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AP Macro - Unit 1

Authored by ELYANA NAJARIAN-GARB

Social Studies

9th - 12th Grade

Used 7+ times

AP Macro -  Unit 1
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58 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the 3 main types of factors of production?

money, technology, entrepreneurship
water, minerals, machinery
skills, resources, management
land, labor, capital

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a PPC?

Production Possibilities Curve (PPC)

Pay Per Curve (PPC)

Production Per Collection (PPC)

Pay Possibilities Collection (PPC)

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of demand?

The law of demand suggests that higher prices lead to higher quantity demanded.
The law of demand states that price and quantity demanded are directly related.

The law of demand as price increases, quantity demanded decreases (and vice versa).

The law of demand indicates that quantity demanded remains constant regardless of price changes.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When is there disequilibrium in an economy?

When prices are fixed by regulation.
When government intervention is minimal.

When price does not equal equilibrium price

When the economy is growing rapidly.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A surplus in the market is when....

A surplus in the market is when the quantity supplied exceeds the quantity demanded and price is more than the equilibrium price

A surplus in the market is when there is no change in price and the price is less than the equilibrium price

A surplus in the market is when the quantity supplied equals the quantity demanded.
A surplus in the market is when the quantity demanded exceeds the quantity supplied.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A shortage in the market occurs when...

the market is in equilibrium
the quantity supplied exceeds the quantity demanded

the quantity demanded exceeds the quantity supplied and price is less than the equilibrium price

the quantity demanded equals the quantity supplied and the price is above the equilibrium price

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Simultaneous shifts...

Simultaneous shifts refer to changes in static variables.
Simultaneous shifts are unrelated to variable changes.
Simultaneous shifts only happen in one variable at a time.

Simultaneous shifts shifts supply and demand + price or quantity

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