AP Unit 2

When a country has ________________ they will specialize in producing that good.

• comparative advantage

• absolute advsantage

• opportunity cost

• non-beneficial trade

When a country has ____________ they will specialize in producing that good and they will __________ it to another country.

• comparative advantage, import

• absolute advantage, export

• absolute advantage, import

• comparative advantage, export

Match the following

• hammer

• Capital

• money/investment

• Land

• Land, Labor, Capital,

  Entrepreneurship

• Labor

• water

• Factors of Production

• human resources

• Entrepreneur

If price changes first, what will change next on a supply and demand graph

• Supply or Demand

• Quantity Supplied or Quantity Demanded

• Equilibrium, Disequilibrium

• Not enough information to answer

What is the primary focus of AP Unit 2 in Social Studies?

• Economic systems

• Political ideologies

• Cultural interactions

• Geographical features

Which economic concept explains why countries trade with each other?

• Comparative advantage

• Monetary policy

• Fiscal policy

• Inflation

In the context of AP Unit 2, what does GDP stand for?

• Gross Domestic Product

• Global Development Plan

• General Data Protection

• Gross Domestic Policy

Which of the following is a characteristic of a command economy?

• Government control of resources

• Free market competition

• Private ownership of property

• Consumer choice

What is the role of the World Trade Organization (WTO)?

• To regulate international trade

• To provide military support

• To control global oil prices

• To manage international tourism

Which of the following best describes a mixed economy?

• Combines elements of both capitalism and socialism

• Is entirely controlled by the government

• Relies solely on market forces

• Is based on traditional practices