AP MACRO UNIT 1 MC

Flashcard
•
Social Studies
•
12th Grade - University
•
Hard
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25 questions
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1.
FLASHCARD QUESTION
Front
Which of the following is true for all economies regardless of their economic system? Every economy must determine what to produce and how it produces goods and services, Every economy must find a way to distribute income equally, Every economy must find ways to privatize markets to maximize efficiency, Every economy must prevent unemployment through government intervention, Every economy must open free trade with other economies
Back
Every economy must determine what to produce and how it produces goods and services
2.
FLASHCARD QUESTION
Front
Which of the following is the best example of physical capital? A $100,000 business loan from a bank, A business hiring 10,000 workers at a factory, A truck for a delivery company, An oven for a family of four, An increase in construction jobs
Back
A truck for a delivery company
3.
FLASHCARD QUESTION
Front
When making a decision, the next best alternative is called
Back
The opportunity cost
4.
FLASHCARD QUESTION
Front
Which of the following must be true if an individual's next best alternative to going to the beach is studying for an economics exam? Options: They will decide to study for the exam, The opp. cost is seeing their friends at the beach, The person prefers playing volleyball at the beach to studying for the exam, The Opp Cost of going to the beach is all the other things they could have done, The Opp Cost of going to the beach is being better prepared for the exam.
Back
The Opp Cost of going to the beach is being better prepared for the exam.
5.
FLASHCARD QUESTION
Front
If the Production possibilities curve (PPC) is concave from the origin (bowed out), then economists say that
Back
Resources are not equally suited for the production of both goods
6.
FLASHCARD QUESTION
Front
A point outside the PPC would represent
Back
A combination that cannot be achieved due to scarcity
7.
FLASHCARD QUESTION
Front
An increase in which of the following would cause an outward shift of the PPC for consumer goods and capital goods? Options: An increase in the demand for consumer goods, An increase in taxes on consumers, A decrease in unemployment, An increase in the resources to produce capital goods, The efficient production of consumer goods
Back
An increase in the resources to produce capital goods
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