements and the price of one goes down, the supply of the other good will
decrease demand.
stay the same.
go up.
go down.
3
If two goods are complements and the price of one goes up, the demand for the other good will
go up.
go down.
increase supply.
stay the same.
4
If two goods are complements and the price of one goes up, the supply of the other will
decrease.
stay the same.
increase demand.
increase.
5
If two items are complements and the price of one rises, then the demand for the other will
decrease.
stay the same.
increase.
alter supply.
6
When calculating opportunity cost, you place the good you wish to find the opportunity cost of
in the denominator.
in the numerator.
in the total.
production possibilities frontier.
7
If two goods are complements and the price of one goes down the demand for the other good will
increase.
decrease.
decrease the supply.
stay the same.
8
This is the study of small businesses and individual choices.
Microeconomics
Macroeconomics
Logistic Economics
Opportunity Economics
9
When more suppliers enter the market, supply will
increase.
go up in price.
decrease.
go down in price.
10
Comparative advantage refers to
producing on the line of the PPF.
producing at a lower opportunity cost.
producing more while being the most efficient.
producing more of a good.
11
When the price of a substitute good decreases, demand for a good will
have an inverse correlation.
decrease.
increase.
stay the same.
12
If two goods are substitutes & the price of a good goes down, the supply of the other good will
affect the demand.
decrease.
stay the same.
increase.
13
A point on the production possibilities frontier curve is
attainable and efficient.
unattainable.
inefficient.
attainable and inefficient.
14
Your application fee to a college you are denied admission to is known as a
rational cost.
sunk cost.
marginal cost.
correlation cost.
15
When there is a surplus of a good or service, there will be
no change in price.
a price decrease.
a price increase.
an increase in supply.
16
A normative statement is a statement based upon
what ought to be.
facts.
data.
scientific research.
17
Studying economics from a global and national point of view is known as
Nationalization.
Macroeconomics.
Microeconomics.
Global economics.
18
A production possibilities frontier is the
supply and demand for a particular product.
max combinations of goods and services that can be produced.
total cost of goods and services produced.
total amount products in both price and quantity.
19
Ramen noodles is an inferior good, therefore a decrease in income leads to a(n)
decrease in price.
decrease the amount demanded.
increase in the amount demanded.
decrease in supply.
20
What word tells you that there is a specified price and a price change?
quantity
ceteris paribus
correlation
opportunity
21
The decrease in hunger from eating one more piece of pizza is called a(n)
marginal benefit.
free lunch.
normative relationship.
incremental benefit.
22
The three basic economic questions are
how, what and amount?
what, who and by what means.
who, amount, and why?
how, what and for whom?
23
If two goods are substitutes and the price of a good goes up, the supply of the other good will
go down.
affect demand.
go up.
stay the same.
24
A supply curve
shows demand and supply.
slopes up.
never moves.
slopes down.
25
Marginal benefit > marginal cost=
positive statement.
rational decision.
a correlation.
opportunity cost.
26
A positive statement is a statement of
bias.
fact.
opinion.
belief.
27
When the price of a substitute good rises, the demand for a good will
increase.
decrease.
have an inverse correlation.
stay the same.
28
Values moving in a predictable related way is called
a correlation.
cost versus benefits.
ceteris paribus.
a positive relationship.
29
An example of an incentive would be a
free homework pass.
speeding ticket.
late payment fee.
tardy detention.
30
Marginal cost is
an amount that does not change.
the opportunity cost of producing one more unit.
a correlation between cost versus benefits.
the added benefit of a one unit increase.
31
Ceteris Paribus means
other things remaining the same.
moving in the same direction.
only looking at one variable.
holding two variables constant.
32
When there is a shortage of a good or service there will be
a decrease in price.
an increase in price.
no change in price.
a decrease in supply.
33
I decide to go into selling gizmos online. What is the opportunity cost of my decision?
The time I get to spend at home.
The salary lost from my old job.
The opportunity of enhancing my career.
The pleasure I get from my new job.
34
A rise in the price of a good or service leads to a(n)
increase in the demand for that good or service.
increase in the demand of a complement of the good/service.
a increase in the demand of a substitute good or service.
a decrease in the supply of the good or service.
35
When producing one more unit you look at
ceteris paribus.
supply vs. demand.
all production possibility curves.
marginal cost vs. marginal benefit.
36
A demand curve
shows supply going up and down.
slopes down.
slopes up.
never changes.
