AP Macroeconomics Tests UPDATED
ACTUAL Questions and CORRECT
Answers
A theory is not: - CORRECT ANSWER - something that models every aspect of reality at
once
Which of the following is not true about markets - CORRECT ANSWER - The product
market is also called the resource market
The force that Adam Smith felt drove any economic system was: - CORRECT ANSWER -
The invisible hand
The scientific method is: - CORRECT ANSWER - a four-step process; requires certain
assumptions and simplifications; is used in economics
People pursuing their own self-interest are: - CORRECT ANSWER - perhaps selfish, but
perhaps not, depending on their values and point of view
Taxes are an example of ______ elements in our economic system - CORRECT
ANSWER - command
When we talk about the slope of a line we mean: - CORRECT ANSWER - the rise over
the run
In the Wealth of Nations, Adam Smith advocated all of the following except - CORRECT
ANSWER - abolishing laissez-faire policies
Traditional economies - CORRECT ANSWER - Base their economic decisions on the
customs or religious practices of ancestors
, Which of the following is not one of the four goals typically pursued by policy makers in
economic systems - CORRECT ANSWER - zero poverty
Four goals typically pursued by policy makers in economic systems - CORRECT
ANSWER - full employment; efficient use of resources; stable prices; economic growth
A country with a pure capitalist economy is - CORRECT ANSWER - none
Which of the following would be the focus of a macroeconomics study - CORRECT
ANSWER - economy as a whole
Capitalist economies depend on which of the following to allocate resources and finished goods
and services - CORRECT ANSWER - price system
Resources are typically divided into three types. These are: - CORRECT ANSWER - land,
labor, and capital
The human resource involved in the production of any good is called - CORRECT
ANSWER - labor
Some economists believe there should be four categories of resources, in addition to land, labor,
and capital. What is the name of that category? - CORRECT ANSWER - entrepreunership
When developing theories, a scientist: - CORRECT ANSWER - thinks logically and
collects evidence
Which of the following is true?
- a free good is not valued
- something that is rare is necessarily scarce
ACTUAL Questions and CORRECT
Answers
A theory is not: - CORRECT ANSWER - something that models every aspect of reality at
once
Which of the following is not true about markets - CORRECT ANSWER - The product
market is also called the resource market
The force that Adam Smith felt drove any economic system was: - CORRECT ANSWER -
The invisible hand
The scientific method is: - CORRECT ANSWER - a four-step process; requires certain
assumptions and simplifications; is used in economics
People pursuing their own self-interest are: - CORRECT ANSWER - perhaps selfish, but
perhaps not, depending on their values and point of view
Taxes are an example of ______ elements in our economic system - CORRECT
ANSWER - command
When we talk about the slope of a line we mean: - CORRECT ANSWER - the rise over
the run
In the Wealth of Nations, Adam Smith advocated all of the following except - CORRECT
ANSWER - abolishing laissez-faire policies
Traditional economies - CORRECT ANSWER - Base their economic decisions on the
customs or religious practices of ancestors
, Which of the following is not one of the four goals typically pursued by policy makers in
economic systems - CORRECT ANSWER - zero poverty
Four goals typically pursued by policy makers in economic systems - CORRECT
ANSWER - full employment; efficient use of resources; stable prices; economic growth
A country with a pure capitalist economy is - CORRECT ANSWER - none
Which of the following would be the focus of a macroeconomics study - CORRECT
ANSWER - economy as a whole
Capitalist economies depend on which of the following to allocate resources and finished goods
and services - CORRECT ANSWER - price system
Resources are typically divided into three types. These are: - CORRECT ANSWER - land,
labor, and capital
The human resource involved in the production of any good is called - CORRECT
ANSWER - labor
Some economists believe there should be four categories of resources, in addition to land, labor,
and capital. What is the name of that category? - CORRECT ANSWER - entrepreunership
When developing theories, a scientist: - CORRECT ANSWER - thinks logically and
collects evidence
Which of the following is true?
- a free good is not valued
- something that is rare is necessarily scarce
