AP Macroeconomics: Unit 1 Basic Economic Concepts

Front

Which of the following is the most fundamental issue that economics addresses?
Choice of appropriate technology,
Reduction of unemployment,
Reduction of budget deficit,
Promotion of privatization,
Use of scarce resources

Back

Use of scarce resources

Front

Based on the daily production possibilities for China and Malaysia, which terms of trade are mutually beneficial? Options: 1 ton of coffee for 3 trucks, 1 ton of coffee for 4 trucks, 1 ton of coffee for 5 trucks, 1 truck for 1 ton of coffee, 1 truck for 5 tons of coffee.

Back

1 ton of coffee for 4 trucks

Front

For an economy with a straight-line production possibilities curve, which of the following must be true? I. The opportunity cost of producing other units is constant II. Resources are completely adaptable to alternative uses III. Resources are used efficiently

Back

I and II

Front

For the production possibilities above, the opportunity cost of moving from combination "D" to combination "C" is

Back

1 hat

Front

The economy of Fisherland is at full employment for which year in the above diagram?

Back

2015