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AP Macroeconomics Exam Questions and Answers
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AP Macroeconomics Exam Questions and Answers
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AP Macroeconomics Exam Questionsand Answers
Economics ii- iiAnswers ii-The iisocial iiscience iithat iistudies iihow iiindividuals, iiinstitutions,
iiand iisociety iimake iithe iioptimal iibest iichoices iiunder iiconditions iiof iiscarcity
Microeconomics ii- iiAnswers ii-Specific iiunits iiin iithe iieconomy ii(ex: iihow iiprices iiand
iioutput iiare iidetermined iifor iiproducts iiand iihow iicustomers iireact iito iiprice iichanges)d
Macroeconomics ii- iiAnswers ii-the iistudy iiof iieconomy-wide iiphenomena, iiincluding
iiinflation, iiunemployment, iiand iieconomic iigrowth
Positive iiEconomics ii- iiAnswers ii-Investigates iifacts iior iicause-and-effect iirelationships;
iithe iiright iianswer
Normative iiEconomics ii- iiAnswers ii-Objective iiviews iiof iiwhat iiought iito iibe iior iiwhat
iipolicies iishould iibe iiused iito iiaddress iian iieconomic iiissue
Production iiPossibilities iiCurve ii(PPC) ii- iiAnswers ii-A iigraph iithat iishows iithe iivarious
iicombinations iiof iioutput iithat iithe iieconomy iican iiproduce iiof iitwo iiproducts, iigiven iithe
iiavailable iifactors iiof iiproduction iiand iithe iiavailable iiproduction iitechnology.
Budget iiLine ii- iiAnswers ii-A iiline iithat iishows iithe iidifferent iicombinations iiof iitwo
iiproducts iia iiconsumer iican iipurchase iiwith iia iispecific iimoney iiincome, iigiven iithe
iiproducts' iiprices.
Land ii- iiAnswers ii-Natural iiresources
Labor ii- iiAnswers ii-The iicontributed iitime iiand iiabilities iiof iipeople iiwho iiare iiproducing
iigoods iiand iiservices
Capital ii- iiAnswers ii-The iimachines, iitools, iiand iiequipment iiused iito iimake iiother iigoods
iiand iiservices
Laizzez-Faire iiEconomics ii- iiAnswers ii-An iieconomic iisystem iiwhere iigovernment
iishould iinot iiinterfere iiin iithe iimarketplace
Command iiSystem ii- iiAnswers ii-A iimethod iiof iiorganizing iian iieconomy iiin iiwhich
iiproperty iiresources iiare iipublicly iiowned iiand iigovernment iiuses iicentral iieconomic
, iiplanning iito iidirect iiand iicoordinate iieconomic iiactivities; iicommand iieconomy;
iicommunism
Market iiSystem ii- iiAnswers ii-All iithe iiproduct iiand iiresource iimarkets iiof iia iimarket
iieconomy iiand iithe iirelationships iiamong iithem; iia iimethod iithat iiallows iithe iiprices
iidetermined iiin iithose iimarkets iito iiallocate iithe iieconomy's iiscarce iiresources iiand iito
iicommunicate iiand iicoordinate iithe iidecisions iimade iiby iiconsumers, iifirms, iiand
iiresource iisuppliers
Circular iiFlow iiDiagram ii- iiAnswers ii-
Economic iiSystem ii- iiAnswers ii-A iiset iiof iiinstitutions iiand iia iicoordinating iimechanism
iito iirespond iito iithe iieconomizing iiproblem iifor iian iieconomy
Competition ii- iiAnswers ii-The iistruggle iiamong iiproducers iifor iithe iidollars iiof
iiconsumers
Market ii- iiAnswers ii-Any iiarrangement iithat iiallows iibuyers iiand iisellers iito iiexchange
iithings
Division iiof iiLabor/Specialization ii- iiAnswers ii-When iiworkers iidevote iithemselves iito
iidoing iiwhat iithey're iibest iiat, iiincreasing iithe iiefficiency iiof iithe iifirm iiand iiof iithe
iieconomy
Money ii- iiAnswers ii-Anything iithat iiserves iias iia iimedium iiof iiexchange, iia iiunit iiof
iiaccount, iiand iia iistore iiof iivalue
"Invisible iiHand" ii- iiAnswers ii-The iiterm iieconomists iiuse iito iidescribe iithe iiself-
regulating iinature iiof iithe iimarketplace
Households ii- iiAnswers ii-One iior iimore iipersons iioccupying iia iihousing iiunit
Businesses ii- iiAnswers ii-Economic iientities ii(firms) iithat iipurchase iiresources iiand
iiprovide iigoods iiand iiservices iito iithe iieconomy.
Sole iiProprietorship ii- iiAnswers ii-Business iiowned iiand iioperated iiby iia iisingle iiperson
Corporation ii- iiAnswers ii-A iibusiness iiowned iiby iistockholders iiwho iishare iiin iiits iiprofits
iibut iiare iinot iipersonally iiresponsible iifor iiits iidebts
Product iiMarket ii- iiAnswers ii-The iimarket iiin iiwhich iihouseholds iipurchase iithe iigoods
iiand iiservices iithat iifirms iiproduce
Resource iiMarket ii- iiAnswers ii-A iimarket iiin iiwhich iihouseholds iisell iiand iifirms iibuy
iiresources iior iithe iiservices iiof iiresources
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