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AP Macroeconomics Final Review
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What is economics?
What is economics?
the study of scarcity and choice
What is the main problem in economics?
What is the main problem in economics?
scarcity
the value of what you give up when you make a particular choice
the value of what you give up when you make a particular choice
opportunity cost
any point located on the PPC is considered to be ____?
any point located on the PPC is considered to be ____?
efficient
technology is a source of?
technology is a source of?
economic growth
the stage between a trough and a peak in the business cycle?
the stage between a trough and a peak in the business cycle?
expansion
What is the law of demand?
What is the law of demand?
higher price, less demand; lower price, higher demand
what are the components of GDP?
what are the components of GDP?
consumer spending, investment spending, government purchases, net exports
What is real GDP?
What is real GDP?
total value of all goods and services produced in the economy, using base year prices
Who would be considered unemployed?
Who would be considered unemployed?
people who aren't employed but actively looking for a job.
what is the horizontal axis in the AD-AS curve?
what is the horizontal axis in the AD-AS curve?
Real GDP
what type of shift does an increase in purchasing power cause?
what type of shift does an increase in purchasing power cause?
AD shifts to the right
If the government reduces spending, what shift will happen?
If the government reduces spending, what shift will happen?
AD curve shifts to the left
What are sticky wages?
What are sticky wages?
nominal wages that are slow to change (SRAS)
Why is the LRAS curve a vertical line?
Why is the LRAS curve a vertical line?
nominal wages are fully flexible
what is a progressive income tax?
what is a progressive income tax?
tax rates increase, when income increases
What is the formula to calculate total budget deficit?
What is the formula to calculate total budget deficit?
structural deficit + cyclical deficit
when does a budget deficit occur?
when does a budget deficit occur?
government expenditures are greater than tax revenues for a single year
when in a recessionary gap, what do economists propose?
when in a recessionary gap, what do economists propose?
expansionary fiscal policy
a 1:1 ratio, occurs in what type of crowding out?
a 1:1 ratio, occurs in what type of crowding out?
Complete crowding out
The intersection of the SRAS curve and the AD curve is known as __?
The intersection of the SRAS curve and the AD curve is known as __?
Short-run macroeconomic equilibrium
What effect does a negative demand shock have on the AD-AS model?
What effect does a negative demand shock have on the AD-AS model?
AD curve shifts to the left
MPC+MPS will always equal ___?
MPC+MPS will always equal ___?
1
what is the formula to calculate the inflation rate?
what is the formula to calculate the inflation rate?
PL in yr 2- PL in yr 1 / PL yr 1 x 100
Minimum wage is an example of a __?
Minimum wage is an example of a __?
price floor
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What Would You Like To Risk?
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Go To The Final Question
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