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AP MACROECONOMICS FINAL EXAM QUESTIONS AND ANSWERS 100% PASS
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  • AP Macroeconomics
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  • AP Macroeconomics

AP MACROECONOMICS FINAL EXAM QUESTIONS AND ANSWERS 100% PASS economics - ..., the study of how society manages its scarce resources scarcity - ...not enough to go around resources - ...simple things that satisfy human wants, used to make other things ceteris paribus - ..., all other things he...

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  • January 8, 2025
  • 15
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ap macroeconomics final exam questions and answers

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  • AP Macroeconomics
  • AP Macroeconomics

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EmilyCharlene

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AP MACROECONOMICS FINAL
EXAM QUESTIONS AND ANSWERS
100% PASS

economics - ✔✔..., the study of how society manages its scarce resources


scarcity - ✔✔...not enough to go around


resources - ✔✔...simple things that satisfy human wants, used to make other things


ceteris paribus - ✔✔..., all other things held constant


trade-offs - ✔✔..., all the alternatives that we give up whenever we choose one course of action over

another


macroeconomics - ✔✔...the study of aggregate economic variables. And the national and global economy


microeconomics - ✔✔...study of decisions individual businesses make


marginal - ✔✔...additional


command economy - ✔✔...central authority makes decisions on production and consumption. (Soviet

Union)


positive economics - ✔✔..., An approach to economics that seeks to understand behavior and the

operation of systems without making judgments. It describes what exists and how it works.




Emily Charlene © 2025, All Rights Reserved.

, 2|Page


normative economics - ✔✔..., the part of economics involving value judgments about what the economy

should be like; focused on which economic goals and policies should be implemented; policy economics


land - ✔✔...production resources from nature. (water trees) pay rent.


labor - ✔✔...human resources. (physical effort, knowledge and skills). Pay wages, salary.


capital - ✔✔...produced tools of the trade. (buildings, machines, tools). pay interest.


entrepreneurship - ✔✔...the intelligence, imagination and ability to take risks needed to start up and

maintain a business (Bill Gates). profit.


market economy - ✔✔producers and consumers decide what is made, how much, and for whom.


full employment - ✔✔...all resources are being used efficiently


full production - ✔✔..., our nations resources are being allocated in the most efficient manner possible


consumer vs. capital goods - ✔✔...consumer goods are:shoes food, clothes. capital goods are man-made

tools of production: a fishing boat, a machine.


production possibilities curve - ✔✔... illustrates trade-offs and the optimum efficiency


opportunity cost - ✔✔...what must be given up to get what you want


economic growth - ✔✔...expansion of the production possibilities frontier.


economic system - ✔✔...how the questions "what to produce?", "how to produce it?" and "For whom is it

produced?"


traditional economy - ✔✔..economic decisions made based on what has always been done. traditions.


circular flow model - ✔✔...represents transactions in an economy


demand (curve) - ✔✔graphed demand schedule



Emily Charlene © 2025, All Rights Reserved.

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