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AP Macroeconomics Unit 1 Study Guide

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Subject: 
Economics
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Tags: 
economics
Terminology
macroeconomics
Consumer theory
Microeconomics
Economic theories
Supply and demand
Gross domestic product
Economic equilibrium
Production–possibility frontier
Economic growth
supply
Business

AP Macroeconomics UNIT 1 Study Guide (Chapters 1-3) Part 1: Multiple Choice (36 questions, 2 points each) 1. Provide a definition for scarcity as it relates to economics 2. Understand the concept of opportunity cost and be able to apply it to a real life scenario (I.e. going out rather than studying for this test) 3. Provide a definition for the production possibilities curve as it relates to the allocation of resources in a society. 4. Describe the shape for a production possibilities curve as it relates to constant or increasing opportunity costs. 5. Provide a definition for the market mechanism. 6. Describe Karl Marx?s approach to the 3 basic economic questions

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