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AP Microeconomics: Unit 1 Basic Concepts (1) Flashcards | StudBud
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AP Microeconomics: Unit 1 Basic Concepts (1)
AP Microeconomics: Unit 1 Basic Concepts (1)
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Review for AP Economics class.
Flashcards
20 cards
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Practice quiz
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Questions
20
Answers
1
An economic system in which resources are controlled by the government is a/an
command economy
pure economy
market economy
traditional economy
2
This branch of Economics deals with individual consumer and business choice.
microeconomics
behavioral economics
freak-O-nomics
macroeconomics
3
Which branch of Economics deals with "big picture" items such as government spending?
microeconomics
macroeconomics
fiscal economics
accounting
4
In this graph,___________________is taking place
economic growth
decreasing chances
economic supply and dmenad
economic depression
5
Which of the following nations would MOST likely have a Market Economy?
Iran
Cuba
Australia
North Korea
6
In Economics, your______________ is your lost opportunity or next best choice/alternative.
trade off
PPC
rational decision
opportunity cost
7
A nation or a business will use ___to look at what it can possibly produce with fixed resources
production possibilities
the F.O.P
supply and demand
opportunity cost margin
8
Which of the following would NOT be a characteristic of increasing opportunity cost?
It often happens
bowed out curve
The two products being compared have different resources
It rarely happens
9
Name this 1980's Class Movie!!!!
Karate Kid
The Extra Terrestrial (E.T.)
Close Encounters of the 3rd Kind
The Goonies
10
What production point is
not possible
in this production possibilities graph?
A
X
D
C
11
The
purpose
of Economics is to study the always-present issue of__________in the world.
scarcity
money
humanity
self-control
12
This model represents the_______________
circular flow model
law of supply
production possibilities
law of constant opportunity cost
13
The
four
factors of production are the resources of land, capital, entrepreneurship, and
technology
services
productivity
labor
14
What must we ALWAYS assume is true in economics?
money is not a part of economics
few choices will ever be made
scarcity is temporary
scarcity will always exist
15
In the following production possibilities graph, which combinations represents 100% efficiency?
Y and X
B, C, and A
X and C
C, A, and Y
16
The production possibilities graph below shows which type of opportunity cost?
zero cost
shrinking opportunity cost
constant opportunity cost
increasing opportunity cost
17
What is the opportunity cost in moving from point A to point D?
9
2
6
10
18
In the Production Possibilities Curve , what does the letter H represent?
inefficient
infinity + infinity
not possible
efficiency
19
Type of economic system in which the factors of production are controlled by the people
command
market
interdeveloped
traditional
20
Customs, beliefs, and traditions dictate what goods and services get produced in a/an
pure socialist economy
traditional economy
command economy
market economy
