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AP Macroeconomics Final Exam Verified Marking Scheme New Update (Verified A+ Pass) All economic systems must answer which of the following questions? I. What good should be produced II. Who should receive the goods produced III. Where will the goods be produced? IV. How will resources be used in the production process? - I,II, and IV only. Which of the following statements about scarcity is not true? - Scarcity allows people to satisfy all their wants. A basic question that all economies...

AP Macroeconomics Exam Reviewa Review questions with answers

AP Macroeconomics Exam questions and answers

Supply and Demand: AP Macroeconomics Exam Questions and Answers 100% Pass competitive market - a market in which there are many buyers and sellers of the same good or service, none of whom can influence the price at which the good or service is sold. supply and demand model - a model of how a competitive market works demand schedule - the actual amount of a good or service consumers are willing and able to buy at specific price. quantity demanded - the actual amount of a good or service c...

APEX AP Macroeconomics Unit 1 Study Guide Questions and Answers Economics - the study of human behavior constrained by scarcity Macroeconomics - The study of the economy as a whole Microeconomics - the study of the economic behavior and decision making of small units, such as individuals, families, and businesses Resources (factors of production, inputs) - land, labor, and capital (sometimes entrepreneurship) Land - all the natural resources that come from the earth Labor - all human eff...

Section 5 WS AP Macroeconomics Exam Questions and Answers 100% Pass A share in the ownership of a company held by a shareholder is considered a - stock Which of the following would accurately characterize the portion of a firm's profit paid to the owner of one share of its stock? - dividend A bond is - an IOU that pays interest When a household makes a loan to a firm with the firm providing interest to the household, this is known as: - a bond Which of the following is considered inve...

AP Macroeconomics-Module 2 Study Guide Questions and Answers 100% Pass business cycle - The short-run alternation between economic downturns, known as recessions, and economics upturns, known as expansions depression - A very deep and prolonged downturn recession - A period of economic downturn when output and employment are falling; also referred to as a contraction expansion - Period of economic upturn in which output and employment are rising; most economic numbers are following their...

AP Macroeconomics-Module 14 and 15 Exam Questions and Answers 100% Pass real wage - The wage rate divided by the price level real income - Income divided by the price level inflation rate - The annual percent change in a price index--typically the consumer price index. The inflation rate is positive when the aggregate price level is rising (inflation) and negative when the aggregate price level is falling (deflation). shoe-leather costs - (of inflation) The increased costs of transactions...