AP Eco Unit 1 Exam

AP Eco Unit 1 Exam

11th - 12th Grade

33 Qs

quiz-placeholder

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AP Eco Unit 1 Exam

AP Eco Unit 1 Exam

Assessment

Quiz

Social Studies

11th - 12th Grade

Practice Problem

Easy

Created by

R Knepper

Used 36+ times

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33 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Unlimited wants, limited resources

Revenue

Scarcity

Marginal Cost

Opportunity Cost

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The study of choices a society makes in response to scarcity

Marginal Cost

Utility

Trade-offs

Economics

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The study of small economic units

Microeconomics

Macroeconomics

Input

Output

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The study of the large economy as a whole

Microeconomics

Macroeconomics

Laissez Faire

Private Sector

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Based on facts, avoids judgement; what is

Marginal analysis

Positive Statements

Output

Production Possibilities Curve (PPC)

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Includes value judgement, opinions; what ought to be

Investment

Law of Increasing Opportunity Cost

Microeconomics

Normative Statements

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Making decisions based on increments; thinking on the margin

Physical Capital

Marginal Analysis

Factor of Production (4)

Mixed Economy

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