AP Macroeconomics Unit 1

AP Macroeconomics Unit 1

12th Grade

35 Qs

quiz-placeholder

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AP Macroeconomics Unit 1

AP Macroeconomics Unit 1

Assessment

Quiz

Specialty

12th Grade

Practice Problem

Medium

Created by

Mr. Woodward

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35 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. The relationship between quantity supplied and price is _____ and the relationship between quantity demanded and price is _____.

direct, inverse

inverse, direct

inverse, inverse

direct, direct

strong, weak

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following will NOT cause the demand for model airplanes games to change?

a change in the price of a close substitute

a change in consumer incomes

a change in the price of model airplanes

a change in consumer tastes

a change in consumer preferences

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Oil is this type of scarce resource.

Human Capital
Land/Natural 
Labor
Physical Capital

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Workers agree to a 10% wage increase.  Everything else remaining constant, this will cause the _______ curve to shift _____. 

demand; right
demand; left
supply; right
supply; left

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

There is an increase in supply.  This will cause the equilibrium price to ______ & the equilibrium quantity to ______.

decrease; increase
decrease; decrease
increase; increase
increase; decrease

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Columbia and Mexico both produce wine and cars under conditions of constant opportunity costs. Columbia will have a comparative advantage in car production if:

it can produce more cars than Mexico.
the opportunity cost of car production is lower in Columbia than in Mexico.
its labor productivity in car production is greater than Mexico's.
it can produce more wine than Mexico.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the supply and demand curves intersect at a price of $20 then any price above that would result in a(n):

shortage.
equilibrium.
increase in demand.
surplus.

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