AP Economics Chapters 1-6

A 10% increase in price of hotdogs leads to a 5 percent increase in quantity hamburgers sold

The schematic representation of the organization of the economy is also known as

A daily newspaper in Germany cost .30 marks. Two years later it is 70,000,000. This shows:

The sum of all the individual demands for a particular good or service

In most markets, supply is _____ elastic in the long run than the short run.

Which of the following is a positive statement?

Perfectly inelastic demand, Elasticity=0, displays what type of curve

Which of the following statements are most agreed on by economists?

Farmer A produces 6 oz of meat or 8 oz of fruit in one hr. The oppurtunity cost of 1hr of meat=

Trade makes everyone better off because countries can specialize in activities in which they

All of the following would shift the supply curve EXCEPT:

Economics is

Percent change in QD is 20. Percent change in price is 10. Price elasticity of demand is:

Which of the following would not shift the demand curve?

This means that society has limited resources and cannot produce all goods and services wanted

What are the two words economists use the most?

Which of the following would shift the supply curve left in the long run?

Elastic demand means

Necesities tend to have inelastic demand because

A good with a negative income elasticity is known as

A binding price floor

Interdependence and trade are desirable because they allow everyone to enjoy a greater

The study of how households and firms make decisions and how they interact in specific markets

A binding price ceiling

The relationship between price and quanitity supplies is called

All of the following are reasons why economists may disagree EXCEPT

In the short run, when supply and demand are inelastic, a shift left in supply

America imports cars and exports food. Ideally America has

As price of good x raises, so does total revenue. This demand for this good is

When demand is more elastic than supply, the incidence of tax falls more heavily on

A 15% change in Q supplied of good x accompanied by a 10% change in price gives:

All of the following are, directly or indirectly, ways to increase standard of living EXCEPT

Good A's price increases by 5 dollars, and demand for it decreases by 50 units (substantial)

A good sells for 9 dollars. 18 units are sold. For the seller,

A line with zero slope is

Who was the famous economist who coined the term "the invisible hand"?

Farmer X gives up 5 oranges to produce a banana. Farmer Y gives up 7. Farmer X has the: