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Ap Eco Test 3&4 - 4&3 TAKE-HOME 4&3 Test Title AP...

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*** 4&3 TAKE-HOME 4&3 *** Test Title: AP Macro Chapters 4 & 3 (The Market System and Individual Markets), Take Home 1. Broadly defined, competition involves: A) private property and freedom of expression. B) independently acting buyers and sellers and freedom to enter or leave markets. C) increasing opportunity costs and diminishing marginal utility. D) capital goods and division of labor. 2. To increase the amount of capital goods in a full employment-full production economy, society must: A) decrease consumption. B) increase consumption. C) inflate the general price level. D) deflate the general price level. 3. A firm's economic profit is: 4. Specialization in production is important primarily because it: 5. Suppose industry A is realizing substantial economic profit. Which of the following best describes the adjustment process that would bring about a new equilibrium? aECON-04&03-TH, Market System Tuesday, September 15, 2009 Page 1
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6. Which of the following best reflects the idea of derived demand? A) Product demand is determined by the demand for resources. B) The demand for automobiles will decline if the price of gasoline goes up. C) Economic resources are demanded because there is a demand for the goods they produce. D) The dollar votes of consumers determine the composition of output.
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