AP AP Economics & Government 3

Question 1

In AP Macroeconomics, what does the Phillips Curve illustrate?

Accepted Answer

A short-run trade-off between inflation and unemployment

Answer

The Phillips Curve shows an inverse short-run relationship between inflation and unemployment rates.

Question 2

In the U.S. government, what is a filibuster?

Accepted Answer

A prolonged speech or tactic used in the Senate to delay or block a vote

Answer

A filibuster is a legislative tactic used in the U.S. Senate where a senator speaks at length to delay or prevent a vote on a bill.

Question 3

What is the concept of 'supply-side economics'?

Accepted Answer

Stimulating growth by reducing taxes and regulations on producers

Answer

Supply-side economics argues that cutting taxes and reducing regulations on businesses will stimulate investment and economic growth.

Question 4

What is the role of the Electoral College in the United States?

Accepted Answer

To formally elect the President and Vice President

Answer

The Electoral College is the constitutionally established body of electors who formally cast votes to elect the U.S. President and Vice President.

Question 5

In economics, what is a monopoly?

Accepted Answer

A market dominated by a single seller with no close substitutes

Answer

A monopoly exists when a single firm is the only seller in a market, giving it significant control over price and output.

AP - Advanced Placement Test Practice Test