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AP Macroeconomics Crash Course Vocabulary Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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AP Macroeconomics Crash Course Vocabulary Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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  • June 18, 2024
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  • 2023/2024
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AP Macroeconomics Crash Course
Vocabulary
Absolute Advantage - CORRECT ANSWER-A country or individual has an
absolute advantage in the production of a good when the country can produce
the good using fewer resources than another country or individual.

Aggregate Demand (AD) - CORRECT ANSWER-A schedule or curve that shows
the total quantity demand for all goods and services of a nation at various price
levels at a given period of time.

Aggregate Supply (AS) - CORRECT ANSWER-The total amount of goods and
services that all the firms in all the industries in a country will produce at various
price levels in a given period of time.

Appreciation - CORRECT ANSWER-An increase in the value of one currency
relative to another, resulting from an increase in demand for or a decrease in
supply of the currency on the foreign exchange market.

Balance of Payments - CORRECT ANSWER-Measures all the monetary
exchanges between one nation and all other nations. Includes the current
account and the capital account.

Bonds - CORRECT ANSWER-A certificate of debt issued by a company or a
government to an investor.

Budget Deficit - CORRECT ANSWER-When a government spends more than it
collects in tax revenues in a given year.

Business Cycle - CORRECT ANSWER-A model showing the short-run periods of
contraction and expansion in output experienced by an economy over a period of
time.

Capital - CORRECT ANSWER-Human-made resources (machinery and
equipment) used to produce goods and services; goods that do not directly

, satisfy human wants. Sometimes separated into human capital (education,
know-how) and physical capital (tools you can touch and operate).

Capital Account - CORRECT ANSWER-Also known as financial account.
Measures the flow of funds for investment in real assets (such as factories or
office buildings) or financial assets (such as stocks and bonds) between a nation
and the rest of the world.

Ceteris Paribus - CORRECT ANSWER-"Other things being equal;" used as a
reminder that all variables other than the ones being studied are assumed to be
constant.

Circular Flow Diagram - CORRECT ANSWER-A model of the macroeconomy
that shows the interconnectedness of businesses, households, government,
banks, and the foreign sectors. Money flows in a circular direction, and goods,
services, and resources flow in the opposite direction.

Classical Economic Theory - CORRECT ANSWER-The view that an economy
will self-correct from periods of economic shock if left alone. Also known as
"laissez-faire".

Comparative Advantage - CORRECT ANSWER-When an individual, a firm or a
nation is able to produce a particular product at a lower opportunity cost than
another individual, firm, or nation. It is the basis of trade between nations.

Consumer Price Index (CPI) - CORRECT ANSWER-An index that measures the
price of a fixed market basket of consumer goods bought by a typical consumer.
The CPI is used to calculate the inflation rate in a nation.

Consumption - CORRECT ANSWER-A component of a nation's aggregate
demand; measures the total spending by domestic households on goods and
services.

Contractionary Fiscal Policy - CORRECT ANSWER-A demand-side policy
whereby government increases taxes or decreases its expenditures in order to
reduce aggregate demand. Could be used in a period of high inflation to bring
down the inflation rate.

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