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WorksheetsAp Macro Unit 1
Total questions: 25
Worksheet time: 19mins
All of the following are factors of production except
Physical Capital
Land
Servicing
Entrepreneurship
The next best alternative given up when a decision is made is called
Trade-off
Opportunity cost
Indifference alternative
Comparative advantage
Point X on the PPC shows
Efficient use of resources
Inefficient use of resources
Demand increasing
Unattainable combination
Which of the following is a physical capital
Oil
People being educated
Roads
Bonds
Tree
The chart shows output per day
Brazil has the absolute advantage in grapes
Switzerland has the absolute advantage in grapes
Switzerland has comparative advantage in grapes
Brazil has comparative advantage in chocolates
William has the absolute advantage in pie.
William has the comparative advantage in pie
David has a comparative advantage in pie
The terms of trade should be 1 pie = 1 cake
What is scarcity?
The value that is given up
Limited resources
Imbalance between limited resources and unlimited wants
Outcome for which the quantity produced is not allocatively efficient
Point A on the PPC shows
Efficient use of resources
Unattainable combination
Inefficient use of resources
Inefficient use of remnant
Which of the following changes will result in a decrease in both the equilibrium price and quantity of good?
Supply: Increase Demand: Increase
Supply: Increase Demand: No change
Supply: No change
Demand: Decrease
Supply: Decrease Demand: Increase
Supply: Decrease, Demand: Decrease
Which of the following will cause a shift in the demand curve for water bottle, a normal good, resulting in an increase in the quantity demanded.
An increase in the price of water bottle
An increase in the price of cola, a substitute good
An decrease in the price of beef, a complementary good
A decrease in the number of consumers
Point D on the PPC represent
Unattainable resources
Efficient use of resources
Inefficient use of resources
Economic growth
When firm focus their resources on production of goods for which they have comparative advantage is call
Absolute advantage
Specialization
Allocative efficiency
Production Possibility Frontier
If two countries specialize and trade with each other, which of the following is true?
A smaller number of goods would be available in each country
Both countries would increase its consumption possibilities
One country will gain at the expense of the other country
Everyone within each country will be better off
If a country's PPC shift outward, it will most likely cause
Net export to decrease
Long run aggregate supply to shift to the right, impossible!
Inflation to increase, scary!
Long run aggregate supply to shift to the left, there no way!
An increase in income results in a good being less demanded, why does this occur?
That good is a normal good
That good is a complementary good
That good is a inferior good
That good just sucks regardless income increase or not
When does a shortage occur on the supply and demand graph?
When quantity demanded exceeds the quantity supplied
When quantity supplied exceeds quantity demanded
When quantity demanded is equal to quantity demanded
When scarcity occurs
Surplus could happen if
the quantity demanded exceeds the quantity supplied
the quantity demanded is equal to the quantity supplied
the government place a price ceiling
the government place a price floor
What is market equilibrium?
When the quantity supplied exceeds the quantity demand
When the quantity supplied is equal to quantity price
None of the above
When the quantity demand exceeds the quantity supplied
Both demand and supplied increase, what will happen to price and quantity?
Quantity will be undetermined
Price will be undetermined
Quantity will increase
Price will be undetermined
Quantity will decrease
Price will be increase
Quantity will stay the same
Price will be undetermined
What will happen to the equilibrium price and quantity of Pepsi, an inferior good, if income increase?
Equilibrium Price will Increase
Equilibrium Quantity will decrease
Equilibrium Price will Increase
Equilibrium Quantity will Increase
Equilibrium Price will decrease
Equilibrium Quantity will decrease
Equilibrium Price will decrease
Equilibrium Quantity will increase
Equilibrium Price will be undetermined
Equilibrium Quantity will increase
Country A has the absolute advantage in cars
Country A has the comparative advantage in bikes
Country B has the comparative advantage in cars
Country B has the comparative advantage in bikes
What is the law of supply?
Holding all else equal. When the price of a good rises, suppliers decrease their quantity supplied for that good.
Holding all else equal. When the price of a good drops, suppliers increase their quantity supplied for that good.
Holding all else equal. When the price of a good rises, suppliers increase their quantity supplied for that good.
Holding all else equal. When the price of a good drops, suppliers decrease their quantity supplied for that good.
What is the law of demand?
Holding all else equal. When the price of a good rises, consumers decrease their quantity demanded for that good.
Holding all else equal. When the price of a good rises, consumers increase their quantity demanded for that good.
Holding all else equal. When the price of a good drops, consumers decrease their quantity demanded for that good.
Holding all else equal. When the price of a good drops, consumers increase their quantity demanded for that good.
There is am increase in the price of computer chips that is use to build a computers, how will this affect the equilibrium price and quantity of computers?
Equilibrium price: Decrease
Equilibrium quantity: Increase
Equilibrium price: Decrease
Equilibrium quantity: Decrease
Equilibrium price: Increase
Equilibrium quantity: Decrease
Equilibrium price: Increase
Equilibrium quantity: Increase
Which represent economic growth?
C to D
D to F
F to C
B to E
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