Ap macroeconomics exam - Study guides, Class notes & Summaries

AP Macroeconomics Exam Review questions and answers 2024 latest update graded A+

AP Macroeconomics Exam Questions Correct Answers Current Update (A+ Pass) Economics - Answers - The social science that studies how individuals, institutions, and society make the optimal best choices under conditions of scarcity Microeconomics - Answers - Specific units in the economy (ex: how prices and output are determined for products and how customers react to price changes)d Macroeconomics - Answers - the study of economy-wide phenomena, including inflation, unemployment, and eco...

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 Definitions Exam Questions and Answers

Movement on Short-Run Phillips Curve CORRECT ANSWER Shift in AD (graph movement is in opposite direction) Shift of Short-Run Phillips Curve CORRECT ANSWER Shift in SRAS (shift is in opposite direction) Factors of Production CORRECT ANSWER 1. Land 2. Labor 3. Capital 4. Technology Shifters of Demand for Loanable Funds CORRECT ANSWER 1. Incentive to Invest 2. Contractionary Fiscal Policy (to the right) Shifters of Supply of Loanable Funds CORRECT ANSWER 1. Incentive to Save 2. Mon...

AP Macroeconomics Exam Questions And Answers cyclical unemployment unemployment that reflects changes in the business cycle; the difference between the official unemployment rate & the natural rate of unemployment. demand-pull inflation inflation that follows from an increase in aggregate demand, which will cause equilibrium real GDP (Y) to increase and the equilibrium price level (P) to increase. depreciation when the price of one currency falls relative to another currency, the first ...

AP Macroeconomics Exam Questions All Solved New Update (Verified A+ Pass) Circular flow - Answers - A model that shows how households and firms circulate resources, good, and incomes through the economy. This basic model is expanded to include the government and the foreign sector. Closed economy - Answers - A model that assumes there is no foreign sector (imports and exports) Aggregation - Answers - The process of summing the microeconomic activity of households and firms into a more m...

AP Macroeconomics Exam Practice Test Questions with Answers According to the short-run Phillips curve, lower inflation rates are associated with Higher unemployment rates Higher government spending Larger budget deficits Greater labor-force participation rates Smaller labor-force participation rates - Answer>> A) Higher unemployment rates The Phillips curve demonstrates the inversely proportional relationship between inflation and unemployment (more unemployment = lower inflat...

AP Macroeconomics Exam Review Questions And Answers Shifters of Demand for Loanable Funds 1. Incentive to Invest 2. Contractionary Fiscal Policy (to the right) Shifters of Supply of Loanable Funds 1. Incentive to Save 2. Monetary Policy 3. Expansionary Fiscal Policy (to the left) Shifters of Money Supply Monetary Policy Federal Reserve Bank

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...