stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Rodgers. AP Macroeconomics Unit 1 Flashcards | StudBud
Explore
/
Rodgers. AP Macroeconomics Unit 1
Rodgers. AP Macroeconomics Unit 1
28 terms
·
StudBud Administration
·
408 plays
#Basic Economics Concepts
Flashcards
28 cards
F
Practice quiz
P
Host live
L
Questions
28
Answers
1
Which of the following will cause a change in supply?
Price of inputs
If the product goes on sale
Price of Substitute Goods
Increase in Income
2
What will happen to the production possibility curve if technology increases?
Shift inward
Unchanged
Unemployment
Shift outward
3
If the government imposed a price ceiling, which of the following is true?
Quantity sold will increase
There will be a surplus
Demand will increase
Quantity demanded will increase
4
The willingness of consumers to buy a product?
Manufacturer
Law of Demand
Law of Supply
Price
5
Which of following could cause the Supply curve to shift right?
increasing in population
decreasing in number of producers
increasing in taxes
decreasing in the price of resources
6
Which of the following would change quantity supply and quantity demand?
expectations
Income
technology
price
7
In the Law of Supply the price and the quantity supply are ________
the same
equal to zero
inverted
directly related
8
The law of supply is illustrated by a supply curve that is:
vertical
horizontal
upward sloping
downward sloping
9
Which of the following is a Compliment good for milk?
Dairy Farmers
chocolate syrup
Almond Milk
Coconut Water
10
A more efficient way to produce a good is discovered, lowering costs. This will cause:
increase in quantity supplied, movement along supply curve
increase in supply, or rightward shift of the supply curve
decrease in supply, or leftward shift of the supply curve
more food for raccoons
11
Which is not an example of a Resource (FoP)?
Labor
Machines
Land
Energy
12
If the demand for textbooks shifts to the left:
less will be bought at each possible price
less will be bought as some price points
more will be demanded at the same prices
more will be demanded at higher prices
13
The opportunity cost of coming to class today
There is no cost because it's a public school
The next best thing that you are giving up by attending
The econ knowledge that you gained by attending
Everything else that you could have been doing
14
As gasoline prices fall, consumers decide to take more vacations. This situation represents:
diminishing marginal utility
the rational function of prices
the income effect
the substitution effect
15
Which of the following will NOT shift a PPC?
Increases in the quantity or quality of CELL
Technology within an economy increases
Countries trade with one another
Unemployment increases
16
If a country has an absolute advantage in both products compared to another country
Then it cannot be made better off through trade
Trade can help if the other country has a comparative adv.
17
Which of the following will NOT shift the demand for milk (a normal good) to the right?
Price of milk decreases
Everyone in the United States gets a raise
Price of almond milk decreases
Dairy cows become cheaper
18
which of the following causes a change in demand?
a change in price
price of resources
a movement along the curve
price of related goods
19
There is a shortage in the market when:
Price is higher than equilibrium
there aren't enough raccoons as pets
price is lower than equilibrium
price equals equilibrium
20
The Wakandan PPC will ____ if there is a large increase of immigrants.
Shift Outward
Shift Inward
Get steeper
Stay the same
21
When quantity demanded is greater than quantity supplied, what is created
A price ceiling
A surplus
Market equilibrium
A shortage
22
There is a surplus in the market when:
Quantity Demanded is greater than Quantity Supplied
demand is greater than supply
Quantity Supplied is greater than Quantity Demanded
More raccoons than Mrs. Rodgerses
23
What is the opportunity cost of moving from D to A?
6 phones
8 bikes
there is not opportunity cost
6 bikes
24
Which of the following will increase the demand curve for chicken?
Technology increases
There are more chicken sellers
Increase in price of beef
The government provides subsidies to chicken farmers
25
What would increase the demand for Inferior Goods?
A lots of immigration from rich countries
Economic Growth
An increase in income
A decrease in income
26
A comparative advantage for a product is what the country...
Produces the most of (Absolute advantage)
Should not specialize in
Should Import
Is giving up less to produce
27
Scarcity exists as a result of...?
All the things given up making a choice
The study of the Economic Growth
limited wants,unlimited resources
Unlimited wants,limited Resources
28
What happens when the Quantity Supply is greater than Quantity Demand?
Shortage
Surplus
Bankrupt
Investment opportunity
