Which of the following is a characteristic of a traditional economy, as depicted in the images?

Economic decisions are based on customs and traditions

Production is determined by government planning

Goods are produced for export to other countries

Technology drives economic growth

What is meant by the 'invisible hand' in a market economy?

Production decisions are made by the interaction of buyers and sellers.

Government controls all production decisions.

Tradition and custom dictate production.

A central authority plans the economy.

According to Adam Smith, why do we expect our dinner from the butcher, the brewer, or the baker?

Because of their regard to their own interest

Because of government regulations

Which of the following are considered pros of a market economy?

High levels of production and opportunity

Central authority controls resources

According to Karl Marx, what is the consequence of the accumulation of wealth at one pole of society?

Accumulation of misery and degradation at the opposite pole

Greater economic equality for all

In economics, what does the term "marginal" refer to?

A little bit more or a little bit less.

The total cost or benefit of an action.

The average cost or benefit over time.

When making a decision, what is the optimal point to reach?

When the marginal benefits equal the marginal costs.

When the marginal benefit is maximized, regardless of cost.

When the marginal cost is minimized.

A cost that has already been incurred and cannot be recovered.

A cost that can be recovered if a decision is reversed.

A future cost that has not yet been incurred.

A variable cost that changes with production levels.

What is the main implication of the sunk cost fallacy?

It encourages individuals to continue with a failing endeavor because of past investments.

It leads to making decisions based solely on future potential.

It promotes ignoring all costs when making a decision.

It suggests that all past decisions were optimal.

AP Econ 1.1 F25 Lesson

48 questions

Show all answers

1.

SLIDE QUESTION

30 sec • Ungraded

2.

SLIDE QUESTION

30 sec • Ungraded

3.

MATCH QUESTION

2 mins • 1 pt

Match the following with the corresponding possible opportunity cost of each decision

Going to an amusement park on Saturday

Attending medical
school for 5 yrs

Taking AP Chemistry

Building a set for the school play on Saturday

Buying $15 burrito bowl

Unpaid summer internship at a local newsroom

Working as a consultant earning $75,000

Taking AP Psychology

Working at an ice cream shop for summer

Buying a $15 chicken sandwich

4.

SLIDE QUESTION

30 sec • Ungraded

5.

OPEN ENDED QUESTION

3 mins • 1 pt

Describe a situation from your own life where you had to make a choice and experienced an opportunity cost. What did you give up?

Evaluate responses using AI:

OFF

6.

SLIDE QUESTION

30 sec • Ungraded

7.

SLIDE QUESTION

30 sec • Ungraded

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