AP MACROECONOMICS EXAM SCRIPT 2026
FULL QUESTIONS WITH VERIFIED ANSWERS
GRADED A+
◉ scarcity. Answer: ...not enough to go around
◉ resources. Answer: ...simple things that satisfy human wants, used
to make other things
◉ ceteris paribus. Answer: ..., all other things held constant
◉ trade-offs. Answer: ..., all the alternatives that we give up
whenever we choose one course of action over another
◉ macroeconomics. Answer: ...the study of aggregate economic
variables. And the national and global economy
◉ microeconomics. Answer: ...study of decisions individual
businesses make
◉ marginal. Answer: ...additional
,◉ command economy. Answer: ...central authority makes decisions
on production and consumption. (Soviet Union)
◉ positive economics. Answer: ..., An approach to economics that
seeks to understand behavior and the operation of systems without
making judgments. It describes what exists and how it works.
◉ normative economics. Answer: ..., the part of economics involving
value judgments about what the economy should be like; focused on
which economic goals and policies should be implemented; policy
economics
◉ land. Answer: ...production resources from nature. (water trees)
pay rent.
◉ labor. Answer: ...human resources. (physical effort, knowledge and
skills). Pay wages, salary.
◉ capital. Answer: ...produced tools of the trade. (buildings,
machines, tools). pay interest.
◉ entrepreneurship. Answer: ...the intelligence, imagination and
ability to take risks needed to start up and maintain a business (Bill
Gates). profit.
, ◉ market economy. Answer: producers and consumers decide what
is made, how much, and for whom.
◉ full employment. Answer: ...all resources are being used efficiently
◉ full production. Answer: ..., our nations resources are being
allocated in the most efficient manner possible
◉ consumer vs. capital goods. Answer: ...consumer goods are:shoes
food, clothes. capital goods are man-made tools of production: a
fishing boat, a machine.
◉ production possibilities curve. Answer: ... illustrates trade-offs and
the optimum efficiency
◉ opportunity cost. Answer: ...what must be given up to get what
you want
◉ economic growth. Answer: ...expansion of the production
possibilities frontier.
◉ economic system. Answer: ...how the questions "what to
produce?", "how to produce it?" and "For whom is it produced?"
FULL QUESTIONS WITH VERIFIED ANSWERS
GRADED A+
◉ scarcity. Answer: ...not enough to go around
◉ resources. Answer: ...simple things that satisfy human wants, used
to make other things
◉ ceteris paribus. Answer: ..., all other things held constant
◉ trade-offs. Answer: ..., all the alternatives that we give up
whenever we choose one course of action over another
◉ macroeconomics. Answer: ...the study of aggregate economic
variables. And the national and global economy
◉ microeconomics. Answer: ...study of decisions individual
businesses make
◉ marginal. Answer: ...additional
,◉ command economy. Answer: ...central authority makes decisions
on production and consumption. (Soviet Union)
◉ positive economics. Answer: ..., An approach to economics that
seeks to understand behavior and the operation of systems without
making judgments. It describes what exists and how it works.
◉ normative economics. Answer: ..., the part of economics involving
value judgments about what the economy should be like; focused on
which economic goals and policies should be implemented; policy
economics
◉ land. Answer: ...production resources from nature. (water trees)
pay rent.
◉ labor. Answer: ...human resources. (physical effort, knowledge and
skills). Pay wages, salary.
◉ capital. Answer: ...produced tools of the trade. (buildings,
machines, tools). pay interest.
◉ entrepreneurship. Answer: ...the intelligence, imagination and
ability to take risks needed to start up and maintain a business (Bill
Gates). profit.
, ◉ market economy. Answer: producers and consumers decide what
is made, how much, and for whom.
◉ full employment. Answer: ...all resources are being used efficiently
◉ full production. Answer: ..., our nations resources are being
allocated in the most efficient manner possible
◉ consumer vs. capital goods. Answer: ...consumer goods are:shoes
food, clothes. capital goods are man-made tools of production: a
fishing boat, a machine.
◉ production possibilities curve. Answer: ... illustrates trade-offs and
the optimum efficiency
◉ opportunity cost. Answer: ...what must be given up to get what
you want
◉ economic growth. Answer: ...expansion of the production
possibilities frontier.
◉ economic system. Answer: ...how the questions "what to
produce?", "how to produce it?" and "For whom is it produced?"
