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AP Microeconomics Tests Bundle Set
AP Microeconomics Tests Bundle Set
[Show more]AP Microeconomics Tests Bundle Set
[Show more]Economics CORRECT ANSWER The study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited wants 
 
Factors of Production CORRECT ANSWER Labor, Land, Capital, Entrepreneurial ability 
 
Physical capital CORRECT ANSWER Manmade equipment like machinery...
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Add to cartEconomics CORRECT ANSWER The study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited wants 
 
Factors of Production CORRECT ANSWER Labor, Land, Capital, Entrepreneurial ability 
 
Physical capital CORRECT ANSWER Manmade equipment like machinery...
Which of the following best defines opportunity cost? CORRECT ANSWER It is the amount of one product that must be given up to produce an additional unit of another product 
 
Which of the following explains why a production possibilities curve is often represented as concave (bowed out) from the ori...
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Add to cartWhich of the following best defines opportunity cost? CORRECT ANSWER It is the amount of one product that must be given up to produce an additional unit of another product 
 
Which of the following explains why a production possibilities curve is often represented as concave (bowed out) from the ori...
The characteristic from which all economic problems arise is... 
A) Political Decisions 
B) Providing a minimal standard of living for every person 
C) How to make a profit 
D) Hunger 
E) Scarcity CORRECT ANSWER E 
 
Scarcity results from the fact that... 
A) People's wants exceed the resources ava...
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Add to cartThe characteristic from which all economic problems arise is... 
A) Political Decisions 
B) Providing a minimal standard of living for every person 
C) How to make a profit 
D) Hunger 
E) Scarcity CORRECT ANSWER E 
 
Scarcity results from the fact that... 
A) People's wants exceed the resources ava...
scarcity CORRECT ANSWER the limited nature of society's resources 
 
economics CORRECT ANSWER the study of how society manages its scarce resources 
 
efficiency CORRECT ANSWER the property of society getting the most it can from its scarce resources 
 
rational people CORRECT ANSWER people who sys...
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Add to cartscarcity CORRECT ANSWER the limited nature of society's resources 
 
economics CORRECT ANSWER the study of how society manages its scarce resources 
 
efficiency CORRECT ANSWER the property of society getting the most it can from its scarce resources 
 
rational people CORRECT ANSWER people who sys...
Our wants are ___ and our resources are ___. CORRECT ANSWER limitless, scarce 
 
What is economics? CORRECT ANSWER the science of scarcity; Social Science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants 
 
Economics is the study of ___. CORRECT ...
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Add to cartOur wants are ___ and our resources are ___. CORRECT ANSWER limitless, scarce 
 
What is economics? CORRECT ANSWER the science of scarcity; Social Science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants 
 
Economics is the study of ___. CORRECT ...
All of the following are true of allocatively efficient markets except CORRECT ANSWER Consumers place a higher value on that product that it is costing firms to produce 
 
What type of efficiency is defined as the mix of goods and services produced that are just what society desires? CORRECT ANSWER ...
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Add to cartAll of the following are true of allocatively efficient markets except CORRECT ANSWER Consumers place a higher value on that product that it is costing firms to produce 
 
What type of efficiency is defined as the mix of goods and services produced that are just what society desires? CORRECT ANSWER ...
5 Characteristics of a Monopoly CORRECT ANSWER 1) Single Seller 
2) Unique good with no close substitute 
3) "Price Maker" 
4) High Barriers to Entry 
5) Some "Nonprice" Competition 
 
Single Seller (1) CORRECT ANSWER -one firm controls the vast majority of a market 
-firm=industry 
 
"Price Ma...
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Add to cart5 Characteristics of a Monopoly CORRECT ANSWER 1) Single Seller 
2) Unique good with no close substitute 
3) "Price Maker" 
4) High Barriers to Entry 
5) Some "Nonprice" Competition 
 
Single Seller (1) CORRECT ANSWER -one firm controls the vast majority of a market 
-firm=industry 
 
"Price Ma...
At the birthday party of your best friend, you see Skylar help himself to a second piece of cake. For this individual, it must be the case that: CORRECT ANSWER The marginal benefit of the second piece of the cake is greater than the marginal cost. 
 
Nancy has the choice to spend one hour studying f...
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Add to cartAt the birthday party of your best friend, you see Skylar help himself to a second piece of cake. For this individual, it must be the case that: CORRECT ANSWER The marginal benefit of the second piece of the cake is greater than the marginal cost. 
 
Nancy has the choice to spend one hour studying f...
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