Single shifts shift supply or demand + price and quantity

Single shifts involve multiple overlapping work periods.

Single shifts are only applicable to part-time jobs.

Single shifts require employees to work continuously without breaks.

In what direction are supply and demand shifts always moving along?

Perpendicular to the price axis

What are "sellers" in terms of supply?

Sellers are the number of sellers in the market

Sellers are consumers of goods in the supply market.

Sellers are only manufacturers of products.

Sellers are individuals who purchase goods from suppliers.

What is "technology" in terms of supply?

Technology is the means of production that improves efficiency and productivity in supply.

Technology is solely about software development.

Technology refers to the financial resources for supply.

Technology is the physical space where goods are stored.

What are "natural events" in terms of supply?

Natural events are occurrences like natural disasters that disrupt supply chains.

Natural events are only related to weather patterns.

Natural events refer to economic fluctuations.

Natural events are man-made occurrences affecting supply.

What are "expectations" in terms of supply?

Expectations in supply are expectations about future prices

Expectations in supply are the costs associated with production.

Expectations in supply refer to the physical quantity of goods available.

Expectations in supply are the actual sales figures from previous years.

What are "resources costs" in terms of supply?

Resource costs are the prices of factors of production

Resource costs are the profits made after selling goods.

Resource costs refer to the total revenue generated from sales.

Resource costs are the taxes imposed on businesses.

What are the 5 shifters of supply?

Resources Costs, Expectations, Natural Events, Technology, and Sellers

Consumer preferences, Expectations, Natural Events, Buyers and Sellers

Seasonal changes, Expectations, Natural Events, Technology, and Buyers

Market demand, Resources Costs, Expectations, Natural Events, and Technology

What does a leftward and rightward shift, respectively, in supply indicate?

Leftward shift indicates a decrease in supply; rightward shift indicates an increase in supply.

Leftward shift indicates an increase in supply; rightward shift indicates a decrease in supply.

Leftward shift indicates no change in supply; rightward shift indicates a decrease in supply.

Leftward shift indicates a stable supply; rightward shift indicates a volatile supply.

What are inputs in terms of supply?

Inputs are resources that are used in the production of a good

Inputs are the marketing strategies used to promote products.

Inputs are the final products sold to consumers.

Inputs refer to the profits made from sales.

What is the law of supply?

The law of supply indicates that as price increases, quantity supplied increases and vice versa

The law of supply indicates that higher prices lead to lower production levels.

The law of supply suggests that supply is constant regardless of price changes.

The law of supply states that price and quantity supplied are inversely related.

Supply is the function that shows the relationship between the price of a good and the quantity supplied

Supply is the demand for a product or service.

Supply refers to the quality of a product or service.

Supply is the price at which a product or service is sold.

What is Quantity Supplied (Qs)?

Quantity Supplied (Qs) is the max amount of a good that sellers in the market are willing and able to produce at a specific rate(price)

Quantity Demanded (Qd) is the price at which a good is sold.

Quantity Supplied (Qs) is the amount of a good that producers are willing to sell.

Quantity Supplied (Qs) is the min amount of a good that sellers in the market are willing and able to produce at a specific rate(price)

If the price of a complementary good decreases...

The demand for the original good increases.

The demand for the complementary good decreases.

The price of the related good increases.

The supply of the related good decreases.

If the price of a substitute good decreases...

The demand for the original good decreases.

The price of the original good increases.

The supply of the original good decreases.

The demand for the original good increases.

What are "expectations" in terms of demand?

Expectations are what is expected to happen to income and prices in the future

Expectations are irrelevant to market trends.

Expectations have no impact on consumer choices.

Expectations only affect supply, not demand.

What is "tastes" in terms of demand?

Tastes are the preferences of consumers

Tastes refer to the price of goods.

Tastes are the quantity of products available.

Tastes are the income levels of consumers.

What is "income" in terms of demand?

Income is the income of consumers

Income is the total amount of money a company makes.

Income is unrelated to consumer behavior.

