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Macroeconomics Unit 1 Flashcards | StudBud

Explore/Macroeconomics Unit 1

Macroeconomics Unit 1

10 terms·StudBud Administration·474 plays

AP Unit 1 Terms/Ideas by Eddie Boylan & Alex Cui

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Questions 10

Answers

1
Which of the following is not a factor of production?
Labor
Demand
Capital
Land
2
Scarcity is...
Equal supply and demand
Lack of supply relative to demand
Lack of demand relative to supply
3
Positive economics...
States economics by facts/ without judgments.
Incorporates judgements
4
Market equilibrium is...
When scarcity occurs
When a surplus occurs
When quantity demanded equals quantity supplied
When quantity demanded and quantity supplied are not equal
5
Macroeconomics is the study of...
The behavior of the entire market and economy as a whole
Government decisions in a society
How a specific firm can reach market equilibrium
The specific choices an individual makes in an economy
6
In terms of supply, when price goes up quantity goes...
Stays the same
Down
Up
7
Which of the following is NOT a factor of demand?
Change in population
Change in consumer tastes and preferences
Change in price
Change in consumer income
8
What is a factor of supply?
Change in costs of production
A determinant that won't cause a shift in the supply curve
Change/Innovation in technology
A determinant that will cause a shift in the supply curve
9
The Law of Demand states that...
As price increases, quantity demanded decreases
As price increases, the entire demand curve will shift left
As price decreases, quantity demanded decreases
As price increases, quantity demanded increases
10
The value of what you give up when you make a choice is called...
Liquidity
Trade-off
Scarcity
Opportunity cost