Exam (elaborations)
AP Macroeconomics Unit 1 Exam with correct Answers (Graded A)
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AP Macroeconomics Unit 1 Exam with correct Answers
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AP Macroeconomics Unit 1 Exam withcorrect Answers
Capital ii- iiAnswers ii-Produced iigoods iithat iican iibe iiused iias iiinputs iifor iifurther
iiproduction, iisuch iias iifactories, iimachinery, iitools, iicomputers iiand iibuildings
Ceteris iiParibus ii- iiAnswers ii-A iiLatin iiterm iimeaning ii"all iiother iithings iiconstant", iior
ii"nothing iielse iichanges". iiThe iiassumption iiin iieconomics iithat iinothing iielse iichanges
iiin iia iigiven iisituation iiexcept iifor iithe iistated iichange.
Complements ii- iiAnswers ii-Two iigoods iithat iiare iiused iijointly iiin iiconsumption.
Consumers' iiSurplus ii- iiAnswers ii-The iidifference iibetween iithe iimaximum iiprice iia
iibuyer iiis iiwilling iiand iiable iito iipay iifor iia iigood iior iiservice iiand iithe iiprice iiactually iipaid.
Marginal iiAnalysis ii(Decisions iiat iithe iiMargin) ii- iiAnswers ii-Decision iimaking
iicharacterized iiby iiweighing iithe iiadditional iibenefits iiof iia iichange iiagainst iithe
iiadditional iicosts iiof iia iichange iiwith iirespect iito iicurrent iiconditions.
Demand ii- iiAnswers ii-The iiwillingness iiand iiability iiof iibuyers iito iipurchase iidifferent
iiquantities iiof iia iigood iiat iidifferent iiprices iiduring iia iispecific iitime iiperiod.
Demand iiSchedule ii- iiAnswers ii-The iinumerical iitabulation iiof iithe iiquantity iidemanded
iiof iia iigood iiat iidifferent iiprices.
Disequilibrium ii- iiAnswers ii-A iistate iiof iieither iisurplus iiof iishortage iiin iia iimarket.
Economic iiSystem ii- iiAnswers ii-The iiway iiin iiwhich iisociety iidecides iito iianswer iikey
iieconomic iiquestions- iiin iiparticular iithose iiquestions iithat iirelate iito iiproduction iiand
iitrade.
Economics ii- iiAnswers ii-The iiscience iiof iiscarcity; iithe iiscience iiof iihow iiindividuals iiand
iisocieties iimake iichoices iibecause iiof iiscarcity.
Entrerpreneurship ii- iiAnswers ii-The iiparticular iitalent iithat iisome iipeople iihave iifor
iiorganizing iithe iiresources iiof iiland, iilabor iiand iicapitol iito iiproduce iigoods, iiseek iinew
iibusiness iiopportunities, iiand iidevelop iinew iiways iiof iidoing iithings.
, Equilibrium ii- iiAnswers ii-The iiprice-quantity iicombination iifrom iiwhich iithere iiis iino
iitendency iifor iibuyers iior iisellers iito iimove iiaway.
Equilibrium iiPrice ii(Market iiClearing iiPrice) ii- iiAnswers ii-The iiprice iiat iiwhich iiquantity
iidemanded iiof iithe iigood iiequals iiquantity iishipped.
Equilibrium iiQuantity ii- iiAnswers ii-The iiquantity iiat iiwhich iithe iiamount iiof iithe iigood iithat
iibuyers iiare iiwilling iiand iiable iito iibuy iiequals iithe iiamount iithat iisellers iiare iiwilling iiand
iiable iito iisell, iiand iiboth iiequal iithe iiamount iiactually iibought iiand iisold.
Labor ii- iiAnswers ii-The iiphysical iiand iimental iitalents iipeople iicontribute iito iithe
iiproduction iiprocess.
Land ii- iiAnswers ii-All iinatural iiresources, iisuch iias iiminerals, iiforests, iiwater, iiand
iiunimproved iiland.
Law iiof iiDemand ii- iiAnswers ii-As iithe iiprice iiof iia iigood iirises, iithe iiquantity iidemanded
iiof iithe iigood iifalls, iiand iias iithe iiprice iiof iia iigood iifalls, iithe iiquantity iidemanded iiof iithe
iigood iirises, iiCeteris iiParibus.
Law iiof iiDiminishing iiMarginal iiUtility ii- iiAnswers ii-For iia iigiven iitime iiperiod, iithe
iimarginal iiutility iior iisatisfation iigained iiby iiconsuming iiequal iisuccessive iiunits iiof iia
iigood iiwill iidecline iias iithe iiamount iiconsumed iiincreases, iiCeteris iiParibus.
Law iiof iiIncreasing iiOpportunity iiCosts ii- iiAnswers ii-As iimore iiof iia iigood iiis iiproduced,
iithe iiopportunity iicosts iiof iiproducing iithat iigood iiincreases, iiCeteris iiParibus.
Law iiof iiSupply ii- iiAnswers ii-As iithe iiprice iiof iia iigood iirises, iithe iiquantity iisupplied iiof
iithe iigood iirises, iiand iias iithe iiprice iiof iia iigood iifalls, iithe iiquantity iisupplied iiof iithe
iigood iifalls, iiCeteris iiParibus.
Macroeconomics ii- iiAnswers ii-The iibranch iiof iieconomics iithat iideals iiwith iihuman
iibehavior iiand iichoices iias iithey iirelate iito iihighly iiaggregate iimarkets iior iithe iientire
iieconomy.
Microeconomics ii- iiAnswers ii-The iibranch iiof iieconomics iithat iideals iiwith iihuman
iibehavior iiand iichoices iias iithey iirelate iito iirelatively iismall iiunits ii- iian iiindividual, iia iifirm,
iian iiindustry, iia iisingle iimarket.
Normative iiEconomics ii- iiAnswers ii-The iistudy iiof ii"what iishould iibe" iiin iieconomic
iimatters.
Opportunity iiCosts ii- iiAnswers ii-The iimost iihighly iivalued iiopportunity iior iialternative
iiforfeited iiwhen iia iichoice iiis iimade.
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