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Duplicate of AP Macroeconomics Unit 1 Flashcards | StudBud
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Duplicate of AP Macroeconomics Unit 1
Duplicate of AP Macroeconomics Unit 1
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#Basic Economics Concepts# Problem Set 1#
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Which of the following will increase the demand curve for chicken?
The government provides subsidies to chicken farmers
Technology increases
Increase in price of beef
There are more chicken sellers
2
What will happen to the production possibility curve if technology increases?
Unemployment
Shift inward
Unchanged
Economic Growth
3
If the government imposed a price ceiling, ultimately which of the following is true?
Demand will increase
Quantity sold will increase
There will be a surplus
Quantity demanded will increase
4
which of following is an example of a Free -Market Economy?
United States
Russia
North Korea
Hong Kong
5
Which of following could cause the Supply curve to shift right?
decreasing in number of producers
increasing in taxes
decreasing in the price of resources
increasing in population
6
What would increase the demand for Inferior Goods?
An increase in income
Economic Growth
A lots of immigration from rich countries
A decrease in income
7
Which of the following will cause a change in supply?
Increase in Income
If the product goes on sale
Price of Substitute Goods
Price of resources
8
Who has an absolute advantage in the production of bikes?
Country B
Country A
Neither has an absolute advantage
It depends on the comparative advantage
9
Which of the following is created from the picture
Surplus of 200
Surplus of 100
Shortage of 100
Shortage of 200
10
What is the opportunity cost of moving from D to A?
6 bikes
6 phones
there is not opportunity cost
8 bikes
11
What happens if demand increase and supply decrease? (make a double shift graph)
Price is indeterminate and quantity goes up
Price is indeterminate and quantity goes down
Price goes down and quatity is indeterminate
price goes up and quantity is indeterminate
12
The opportunity cost of coming to class today
Everything else that you could have been doing
There is no cost because it's a public school
The econ knowledge that you gained by attending
The next best thing that you are giving up by attending
13
When quantity demanded is greater than quantity supplied, what is created
A shortage
A surplus
A price ceiling
Market equilibrium
14
Which of the following will NOT shift a PPC?
Unemployment increases
Countries trade with one another
Increases in the quantity or quality of CELL
Technology within an economy increases
15
A straight lined PPC (Constant Opportunity Cost) occurs when...
Resources are easily adaptable
The resources to produce the product are different
The demand changes for the given product
When we are operating ineficiently
16
A comparative advantage for a product is what the country...
Is giving up less to produce
Should not specialize in
Should Import
Produces the most of (Absolute advantage)
17
Which of the following would change quantity supply and quantity demand?
technology
expectations
price
Income
18
What happens when the Quantity Supply is bigger than Quantity Demand?
Bankrupt
Shortage
Investment opportunity
Surplus
19
Which of the following will NOT shift the supply of cereal to the right
Wheat, a key component of cereal decreases
Price of cereal decreases
Kellogs opens up 20 new factories
Technology in cereal production increases
20
which of the following causes a change in demand?
price of resources
a change in price
price of related goods
a movement along the curve
21
Scarcity exists as a result of...?
Unlimited wants,limited Resources
The study of the Economic Growth
All the things given up making a choice
limited wants,unlimited resources
22
Which of the following will cause the quantity of demand for milk (a normal good) to increase
Everyone in the United States gets a raise
Price of almond milk decreases
Dairy cows become cheaper
Price of milk decreases
23
In the Law of Supply the price and the quantity supply are ________
the same
inverted
equal to zero
directly related
24
Which of the following would cause the EP of burgers to increase & EQ of burgers to decrease
An increase in the price of ground beef
An increase in the number of burger shops
It is reported that burgers make you skinny
A Decrease in the price of meatloaf (a substitute of burger)
25
A bowed out PPC represents
Constant opportunity cost
Is when resources (CELL) is easily adaptable
Increasing opportunity cost
Upward sloping
26
The Wakandan PPC will ____ if there is a large increase of immigrants.
Economic Growth Decreases
Shift Outward
Shift Inward
Stay the same
27
The willingness and ability of consumers to buy a product?
Law of Supply
Price
Manufacturer
Law of Demand
28
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.
29
Which of the following is a Compliment good for milk?
Coconut Water
Almond Milk
Dairy Farmers
Nesquik
30
Which is not an example of a Resource (CELL)?
Capital Goods
Energy
Land
Labor
