AP Unit 2 Test

Front

When a country has ________________ they will specialize in producing that good.

Back

comparative advantage

Front

When a country has ____________ they will specialize in producing that good and they will __________ it to another country.

Back

comparative advantage, export

Front

Assuming ceteris paribus, If Country A can produce 100 bicycles per day and Country Z can produce 90 bicycles per day, which of the following is true?

Back

Country A has absolute advantage in producing bicycles

Front

Country A can produce a bicycle every 15 minutes. Country Z can produce a bicycle every 20 minutes. Which of the following is true?

Back

Country A has absolute advantage in producing bicycles

Front

If supply and demand curves for 1 dozen cupcakes intersects at a price of $12 and a quantity of 100 dozen, and the current price is $15 per dozen there is a ___________ and the market for cupcakes is in __________.

Back

Surplus, disequilibrium

Front

A Price Ceiling creates a ______________, but not all __________ are ______________.

Back

Shortage, shortages, price ceilings

Front

On a supply and demand curve three things can change first, they are: Equilibrium, Disequilibrium, Price, Supply, Demand, Price, Quantity Demanded, Quantity, Supplied, Disequilibrium, Future Expectations, Number of Sellers, Tastes and Preferences

Back

Supply, Demand, Price

Front

If price changes first, what will change next on a supply and demand graph? Options: Supply or Demand, Quantity Supplied or Quantity Demanded, Equilibrium, Disequilibrium, Not enough information to answer

Back

Quantity Supplied or Quantity Demanded

Front

If the price of Coke increases and people start drinking Pepsi instead what determinant has changed?

Back

Substitute Goods

Front

When oil prices increase and stay high for long periods of time, which determinant will likely change the car market?

Back

Complimentary Goods