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AP Economics 1.1 to 1.4 (Unit 1) Flashcards | StudBud
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AP Economics 1.1 to 1.4 (Unit 1)
Who has the absolute advantage?
Allocate means _______
AP Economics 1.1 to 1.4 (Unit 1)
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Answers
1
Allocate means _______
distribute
anything
additional
something
2
Who has the absolute advantage?
Israel for Planes and Smartphones
USA for Planes and Smartphones
Israel for planes; USA for Smartphones
USA for Planes; Israel for Smartphones
3
This is the most desired product for the society.
Productive Efficiency
Alocation Effcence
Production Effcence
Allocative Efficiency
4
Comparative advantage is ______.
The one with the higher opportunity cost
The one with the most output, or least amount of input
The one with the lower opportunity cost
The one with the least output, or most amount of input
5
Which one of these is not one of the 4 Key Assumptions of PPCs?
Fixed Consumers
Full employment of resources
Only 2 goods can be produced
Fixed Technology
6
"what ought to be" is a positive statement
true
false
7
__________ is the most desirable alternative given up when you make a choice.
tade-offffs
trade-offs
opportunity cost
oppportunty cotes
8
Marginal analysis is _______
a type of graph that analyzes every decision you make
making decisions based off on what makes you popular
making decisions based on the increments
a type of graph that analyze margins for businesses
9
Marginal means ________.
satisfaction
distribute
anything
additional
10
What are the two types of Capital Production?
Producers and Consumers
Supply and Demand
Human and Producers
Human and Physical
11
Which one of these is not part of a free market economy?
Individuals answer the 3 economic questions.
Governments regulate companies, so that prices are fair.
A wide variety of goods are created.
People have an incentive to create new products.
12
The terms of trade is the agreed upon conditions that the trade would benefit bothcountries.
False
True
13
The _____ to make a doll is 5 dollars. The ______ of the doll is 14 dollars.
price; costs
costs; costs
costs; price
price; price
14
Positive statements are based on ______ where Normative statements are based on _____________.
value judgments; value judgments
facts; facts
facts; value judgements
value judgments; facts
15
Which of these is not an economy?
Full (Fascist)
Free Market
Centrally-Planned (communism)
Mixed
16
Look at the picture and answer the question.
supply and demand
trade-offs
my choice.
opportunity cost
17
A model that shows alternative ways that an economy can use its scarce resources is a _______.
CCP
PCP
PPCP
PPC
18
As you increase more of any good, the opportunity cost will increase is the definition for ___.
PPC
Law of Increasing Opportunity Cost
Law of Constant Opportunity Cost
Constant Opportunity Cost
19
"We have unlimited wants, but limited resources," is the definition of __________.
Opportunity Costs
Marginal Analysis
Economics
Scarcity
20
Look at the image. Is the
italics
part true.
No, False
Yes, true
Yes, False
21
All the alternatives we give up when we do something is known as ___________.
trade-off
opportunity cost
supply and demand
scarcity
22
What would happen if we did not trade?
The world would be a lot more interdependent.
There would be limited choices.
People would start to specialize in things.
Everybody would have what they needed at a cheap price.
23
______: resources are easily adaptable for producing either good. However, this ___ common.
Law of Increasing Opportunity Cost; is not
Law of Increasing Opportunity Cost; is
Constant Opportunity Cost; is
Constant Opportunity Cost; is not
24
What is an advantage of a Centrally-Planned economy?
Freedom of Speech
Low unemployment
No competition
Great Leaders
25
______economics is the study of small economics units
Macro
Smart
Micro
Microbiology.
26
This can be any point on the PPCc b/c it is the most efficient.
Utility Efficiency
Marginal Efficiency
Productive Efficiency
Allocative Efficiency
27
Economics is the study of...
me
supply and demand
needs and wants
choices
28
Which of these is NOT one of the 3 Economic Questions?
How should these goods and services be produced?
Who consume these goods and services?
What goods and services should be produced?
When do these goods and services arrive at the consumer?
29
Which of these are the 4 Factors of Production?
Entrepreneurship; Capital; Laws; Sand
Land; Labor; Exercise; Capitals
Land; Labor; Entrepreneurship; Capital
All of the things mentioned
30
Most countries have ______ economy. We have this.
Free
Mixed
Communism
Centrally-Planned
31
Ceteris Paribus means _________.
Fixed Resources
Full employment of resources
Fixed Technology
Only 2 goods can be produced
32
What is a PPC?
Product Producers Consumers
Producers People Consumption
Product Possibilities Curve
Production Possibilities Course
33
Economic System is used by a society to produce and distribute goods and services. (2 answers)
False
False
True
True
34
Absolute advantage is ______.
The one with the lowest opportunity cost.
The one with the least output, or most amount of input
The one with the most output, or least amount of input
The one with the higher opportunity cost.
35
Economics is the science of scarcity.
False
True
36
______economics is the study of large economics as a whole
Smart
Dumb
Macro
Micro
37
Utility means ________.
distribute
satisfaction
something
addition
38
Output is ________ goes ________ (___)
Other; Under; OOU
Other; Over; OOO
Other; Under; IOU
Other; Over; IOU
39
Which one of these is NOT one of the 3 Shifters of the PPC?
Change in resource quality of quantity
Change in trade
Change in technology
Change in demand
40
Why do people trade?
So they can obtain everything they don't produce.
So people can be limited in their choices.
So they can have an abundance of one thing.
So they can brag about it.
41
Who has the Competitive Advantage?
Israel for Planes and Smartphones
USA for Planes and Smartphones
USA for Planes; Israel for Smartphones
Israel for Planes; USA for Smartphones
42
Input is ______ goes ________ (___).
Other; Over; (IOU)
Other; Under; (OOU)
Other; Under; (IOU)
Other; Over; (IOO)
43
Look at the chart. This is a(n) ______ problem.
PPC
Output
Marginal Analysis
Input
