AP Macroeconomics Released Questions

Opportunity costs is MOST RELATED which concept? D  absolute advantage

•  A price floors
• B scarcity 
• C elasticity
• D absolute advantage

  Competition and free enterprise are most common in which type of economic system? 

• A traditional
•  B market
• C communist
• D planned

  Competition and free enterprise are most common in which type of economic system? 

• A traditional
•  B market
• C communist
• D planned

  Which type of economic system is MOST likely to experience high amounts of government regulation and low amounts or private ownership? D  international

•  A. ) market
• B.)   command
•  C.) traditional 
• D.)   international

A person who uses and buys goods and services 

• money 
• producer 
• consumer 
• economics 

Importing more than exporting is

• trade surplus
• trade deficit
• balance of trade
• balance of payment

If the US dollar appreciates relative to the Canadian dollar, what is a likely outcome?

• trade surplus in US
• trade deficit in Canada
• trade deficit in both
• trade surplus in Canada

An increase in the value of currency is called

• appreciation
• depreciation
• trade surplus
• exchange rate

Prices at which currencies are traded is called...

• Exchange Currency
• Exchange Rate
• Foreign Exchange Market
• Local Currency Demand

The value of all the final goods and services produced within a nation in a given year.

• Gross Domestic Product
• per capita GDP
• Gross National Product