Income refers to the cost of goods and services.

What are "related goods" in terms of demand?

Related goods are products that influence each other, ex: substitutes or complements.

Goods that have no impact on each other's demand

Products that are always sold together

Items that are only bought during sales events

What are "buyers" in terms of demand?

Buyers are the number of consumers in the market

Buyers are only large corporations that purchase in bulk.

Buyers are people who sell goods and services.

Buyers are individuals who do not influence market demand.

What are the 5 shifters of demand?

Buyers, Related Goods, Income, Tastes, and Expectations

Seasonal Trends, Buyers, Sellers, Tastes, Drinks

How do you increase or decrease demand?

Increase demand = a shift to the right, decrease demand = a shift to the left

Increase demand by reducing product quality and cutting costs

Decrease demand by lowering prices and increasing availability

Increase demand by increasing prices and limiting marketing

What are complementary goods?

Complementary goods are (two) goods that people commonly purchase together

Goods that are unrelated and do not affect each other's demand.

Products that are only used in isolation without any relation.

Substitutes that replace each other in consumption.

What are inferior goods?

Inferior goods are goods as income increases, demand decreases

Goods that are always in high demand regardless of income.

Products that are considered luxury items.

Items whose demand decreases when consumer incomes rise.

What are normal goods?

Normal goods are products that as income increases, demand increases

Normal goods are luxury items that only wealthy consumers can afford.

Normal goods are products whose demand decreases with an increase in consumer income.

Normal goods are products that have a fixed demand regardless of income changes.

What are substitute goods?

Substitute goods are products that can be interchangeable and have the same purpose

Substitute goods are products that are always more expensive.

Substitute goods are items that cannot be used together.

Substitute goods are products that are only available in limited quantities.

Demand is the function that shows the relationship between the price of a good and quantity demanded

Demand is the total quantity of goods available in the market.

Demand refers to the amount of money consumers have to spend.

Demand is the government regulation of prices for goods and services.

What is Quantity Demanded (Qd)?

Quantity Demanded (Qd) is the total amount of a good that people in the market are willing and able to purchase at a specific rate(price)

Quantity Demanded (Qd) is the price at which a good is sold.

Quantity Demanded (Qd) is the amount of a good that producers are willing to sell.

Quantity Demanded (Qd) refers to the total supply of a good available in the market.

What are the 3 main ways to increase production?

Invest in land, labor, and/or capital

Reduce workforce hours, increase prices, and increased resource costs

Limit production capacity. reduce workforce hours, and invest in labor

Increase raw material costs, invest in land, and increase workers

Specialization and trade allows countries to ____ beyond their PPC and does not affect total production

produce less than they could without trade

reduce the variety of goods available

A fair terms of trade is....

the exchange rate that is between the two countries' opportunity cost to produce the extra good themselves

the exchange rate that favors one party significantly

the exchange rate that is above the two countries' opportunity cost to produce the extra good themselves

the price of goods in a local market

What are (fair) terms of trade?

Fair terms of trade will allow both countries to import the good they do not produce for a lower opportunity cost that it is to produce the good themselves

Terms of trade are the prices set by international organizations.

Fair terms of trade will allow both countries to import the good they do not produce for a higher opportunity cost that it is to produce the good themselves

Terms of trade refer to the tariffs imposed on imports and exports.

What is specialization?

Specialization is when a country decides to only make one good and they would do this when the have the comparative advantage in producing that good

Specialization is the process of avoiding any specific focus.

Specialization is when a country decides to only make one good and they would do this when the have the absolute advantage in producing that good

Specialization is the act of generalizing across multiple fields.

If a country has the comparative advantage in one good....

It cannot have the comparative advantage in the other good

It should produce all goods equally without trade.

It must have the comparative advantage in the other good

It should avoid trading altogether and be self-sufficient.

What is comparative advantage?

Comparative advantage is when one country has a lower opportunity cost to produce a good than another country

Comparative advantage refers to the total output produced by an economy.

Comparative advantage is the ability to produce the same goods as another country.

