Exam (elaborations)
AP Macroeconomics Semester 1 Review Exam Questions and Answers (Graded A)
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AP Macroeconomics Semester 1 Review Exam Questions and Answers
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AP Macroeconomics Semester 1 ReviewExam Questions and Answers
Economics ii- iiAnswers ii-A iistudy iiof iichoice iiunder iiconditions iiof ii
scarcity
Positive iiEconomics ii- iiAnswers ii-The iianalysis iiof iifacts iior iidata iito iiestablish iiscientific
iigeneralizations iiabout iieconomic iibehavior.
Normative iiEconomics ii- iiAnswers ii-The iipart iiof iieconomics iiinvolving iivalue iijudgments
iiabout iiwhat iithe iieconomy iishould iibe iilike; iifocused iion iiwhich iieconomic iigoals iiand
iipolicies iishould iibe iiimplemented; iipolicy iieconomics.
Utility ii- iiAnswers ii-The iiwant-satisfying iipower iiof iia iigood iior iiservice; iithe iisatisfaction
iior iipleasure iia iiconsumer iiobtains iifrom iithe iiconsumption iiof iia iigood iior iiservice.
Marginal iiAnalysis ii- iiAnswers ii-The iicomparison iiof iiMarginal iibenefits iiand iimarginal
iicosts, iiusually iifor iidecision iimaking.
Trade-offs ii- iiAnswers ii-The iisacrifice iiof iisome iior iiall iiof iione iieconomic iigoal, iigood, iior
iiservice iito iiachieve iisome iiother iigoal, iigood, iior iiservice.
Opportunity iiCost ii- iiAnswers ii-The iiamount iiof iiother iiproducts iithat iimust iibe iiforgone
iior iisacrificed iito iiproduce iia iiunit iiof iia iiproduct.
Macroeconomics ii- iiAnswers ii-Looks iiat iithe iieconomy iias iia iiwhole, iioverview iiof iithe
iieconomy iiand iithe ii
relationships iiof iiits iiparts
Microeconomics ii- iiAnswers ii-Looks iiat iispecific iieconomic iiunits, iiObserves iithe iidetails
iiof iia iivery iismall iisegment iiof iithe ii
economy
, Land ii- iiAnswers ii-In iiaddition iito iithe iipart iiof iithe iiearth's iisurface iinot iicovered iiby
iiwater, iithis iiterm iirefers iito iiany iiand iiall iinatural iiresources iithat iiare iiused iito iiproduce
iigoods iiand iiservices.
Labor ii- iiAnswers ii-Any iimental iior iiphysical iiexertion iion iithe iipart iiof iia iihuman iibeing
iithat iiis iiused iiin iithe iiproduction iiof iia iigood iior iiservice.
Capital ii- iiAnswers ii-Human-made iiresources ii(buildings, iimachinery, iiand iiequipment)
iiused iito iiproduce iigoods iiand iiservices; iigoods iithat iido iinot iidirectly iisatisfy iihuman
iiwants.
Entrepreneur ii- iiAnswers ii-Individuals iiwho iiprovide iientrepreneurial iiability iito iifirms iiby
iisetting iistrategy, iiadvancing iiinnovations, iiand iibearing iithe iifinancial iirisk iiif iitheir iifirms
iido iipoorly.
Factors iiof iiProduction ii- iiAnswers ii-The iifour iieconomic iiresources: iiland, iilabor, iicapital,
iiand iientrepreneurial iiability.
Market ii- iiAnswers ii-An iiinstitution iithat iibrings iitogether iibuyers
and iisellers iiof iiparticular iigoods, iiservices, iior iiresources, iiexists iiin iimany iiforms, iilink
iipotential iibuyers iiwith iipotential iisellers
Demand ii- iiAnswers ii-A iischedule iior iicurve iithat iishows iithe iivarious iiamounts iiof iia
iiproduct iithat iiconsumers iiare iiwilling iiand iiable iito iipurchase iiat iieach iiof iia iiseries iiof
iipossible iiprices iiduring iia iispecified iiperiod iiof iitime.
Demand iiSchedule ii- iiAnswers ii-A iitable iiof iinumbers iishowing iithe iiamounts iiof iia iigood
iior iiservice iibuyers iiare iiwilling iiand iiable iito iipurchase iiat iivarious iiprices iiover iia
iispecified iiperiod iiof iitime.
Law iiof iiDemand ii- iiAnswers ii-The iiprinciple iithat, iiother iithings iiequal, iian iiincrease iiin iia
iiproduct's iiprice iiwill iireduce iithe iiquantity iiof iiit iidemanded, iiand iiconversely iifor iia
iidecrease iiin iiprice.
Diminishing iiMarginal iiUtility ii- iiAnswers ii-The iiprinciple iithat iias iia iiconsumer iiincreases
iithe iiconsumption iiof iia iigood iior iiservice, iithe iimarginal iiutility iiobtained iifrom iieach
iiadditional iiunit iiof iithe iigood iior iiservice iidecreases.
Income iiEffect ii- iiAnswers ii-A iichange iiin iithe iiquantity iidemanded iiof iia iiproduct iithat
iiresults iifrom iithe iichange iiin iireal iiincome iicaused iiby iia iichange iiin iithe iiproduct's
iiprice.
Substitution iiEffect ii- iiAnswers ii-A iichange iiin iithe iiquantity iidemanded iiof iia iiconsumer
iigood iithat iiresults iifrom iia iichange iiin iiits iirelative iiexpensiveness iicaused iiby iia iichange
iiin iithe iigood's iiown iiprice.
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