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AP Microeconomics Test 1 with correct answers
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AP Microeconomics Test 1 with correctanswers
what nnwe nngive nnup nnto nndo nnsomething nnelse nn- nncorrect nnanswer-opportunity nncost
resources nnare nnlimited, nnbut nnhuman nnwants nnare nnunlimited nn- nncorrect nnanswer-scarcity
the nnstudy nnof nnhow nnindividuals/households, nnfirms, nnand nnnations nnallocate nnscarce nnresources nnto nntry
nnto nnmaximize nnutility nn- nncorrect nnanswer-economics
In nnthe nnstandard nndemand nncurve, nnwhen nnprice nndecreases, nnwhat nndoes nndemand nndo? nn- nncorrect
nnanswer-increase
What nntype nnof nnfeedback nnloop nndoes nna nnstandard nndemand nncurve nnhave? nn- nncorrect nnanswer-negative
In nna nnstandard nnsupply nncurve, nnwhen nnprice nnincreases, nnwhat nndoes nnsupply nndo? nn- nncorrect nnanswer-
increase
What nntype nnof nnfeedback nnloop nndoes nna nnstandard nnsupply nncurve nnhave? nn- nncorrect nnanswer-positive
choosing nnwhether nnto nndo nna nnbit nnmore nnor nna nnbit nnless nnof nnsomething nn- nncorrect nnanswer-marginal
nndecisions
using nnmarginal nnthinking nnto nnmake nndecisions nn- nncorrect nnanswer-marginal nnanalysis
the nnnext nnbest nnalternative nnto nnthe nnthing nnyou nnchose nn- nncorrect nnanswer-opportunity nncost
all nnchoices nngiven nnup nnin nna nndecision nn- nncorrect nnanswer-trade-offs
, What nnare nnthe nnfour nnfactors nnof nnproduction? nn- nncorrect nnanswer-land, nnlabor, nncapital,
nnentrepreneurship
the nnmajor nnresources nnthat nnfirms nnuse nnto nnproduce nngoods nnand nnservices nnin nnthe nneconomy nn- nncorrect
nnanswer-four nnfactors nnof nnproduction
raw nnmaterials nnused nnfor nnproduction nn- nncorrect nnanswer-land nn(natural nnresources)
human nneffort nnwhere nna nnperson nnreceives nna nnwage nn- nncorrect nnanswer-labor
man-made nnitems nnused nnfor nnproduction nn- nncorrect nnanswer-physical nncapital
skills nnand nnabilities nngained nnthrough nneducation nnand nntraining nn- nncorrect nnanswer-human nncapital
leadership nnthat nncombines nnand nndirects nnthe nnother nnfactors nn- nncorrect nnanswer-entrepreneurship
use nnscientific nnmethod nnto nnmake nngeneralizations nnand nnabstractions nnto nndevelop nntheories nn- nncorrect
nnanswer-theoretical nneconomics
theories nnapplied nnto nnfix nnproblems/meet nneconomic nngoods nn- nncorrect nnanswer-policy nneconomics
what nnis nn- nncorrect nnanswer-positive nnstatements
what nnought nnto nnbe nn- nncorrect nnanswer-normative nnstatements
What nnare nnthe nn5 nnkey nnassumptions nnmade nnin nneconomics? nn- nncorrect nnanswer-society nnhas nnscarcity,
nnchoices nnwith nncosts nnmust nnbe nnmade, nnchoices nnmade nnin nnself-interest, nndecisions nnmade nnby
nncomparing nnmarginal nncost nnvs nnbenefit, nnmodels/graphs nnexplain nnreal nnlife
amount nnbuyer nnpays nn- nncorrect nnanswer-price
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