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AP Microeconomics Unit 1 Progress Check MCQ (Collegeboard) questions with answers.
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AP Microeconomics Unit 1 Progress Check MCQ (Collegeboard) questions with answers.
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AP Microeconomics Unit 1 ProgressCheck MCQ (Collegeboard) questions
with answers.
Number of Apples Total Utility
2 130
3 180
4 220
5 250
6 270
7 280
If the price of an apple is $0.50, the marginal utility per dollar spent for the fifth apple is:
20, 30, 40, 60, or 100 ANS -60
Make the MB and MU/$ columns:
MB MU/$ (MB divided by price)
-- -- 2
50 100 3
40 80 4
30 60 5
20 40 6
10 20 7
MU/$ of the 5th apple is 60!
(same table as number 1) The marginal utility per dollar spent on the last orange consumed is 75. If the
price of an apple is $0.50, how many apples would Johnny have to consume before he considers
purchasing another orange?
2, 3, 4, 5, or 6 ANS -4
, this is the last apple that has a MU/$ greater than 75
Which of the following best explains why individuals and societies must make choices when presented
with alternatives?
A) People possess limited knowledge.
B) Resources are scarce.
C) People cannot agree on societal goals.
D) Resources are not fully employed.
E) People are more interested in their own well-being than in society's well-being. ANS -B
Which of the following is the best example of a scarce factor of production?
A) Money
B) Food
C) Air
D) Airplanes
E) Established knowledge ANS -D
Remember that money is NOT a factor of production/resource.
Airplanes are capital goods used to produce transportation services; therefore, they are a factor of
production.
Which of the following is an example of a nonrival resource?
A) National park camping sites that can be reserved by anyone
B) Farmland that can be used to grow corn or soybeans
C) Solar energy
D) Fish in the ocean
E) Timber in a forest ANS -C
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