WorksheetsAP test one review
Total questions: 15
Worksheet time: 14mins
A drought destroys a significant supply of wheat. As a result, the price of wheat increases. What prediction may be made regarding the demand of corn, a substitute good, when the market is at equilibrium?
Both the price and the demand for corn are undetermined
The price falls, and the demand will decrease
The quantity demanded will increase
Demand for corn will increase
The law of supply states that
as price goes down suppliers supply more.
as price goes up suppliers supply more.
as price goes down consumers supply more.
as price goes down up you shift a curve.
When the price goes down, consumers will demand more is the law of
Productivity
Supply
Demand
Value
Opportunity Cost is cost of the next best...
Alternative
Girl
Boy
Netflix show
A constant opportunity cost PPC has a
Straight line
Curved line
Bumpy line
Vertical Line
All of the following will cause a PPC curve to shift outward except
Better resources
More resources
Better technology
Loss of Workers
Unlimited Wants, Limited Resources is the definition for
Production
Value
Competition
Scarcity
Any point on the PPC corresponds to
Unemployment
Efficiency
Unattainability
Absolute Advantage
If a country is currently producing at point C and they want to produce more food (assuming no change in resources) they can
move to point F
move to point A
move to point D
move to point B
Which of the following would cause the price of energy panels to go down while increasing the quantity?
A subsidy given to energy panel companies
A tax placed on the producers of energy panels
A new study finds that energy panels cause cancer
Windmills become cheaper to consumers than energy panels
Quantity supplies and Quantity demanded meet at
Vertex
X Axis
Origin
Equilibrium
In Venus the Opportunity Cost of the first unit of Food is
8 units of food
4 units of Food
2 units of Food
40 units of food
Japan can produce 4 laptops in the time it takes Brazil to produce 1. Japan can produce 12 phones in the time it takes Brazil to produce 5. Which statement is true?
Japan should produce phones while Brazil should produce Laptops.
Japan Should produce sushi
Brazil has the absolute advantage in the production of phones and laptops
Brazil should produce phones while Japan should produce Laptops.
Price and Quantity will both increase if
There is an increase in Demand for a good.
There is an decrease in Demand for a good.
There is an increase in Supply for a good.
There is an decrease in Supply for a good.
A Change in price of a good will
Only move positions on the demand curve
Cause the whole demand curve to shift
