
AP Macro Unit 1
Authored by John Robinson
Social Studies
12th Grade

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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Refer to Figure A (note: x axis should NOT be valued in $). At a price of $20, which of the following would occur?
Shortage of 100
Shortage of 150
Surplus of 200
Surplus of 50
Surplus of 100
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Refer to figure A. What would be the effect of a price floor at $60
It would be ineffective
A shortage of 50
Quantity demanded would increse
a shortage of 100
a surplus of 100
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following best explains why many US economists support free trade?
Workers who lose their jobs due to free trade can collect unemployment compensation
it is more important to reduce global inflation than to reduce domestic unemployment
workers are not affected by free trade since only domestic businesses suffer
government can protect domestic industries while encouraging free trade
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Demand
Two goods that are bought and used together
The more you buy of ANY GOOD the less satisfaction you get from each new unit consumed
Goods used in place of one another
The different quantities of goods that consumers are willing and able to buy at different prices
The different quantities of a good that sellers are willing and able to sell (produce) at different prices
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Supply
Two goods that are bought and used together
The more you buy of ANY GOOD the less satisfaction you get from each new unit consumed
Goods used in place of one another
The different quantities of goods that consumers are willing and able to buy at different prices
The different quantities of a good that sellers are willing and able to sell (produce) at different prices
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Substitutes
Two goods that are bought and used together
The more you buy of ANY GOOD the less satisfaction you get from each new unit consumed
Goods used in place of one another
The different quantities of goods that consumers are willing and able to buy at different prices
The different quantities of a good that sellers are willing and able to sell (produce) at different prices
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Subsidies
A government payment that supports a business or market
The cost of all resources that a seller puts into the production of a good
As income increases, demand increases
As income increases, demand decreases
Quantity demanded is equal to quantity supplied
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