AP Economics final exam

Which direction will the demand curve shift to show an increase in demand?

• Left

• Upward

• Right

• Downward

An oven at a bakery is an example of which factor of production?

• labor

• entrepreneurship

• natural resource

• capital

You love Hershey candy bars. You decide to eat one and it is fantastic! You decide to eat a second candy bar and it still very good. However, you then eat your sixth candy bar and you are feeling a bit sick and regretting it. What is this whole process called?

• Law of diminishing utility

• Low utility

• Opportunity cost

• High utility

In a few years, you may leave college and seek employment you are unemployed! What type of unemployment does this represent?

• structural unemployment

• seasonal unemployment

• frictional unemployment

• cyclical unemployment

As prices increase demand...

• decreases

• escalates

• increases

• stays the same

Minimum wage rises to $11.00 per hour. This is an example of what supply shifter?

• Expectations

• Change of conditions

• Number of producers

• Change in costs

Time would be an example of?

• a factor of production

• unlimited resource

• a marginal cost

• scarce resource

A printer and ink cartridges would be an example of what kind of good?

• Complimentary

• Demanded

• Substitute

• Natural

In this type of economy, the people decide the supply, demand, and price.  

• Market 
• Traditional
• Command 
• Mixed

Which type of economy has central ownership, the government, and lack of individual choice?

• Market

• Mixed

• Command

• Traditional