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AP Macroeconomics Unit 1 test 100% solved
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AP Macroeconomics Unit 1 test
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AP Macroeconomics Unit 1 testeconomics ii- iiAnswers ii-study iiof iihow iisociety iimanages iiits iiscarce iiresources
macroeconomics iivs iimicroeconomics ii- iiAnswers ii-macro: iistudy iiof iination iiwide
iiphenomena iilike iiinflation, iigrowth iiand iiincome iietc.
micro: iiconcerned iiwith iispecific iihouseholds iiand iifirms
Scarcity ii- iiAnswers ii-society iihas iilimited iiresources iiand iicant iiproduce iiall iigoods iiand
iiservices iithat iipeople iiwant
GDP iiand iiits iiformula ii- iiAnswers ii-monetary iivalue iiof iiall iifinished iigoods iimade iiby
iieach iiworker iiin iia iispecific iitime
formula: iiGDP= iiC+I+G+(Ex-Im) iic=spending iiby iiconsumers iiI=investment iiby
iibusinesses iiG=government iispending ii(EX-IM)=exports iiminus iiimports
trade-off ii- iiAnswers ii-when ii2 iithings iicant iibe iihappening iiat iithe iisame iitime iiso iiyou
iihave iito iipick iione iior iithe iiother ii(efficiency iivs iiequity)
opportunity iicost ii- iiAnswers ii-what iiyou iigive iiup iito iihave iia iidifferent iiitem ii(spent iitime
iistudying iiinstead iiof iiwatching iiTV)
TINSTAAFL ii- iiAnswers ii-(There's iino iisuch iithing iias iifree iilunch) iiwe iihave iito iigive iiup
iione iithing iithat iiwe iilike iito iiget iianother iithing iiwe iilike
Efficiency ii- iiAnswers ii-the iiproperty iiof iisociety iigetting iithe iimost iiit iican iiout iiof iiscarce
iiresources
Equity ii- iiAnswers ii-the iiproperty iiof iidistributing iieconomic iiprosperity iifairly iiamong iithe
iimembers iiof iisociety
marginal iianalysis ii- iiAnswers ii-examining iithe iimarginal iichanges iiand iiused iito iimake
iigood iidecisions
incentives ii- iiAnswers ii-something iithat iimotivates iia iiperson iito iiwork
3 iibasic iieconomic iiquestions ii- iiAnswers ii-1. iiwhat iigoods iiare iibeing iiproduced
2. iifor iiwhom iiare iithey iibeing iiproduced ii
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