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APMacro Unit 1 Test Review Flashcards | StudBud

Explore/APMacro Unit 1 Test Review

APMacro Unit 1 Test Review

9 terms·StudBud Administration·41 plays

#macroeconomics

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Questions 9

Answers

1
A DETERMINANT is
An outside factor that causes shifts
The variable on the vertical axis
An outside factor that creates new relationships
The variable on the horizontal axis
2
An increase in supply will have which effects on EP, EQ?
EP increase, EQ increase
EP decrease, EQ decrease
EP decrease, EQ increase
EP increase, EQ decrease
3
As we move along the production possibilities frontier,
production of one good increases as the other decreases.
a tradeoff is not possible because nations need all goods.
less of both goods can be produced.
more of both goods can be produced.
4
Society's ability to satisfy our wants
means that only the poor face scarcity.
is accomplished by eliminating scarcity.
is limited by available productive resources.
is unrelated to incentives we face.
5
The opportunity cost shown by a straight-line PPC is
decreasing.
constant.
zero.
increasing.
6
A decrease in demand will have which effects on EP, EQ?
EP increase, EQ decrease
EP decrease, EQ increase
EP decrease, EQ decrease
EP increase, EQ increase
7
The impact of international trade on the PPC is
the PPC shifts outward
consumption outside the PPC
the PPC changes slope
the PPC shifts inward
8
The opportunity cost of a choice to promote faster future economic growth is
the decrease in the current production of productive factors
a slower accumulation of human capital.
0, because it means an expansion of production possibilities
the decrease in the current production of consumption goods.
9
If supply increases and demand increases, what do we suddenly NOT know?
Whether the horizontal axis is still Quantity
Whether the vertical axis is still Price
How EQ will be affected
How EP will be affected