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AP Macroeconomics Unit 1 test Questions And Answers
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AP Macroeconomics Unit 1 test Questions And Answers economics study of how society manages its scarce resources macroeconomics vs microeconomics macro: study of nation wide phenomena like inflation, growth and income etc. micro: concerned with specific households and firms Scarcity society ...

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  • October 13, 2024
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AP Macroeconomics Unit 1 test Questions
And Answers

economics study of how society manages its scarce resources




macroeconomics vs microeconomics macro: study of nation wide phenomena like

inflation, growth and income etc.

micro: concerned with specific households and firms




Scarcity society has limited resources and cant produce all goods and services that people

want




GDP and its formula monetary value of all finished goods made by each worker in a

specific time

formula: GDP= C+I+G+(Ex-Im) c=spending by consumers I=investment by businesses

G=government spending (EX-IM)=exports minus imports




trade-off when 2 things cant be happening at the same time so you have to pick one or the

other (efficiency vs equity)

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