AP Econ Final Review

AP Econ Final Review

12th Grade

35 Qs

quiz-placeholder

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AP Econ Final Review

AP Econ Final Review

Assessment

Quiz

Social Studies

12th Grade

Easy

Created by

Courtney Burchett

Used 2+ times

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35 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The basic problem in Economics in which a society doesn't have enough resources to produce whatever it needs and wants is called...

Factors of Production

Scarcity

Shortage

Limited resources

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The branch of economics that studies the behavior and the performance of the entire economy instead of just its small parts is called ...

Command economy

Limited Economics

Microeconomics

Macroeconomics

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are factors of production except,

Land

Labor

Capital

Currency

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Opportunity cost can best be defined as ...

The value of the next best alternative when making a choice

The amount of resources available

The creation of a company or business

Natural resources and raw materials used to make products

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What does point F on the PPC curve represent?

Not capable of producing at this capacity

Maximum production

Over production

Underutilization of resources

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What do the arrows on the graph represent?

An expansion in the amount of resources that can be used for production

An economic decline

The economy remaining stagnant

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The type of opportunity cost that occurs when you produce more and more of one good and give up more and more of another good is called ...

Expansion opportunity cost

Increasing opportunity cost

Constant opportunity cost

Limited opportunity cost

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