AP Macroeconomics Unit 1 Study Guide
Subject:
Economics [1]
Tags:
economics [2]
Terminology [3]
macroeconomics [4]
Consumer theory [5]
Microeconomics [6]
Economic equilibrium [10]
Economic growth [12]
supply [13]
Business [14]
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