AP Macro Unit 1.3-1.6
Authored by Richard Casterline III
Social Studies
12th Grade
DOK Level 2: Skill/Concept covered
Used 3+ times
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28 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the definition of comparative advantage?
The ability of a country to produce a good at a lower opportunity cost than another country.
The ability of a country to produce more of a good than another country.
The ability of a country to produce a good using fewer resources than another country.
The ability of a country to produce a good at a higher quality than another country.
Tags
DOK Level 1: Recall
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes the law of demand?
As the price of a good increases, the quantity demanded increases.
As the price of a good decreases, the quantity demanded decreases.
As the price of a good increases, the quantity demanded decreases.
As the price of a good decreases, the quantity demanded remains constant.
Tags
DOK Level 1: Recall
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement best describes the law of supply?
As the price of a good increases, the quantity supplied decreases.
As the price of a good decreases, the quantity supplied increases.
As the price of a good increases, the quantity supplied increases.
As the price of a good decreases, the quantity supplied remains constant.
Tags
DOK Level 1: Recall
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is market equilibrium?
The point where the quantity demanded exceeds the quantity supplied.
The point where the quantity supplied exceeds the quantity demanded.
The point where the quantity demanded equals the quantity supplied.
The point where the price of a good is highest.
Tags
DOK Level 1: Recall
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the demand curve when there is an increase in consumer income, assuming the good is normal?
The demand curve shifts to the left.
The demand curve shifts to the right.
The demand curve becomes steeper.
The demand curve becomes flatter.
Tags
DOK Level 2: Skill/Concept
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the price of a substitute good increases, what is likely to happen to the demand for the original good?
The demand for the original good will decrease.
The demand for the original good will increase.
The demand for the original good will remain unchanged.
The demand for the original good will fluctuate randomly.
Tags
DOK Level 2: Skill/Concept
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What effect does a technological advancement in production have on the supply curve?
The supply curve shifts to the left.
The supply curve shifts to the right.
The supply curve becomes steeper.
The supply curve becomes flatter.
Tags
DOK Level 2: Skill/Concept
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