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AP Macroeconomics Exam Questions and Answers 100% Pass
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AP Macroeconomics Exam Questions and Answers 100% Pass definition of economics - the science of scarcity positive statements - Based on facts. Avoids value judgements (what is). normative - subjective and involves judgement determinants of demand - -tastes and preferences -related goods (subs...

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  • January 8, 2025
  • 7
  • 2024/2025
  • Exam (elaborations)
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  • ap macroeconomics exam questions and answers 100

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  • AP Macroeconomics
  • AP Macroeconomics

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AP Macroeconomics Exam Questions
and Answers 100% Pass

definition of economics - ✔✔the science of scarcity


positive statements - ✔✔Based on facts. Avoids value judgements (what is).


normative - ✔✔subjective and involves judgement


determinants of demand - ✔✔-tastes and preferences


-related goods (substitutes and complements)


-Income (inferior vs normal goods)


-Buyers (number of consumers)


-expectations ( future price expectations)


normal goods - ✔✔goods that consumers demand more of when their incomes rise


inferior goods - ✔✔Goods for which demand tends to fall when income rises.


utility - ✔✔satisfaction, usefulness, or value one obtains from consuming goods and services


marginal cost - ✔✔the increase in total cost that arises from an extra unit of production


production possibilities curve - ✔✔a graph that shows alternative ways to use an economy's productive

resources


law of supply - ✔✔producers offer more of a good as its price increases and less as its price falls




Emily Charlene © 2025, All Rights Reserved.

, 2|Page


relationship between price and quantity demanded - ✔✔inverse (as price increases, demand decreases


relationship between price and quantity supplied - ✔✔direct (as price increases, quantity supplied

increases)


GDP - ✔✔-the total market value of all final goods and services produced annually in an economy


- C+I+G+Xn


unemployment - ✔✔the number of people who are actively looking for work but aren't currently

employed


who benefits from inflation? - ✔✔borrowers and people with a fixed-rate debts


Steps of business cycle - ✔✔expansion, peak, contraction, trough


full employment - ✔✔when all resources are fully utilized, and the employment rate is at its natural rate


recession - ✔✔period of reduced economic activity


expansion - ✔✔A period of economic growth as measured by a rise in real GDP


frictional unemployment - ✔✔-A type of unemployment caused by workers voluntarily changing jobs

and by temporary layoffs; unemployed workers between jobs.


-also includes seasonal unemployment


structural unemployment - ✔✔-unemployment that occurs when workers' skills do not match the jobs

that are available


-also includes technological unemployment


cyclical unemployment - ✔✔-unemployment caused by a business cycle recession


-not included in natural rate of unemployment




Emily Charlene © 2025, All Rights Reserved.

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