Study guides, Class notes & Summaries

Ap Macroeconomics modules 1-4 Exam test review with Answers Entrepreneur - Answer>> A person who risked the failure in return for the possibility of financial gain (profit) The four economic resources or factors of production - Answer>> Entrepreneurship, capital, land, labor What is the combination of limited economic resources on unlimited once called? - Answer>> Scarcity

AP Macroeconomics - Modules 1-4 Exam Questions with Answers 1. When people divide themselves among different tasks and each person provides a good or service that other people want in return for a good/service they want. - Answer>> Trade 2. People can get more of what they want through trade than if they were self-sufficient. Arises from specialization. - Answer>> Gains from trade 3. Goods and services are produced in better quality, quantity and speed when people focus on pro...

AP Macroeconomics Semester 1 Exam Review with Answers Economics - Answer>> A study of choice under conditions of scarcity Positive Economics - Answer>> The analysis of facts or data to establish scientific generalizations about economic behavior. Normative Economics - Answer>> The part of economics involving value judgments about what the economy should be like; focused on which economic goals and policies should be implemented; policy economics.

AP Macroeconomics 2024 Midterm Exam Questions and Answers 1. the branch of economics that studies the overall working of a national economy - Answer>> macroeconomics 2. The total quantity of goods and services produced in an economy in a given period. - Answer>> aggregate output 3. the financial gain (earned or unearned) accruing over a given period of time - Answer>> income 4. total demand for goods and services in an economy - Answer>> aggregate demand 5. t...

AP Macroeconomics: Final Exam Questions and Answers 1. What is the most fundamental issue that economics addresses? - Answer>> Use of scarce resources 2. Inflation occurs when there is a sustained increase in - Answer>> average price level 3. An increase in spending in an economy will cause a multiplied increase in GDP because - Answer>> consumption increases as income increases

AP MacroEconomics UNIT 1 Exam Review with Answers 1. Scarcity - Answer>> Limited nature of society's resources. Example: OIL 2. Choice - Answer>> Human behavior to choose how to spend/use the world's scarce resources. 3. Trade Offs - Answer>> 1st Principle of Economics-the fact that people's choice results in losing one quality or aspect of something in exchange for a quality or aspect of another

AP MACROECONOMICS EXAM COMPREHENSIVE REVIEW 2024 society's virtually unlimted wants paired our scarce and limited resources create this problem - Answer>> the "economizing problem" usefulness or satisfaction - Answer>> utility all natural, human, and manufactured items that go into the production of goods and services - Answer>> economic resources they are the four factors of production (AKA economic resources) - Answer>> land, labor, capital, entrepreneurshi...

AP Macroeconomics May 2024 Exam Review with Answers Movement on Short-Run Phillips Curve - Answer>> Shift in AD (graph movement is in opposite direction) Shift of Short-Run Phillips Curve - Answer>> Shift in SRAS (shift is in opposite direction) Factors of Production - Answer>> 1. Land 2. Labor 3. Capital 4. Technology Shifters of Demand for Loanable Funds - Answer>> 1. Incentive to Invest 2. Contractionary Fiscal Policy (to the right)

AP Macroeconomics Exam Review with Answers aggregate demand curve - Answer>> a curve depicting the relationship between real GDP demanded (i.e., expenditures) and the price level in the economy; the aggregate demand curve slopes downward from left to right. aggregate supply curve - Answer>> a curve defining the relationship between real production and price level. business cycles - Answer>> fluctuations in real GDP around the trend value; also called economic fluctuati...