AP Macroeconomics Module 1 Questions
And Answers
You make $45,000 per year at your current job with Whiz Kids Consultants. You are considering
a job offer from Brainiacs, Inc., which would pay you $50,000 per year. Is each of the following
elements an oppor- tunity cost of accepting the new ...
You make $45,000 per year at your current job with Whiz Kids Consultants. You are considering
a job offer from Brainiacs, Inc., which would pay you $50,000 per year. Is each of the following
elements an oppor- tunity cost of accepting the new job at Brainiac, Inc.?
Answer yes or no, and explain your answer.
a. the increased time spent commuting to your new job
b. the $45,000 salary from your old job
c. the more spacious office at your new job 1) yes, because if I accept second offer my
commuting time will increase, difference between old and new commuting times will be
opportunity cost
2) yes, opportunity cost will be 45000 dollar because in order to work for Brainiacs, I have to
quit from Whiz Kids, also I have to refuse 45000 salary which is opportunity cost.
3) Spacious office is not an opportunity cost, it is additional utility.
Identify each of the following statements as positive or normative, and explain your answer.
a. Society should take measures to prevent people from
engaging in dangerous personal behavior.
, AP Macroeconomics Module 1 Questions
And Answers
b. People who engage in dangerous personal behavior impose higher costs on society through
higher medical costs. A) normative statement-this is some kind of good idea, suggestion
or advice.
B) positive statement-this is real fact
Which of the following is an example of a resource? I. petroleum
II. a factory III. a cheeseburger dinner
a. I only
b. II only
c. III only
d. I and II only
e. I, II, and III d
Which of the following is not an example of resource scarcity?
a. There is a finite amount of petroleum in the world.
b. Farming communities are experiencing droughts.
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