Comparative advantage means having more resources than competitors.

What is absolute advantage?

Absolute advantage is when one country can produce more of a good than another country.

Absolute advantage means having a monopoly over a specific good or service.

Absolute advantage refers to the ability to trade goods at a lower price than competitors.

Absolute advantage is the ability to produce a good or service with fewer resources than another entity.

What is the relationship between OCa and OCb?

OCa and OCb are identical operational contexts.

OCa and OCb are unrelated and do not interact.

What is "land" in terms of factors of production?

Land is a factor of production that includes all natural resources.

Land refers to the financial capital of a business.

Land is the labor force involved in production.

Land is the technology used in manufacturing.

What does it mean to invest in land?

To invest in land means to by more land or expand factories

To invest in land means to use it solely for personal enjoyment.

To invest in land means to sell it immediately for a loss.

To invest in land means to rent property to tenants.

On a PPC, how do you calculate opportunity cost?

Opportunity cost is the difference in quantity produced between two different points of the no-desired (decreasing) good

Opportunity cost is the total cost of production for all goods.

Opportunity cost is calculated by adding the prices of both goods.

Opportunity cost is calculated by determining the amount of one good sacrificed to produce more of another good, based on the slope of the PPC.

What is "labor" in terms of factors of production?

Labor is the workers of number of hours people work

Labor is the financial capital invested in production.

Labor refers to the machinery used in production.

Labor is the raw materials required for goods.

What is "capital" in terms of factors of production?

Capital is the equipment used in production

Capital is the financial resources available for investment.

Capital is the raw materials used in manufacturing.

Capital refers to the labor force involved in production.

What is opportunity cost?

Opportunity cost is the next best choice that you must give up to make one additional unit of a good

Opportunity cost is the benefit received from the best alternative option.

Opportunity cost is the total cost of all alternatives combined.

Opportunity cost refers to the monetary cost of a decision only.

AP Macro - Unit 1

Authored by ELYANA NAJARIAN-GARB

Social Studies

9th - 12th Grade

Used 7+ times

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58 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the 3 main types of factors of production?

money, technology, entrepreneurship

water, minerals, machinery

skills, resources, management

land, labor, capital

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a PPC?

Production Possibilities Curve (PPC)

Pay Per Curve (PPC)

Production Per Collection (PPC)

Pay Possibilities Collection (PPC)

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the law of demand?

The law of demand suggests that higher prices lead to higher quantity demanded.

The law of demand states that price and quantity demanded are directly related.

The law of demand as price increases, quantity demanded decreases (and vice versa).

The law of demand indicates that quantity demanded remains constant regardless of price changes.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When is there disequilibrium in an economy?

When prices are fixed by regulation.

When government intervention is minimal.

When price does not equal equilibrium price

When the economy is growing rapidly.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A surplus in the market is when....

A surplus in the market is when the quantity supplied exceeds the quantity demanded and price is more than the equilibrium price

A surplus in the market is when there is no change in price and the price is less than the equilibrium price

A surplus in the market is when the quantity supplied equals the quantity demanded.

A surplus in the market is when the quantity demanded exceeds the quantity supplied.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A shortage in the market occurs when...

the market is in equilibrium

the quantity supplied exceeds the quantity demanded

the quantity demanded exceeds the quantity supplied and price is less than the equilibrium price

the quantity demanded equals the quantity supplied and the price is above the equilibrium price

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Simultaneous shifts...

Simultaneous shifts refer to changes in static variables.

Simultaneous shifts are unrelated to variable changes.

Simultaneous shifts only happen in one variable at a time.

Simultaneous shifts shifts supply and demand + price or quantity

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AP Macro - Unit 1

What are the 3 main types of factors of production?

What is a PPC?

What is the law of demand?

When is there disequilibrium in an economy?

A surplus in the market is when....

A shortage in the market occurs when...

Simultaneous shifts...

In single shifts...

In what direction are supply and demand shifts always moving along?

What are "sellers" in terms of supply?

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