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AP Macroeconomics Basics of Economics Flashcards | StudBud
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AP Macroeconomics Basics of Economics
AP Macroeconomics Basics of Economics
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1
For a country to produce more butter they must move from point D to
B
X
A
C
2
What is the opportuntiy cost for Bob to produce Ketchup?
2 ketchup
1/2 mustard
3 ketchup
1/3 mustard
3
What is the opportuntiy cost for Country B to produce 1 car?
1/4 car
2 bikes
1/2 car
4 bikes
4
Which of the following is an example of labor?
The machine that takes the tomatoe and turns it into tomatoe paste
The farm where the tomatoes are grown
The firm that markets and sells the tomato paste at the grocery store
The farmer who picks the tomatoes
5
Who has the absolute advantage in car production?
Country A
Country B
6
In which type of economic system are decision made by unregulated supply and demand (markets)
Mixed
Command
Free Market
7
Is the following question an input or output question?
Input
Output
8
Which country has a compartive advantage for bikes?
Country A
Country B
9
Marginal analysis involves making decisions based evaluating the costs and benefits. When is a decison benefical?
MC>MB
MB>MC
10
Which of the following is an example of a entrepreneurship?
The firm that markets and sells the tomato paste at the grocery store
The farmer who picks the tomatoes
The farm where the tomatoes are grown
The machine that takes the tomatoe and turns it into tomatoe paste
11
Which type of economics deal with decisions made by individuals
Microeconomics
Macroeconomics
12
In which type of economic system are decision made by a central authority and markets
Command
Free Market
Mixed
13
Which point is inefficient?
X
A
B
14
There are not enough resources to meet the unlimited wants of a sociely. This concept is known as
Microeconomics
Opportunity Cost
Scarcity
Macroeconomics
15
Economics is the study of choices. When you choose you make a sacrifice. This is known as
Scarcity
Ceteris paribus
Marginal Analysis
Opportunity Cost
16
Which of the following is an example of a captial resource?
The firm that markets and sells the tomato paste at the grocery store
The farm where the tomatoes are grown
The farmer who picks the tomatoes
The machine that takes the tomatoe and turns it into tomatoe paste
17
What would be the cause of the shift of the production possibilities below?
Decrease in technology in the production of robots
Increase in technology in the production of corn
Increase in technology in the production of robots
Decrease in technology in the production of corn
18
Does this graph show increasing, decreasing or constant opportunity cost?
Decreasing
Constant
Increasing
19
For a country to produce more guns they must move from point D to
C
B
X
A
20
Is the following question an input or output question?
Output
Input
21
Economics involves graphs. What concept involves studying one variable at a time?
Ceteris paribus
Macroeconomics
Marginal Analysis
Opportunity Cost
22
What is the opportuntiy cost for Tom to produce mustard?
1/3 mustard
3 ketchup
1/2 mustard
2 ketchup
23
If the terms of trade were 1 car for 1 bikes which country does not benefit?
Country B
Country A
24
Which of the following would a beneficial terms of trade for both countries
1 car for 1 bike
1 car for 3 bikes
1 car for 2 bikes
1 car for 4 bikes
25
If the terms of trade were 1 car for 5 bikes which country does not benefit?
Country A
Country B
26
Which of the following is an example of a land resource?
The farmer who picks the tomatoes
The farm where the tomatoes are grown
The machine that takes the tomatoe and turns it into tomatoe paste
The firm that markets and sells the tomato paste at the grocery store
27
Which point is efficient?
X
B
A
28
Who has the absolute advantage in Ketchup productions?
Tom
Bob
29
What is the opportuntiy cost for Country A to produce 1 bike?
2 bikes
1/2 car
4 bikes
1/4 car
30
What is the opportuntiy cost for Bob to produce mustard?
3 ketchup
2 ketchup
1/3 mustard
1/2 mustard
31
Which country has a compartive advantage for cars?
Country A
Country B
32
Does this graph show increasing, decreasing or constant opportunity cost?
Decreasing
Constant
Increasing
33
Who has the absolute advantage in Mustard productions?
Bob
Tom
34
What is the opportuntiy cost for Tom to produce Ketchup?
1/3 mustard
2 ketchup
1/2 mustard
3 ketchup
35
In which type of econoimc system are decision made by a centralized entity
Free Market
Mixed
Command
36
Which point is unattainable?
B
X
A
37
Who has the comparative advantage in ketchup?
Bob
Tom
38
Who has the absolute advantage in bike production?
Country A
Country B
39
What is the opportuntiy cost for Country A to produce 1 car?
4 bikes
1/4 car
1/2 car
2 bikes
40
What is the opportuntiy cost for Country B to produce 1 bike?
1/2 car
1/4 car
4 bikes
2 bikes
41
Which of the following terms of trade would benefit both Bob and Tom?
2 ketchup for 5 mustard
1 ketchup for 3 mustard
1 ketchup for 2 mustard
42
Which type of economics deal with large scale concepts such as; inflation, unemployment and GDP
Macroeconomics
Microeconomics
43
What would be the cause of the shift of the production possibilities below?
Increase in quantity of resources
decrease in educational opportunities
Decrease in quantity of resources
decrease in technology
44
Who has the comparative advantage in mustard?
Tom
Bob
