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AP MACROECONOMICS Questions and Answers (latest Update 2024)
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AP MACROECONOMICS Questions and Answers (latest Update 2024)
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AP MACROECONOMICS Questions andAnswers (latest Update 2024)
Macroeconomics Unit 1: Basic Economic Concepts - Correct
Answer ✅
Positive Economics - Correct Answer ✅describes the way
things are
unemployment rate hit a three year high
Normative Economics - Correct Answer ✅the ways things
should be
the fed should lower the federal funds rate
Economics - Correct Answer ✅the study of how to allocate
scare resources amount competing ends
Equilibrium in a competitive market - Correct Answer
✅when the quantity demanded is equal to the quantity
supplied of that good
,AP MACROECONOMICS Questions and
Answers (latest Update 2024)
Competitive market - Correct Answer ✅Many buyers and
sellers
Identical goods or services
Substitute - Correct Answer ✅Two goods are substitutes if
a fall in the price of one of the goods makes consumers
willing to buy the other
Complements - Correct Answer ✅Two good are
complements if a fall in the price of one good makes people
more willing to buy the other good
Normal Income - Correct Answer ✅When a rise in income
increases the demand for a good
Inferior food - Correct Answer ✅
Inferior Good - Correct Answer ✅When a rise in income
decreases the demand of the good. it is inferior good
,AP MACROECONOMICS Questions and
Answers (latest Update 2024)
Scarcity - Correct Answer ✅Individuals, businesses, and
governments have unlimited wants but limited resources.
imputs or factors of production
Consumer Goods vs. Capital Goods ( physical capital) -
Correct Answer ✅Consumer goods- (ex: pizza) goods made
for direct consumption
Capital goods- (ex: restaurant oven) goods made for indirect
consumption. Goods that make consumer goods
_ manufactured goods that an be used in the production
process, including tools, equipment, buildings, and machinery
( this is often referred to physical capital)
Labor or Human Capital - Correct Answer ✅the physical
and mental efforts of people, including human capital, the
knowledge and skills acquired through training and
experience
, AP MACROECONOMICS Questions and
Answers (latest Update 2024)
Entrepreneurship - Correct Answer ✅the ability to identify,
opportunities and organizer production, the willingness to
accept risk in the pursuit of reward
Natural resources and land - Correct Answer ✅any
productive resource existing in nature, including wild plants,
mineral deposits, wind, and water
Trade Offs - Correct Answer ✅ALL possible options given up
when you make a choice
Choice - Correct Answer ✅
Opportunity Cost - Correct Answer ✅The ONE best option
given up when you make a choice including the money, time,
and forgone opportunities
Most desirable Alternative .
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