Random
Graphs/Charts
Comparing Things
Real World Examples
100
The condition that there is limited time, labor, goods, money, etc.
What is scarcity?
100
Where are the efficient points of production on the graph?
B, D, and C
100
What is the difference between microeconomics and macroeconomics?
Microeconomics is on an individual, group, or company level; Macroeconomics is the study of national economies
100
Give an example of a command economy.
Soviet Union, China, North Korea
200
Give an example of a tradeoff that might occur if you didn’t show up for the AP Microeconomics exam
Multiple correct answers, such as trading extra sleep for potential college credit
200
In an economy based off of books and wagons during the Middle Ages, why would the PPC shift inward?
Bubonic plague, war, loss of resources
200
What is the difference between capital and command economies?
Command activities are organized and controlled by a centralized government which owns most businesses. Capital economies are ones where the economy is not organized by any central authority, economy controlled by supply and demand.
200
Juan Pablo decides to stay up to watch a movie instead of studying for his test tomorrow. His opportunity cost is…
Getting a good grade on the test
300
EmmausLand is a country that produces ping pong balls and pretzels. If the people of EmmausLand decide to produce more and more ping pong balls, they sacrifice more and more pretzels. This occurs because the law of ___________________
Increasing opportunity cost
300
What’s the difference between productive and allocative efficiency on the PPC?
Productive efficiency is any point on the PPC frontier and allocative efficiency is the ideal point on the curve.
300
What is the difference between normative and positive statements?
Positive economic statements are objective and fact-based, normative economic statements are subjective and value-based.
300
"Government should provide basic healthcare to all citizens" is an example of...
A positive economic statement.
400
The United States is an example of what type of economy?
Capital economy
400
In real life, why would the slope not be constant, instead it would be in a downward sloping curve?
Because of the law of diminishing marginal returns.
400
What is the difference between absolute and comparative advantage?
Absolute advantage: when a group (country, state, firm, etc.) can produce more of a good than another group; Comparative advantage: when a group can produce a certain good with less opportunity cost than another group.
400
Who has the absolute advantage in good 1? Who has the absolute advantage in good 2?
Country B has the absolute advantage for both goods