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FREE AP COMPARATIVE GOV. AND STUDY GAMES ABOUT
KEY TERMS AP MACRO EXAM QUESTIONS
Qs and Ans Expert- Explanation
This Exam contains:
-Guarantee passing score -13 Questions and Answers -format set of multiple-choice -Expert- Explanation
Question 1: Determinants of Supply
Answer:
factors other than price that determines the quantities supplied of a good or service
Question 2: Macroeconomics
Answer:
the part of economics concerned with the economy as a whole;with such major aggregates as the household,business, and government sectors;and with measures of the total economy
Question 3: supply
Answer:
a schedule showing the amounts of a good or service that sellers (or a seller) will offer at various prices during some period
Question 4: Aggregate
Answer:
a sum,a mass or assemblage of particulars;a total or gross amount
Question 5: Demand
Answer:
a schedule showing the amounts of a good or service that buyers (or a buyer) wish to purchase at various prices during some time period
Question 6: Demand Curve
Answer:
a curve illustrating a demand
Question 7: Opportunity Cost
Answer:
the amount of other products that must be forgone or sacrificed to produce a unit of product
Question 8: Determinants of Demand
Answer:
factors other than price that determine the quantities demanded of a good or service
Question 9: Circular Flow Model
Answer:
the flow of resources from households to firms and of products from firms to households. These flows are accompanied by reverse flows of money from firms to households and from households to firms
Question 10: Equilibrium
Answer:
equal balance between any powers,influences,equality or effect.
Question 11: Market
Answer:
Any institution or mechanism that brings together buyers (demanders)and sellers (supppliers) of a particular good or service
Question 12: PPF
Answer:
production possibilities frontier or production possibilities curve
Question 13: Supply Curve
Answer:
A curve illustrating supply
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