What does point B represent?

Production at greater than the country's minimum potential

Production is less than the country's minimum potential

Two alternative production possibility frontiers for apples and wheat are shown in the figures. As more wheat is produced, how will the opportunity cost of producing wheat, as represented in Figures 1 and 2, be affected?

Figure 1: No Change / Figure 2: Increase

Figure 1: Decrease / Figure 2: Increase

Figure 1: Increase / Figure 2: Decrease

Figure 1: No Change / Figure 2: Decrease

Command economies are usually dominated by:

Traditions, customs, and beliefs

benefit or satisfaction that a person gets from the consumption of a good or service

measure of how useful a resource is in the production process

measure of productivity associated with a good or service

economic term for consumption possibilities

The basic problem of economics is:

resources are limited and wants are unlimited.

resources are limited and wants are limited.

resources are unlimited and wants are limited.

resources are unlimited and wants are unlimited.

The opportunity cost of a good is

the value of alternative goods forgone in a decision.

its price in dollars and cents.

the value of what your first option is.

If nations specialize according to their comparative advantage and engage in trade with each other, each nation can:

Consume outside its production possibilities curve

Produce outside its production possibilities curve

Shift its production possibilities curve to the right

The law of diminishing marginal utility is best defined as:

As more units are consumed the marginal utility continually falls.

As more units are consumed the marginal utility increases.

As price decreases quantity demanded increases.

As more units are consumed the opportunity cost increases.

Deirdre has one free hour to practice the piano for an upcoming school concert or work at the library for $7 per hour or babysit her neighbor’s 12-year- old son for $10 per hour. She chooses to practice the piano. What is the opportunity cost of practicing the piano?

The opportunity cost would be $10 because it would be the most profitable alternative.

The opportunity cost would be $17 because she chose not to participate in these activities.

Without knowing the marginal value of practicing the piano, there is no way of knowing the true opportunity cost.

The opportunity cost would be $20 because it is necessary to calculate one additional hour of babysitting to make it profitable.

The opportunity cost would be $3 because it is the monetary difference between two alternative choices.

Which of the following will cause an outward shift of the production possibilities curve?

A grant for educational training for employees

A decrease in a nation’s birthrate, thus decreasing the labor force

A natural disaster creating extreme limitations of a vital natural resource

An increase of unskilled workers

A country is said to have a comparative advantage over another country when

it can produce a good at a lower opportunity cost than another country

it can produce a good using fewer resources per unit of output than another country

there is a higher degree of specialization and division of labor compared to another country

when comparing each country’s production possibilities frontiers, one country is operating at maximum efficiency and output

one country’s production possibilities frontier is shifted farther to the right compared to another country’s production possibilities frontier

Suppose both Spain and Germany produce soccer balls and golf balls. Spain can produce soccer balls at a lower opportunity cost than Germany. Germany can produce golf balls at a lower opportunity cost than Spain. According to the law of comparative advantage:

Germany should stop producing soccer balls; Spain should stop producing golf balls; Spain and Germany should establish a trade for the product they stopped producing

Germany should stop producing golf balls; Spain should stop producing soccer balls

Germany should increase production of golf balls and decrease the production of soccer balls

Spain should increase the production of soccer balls and decrease the production of golf balls

Marginal analysis is best defined as

making decisions based upon the marginal benefits and marginal costs of that decision

the additional benefit received from the consumption of the next unit of a good or service

the additional cost from the consumption of the next unit of a good or service

analyzing the combination of goods and services that provide the best benefit to society

when businesses use their resources to produce goods and services for which they have a comparative advantage

AP Micro Unit 1 Review 2022-23

Authored by Susan Lundgren

Social Studies

10th Grade

Used 32+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the opportunity cost of moving from point B to C on the curve?

30 tons of wheat

30 tons of steel

5 tons of wheat

5 tons of steel

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If total utility increases from 150 to 210 utils after consuming a 4th candy bar, then what's the marginal utility per dollar of the 4th candy bar if the price is $2?

60 utils per dollar

110 utils per dollar

30 utils per dollar

75 utils per dollar

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Invisible Hand concept explains

consumers and producers working together with no one directing them

businesses taking advantage of customers

helping those who are disadvantaged

economic planning and direction by experts

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is the famous economist, defender of free-markets, author of The Wealth of Nations? His writings are considered a foundation for the economic system of capitalism.

Adam Smith

Karl Marx

Friedrich Engels

Weyland Yutani

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

WHAT IS LABOR?

work people do for wages to produce good and services

actions people do for other people

any physical object

The money people get for inheritance

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor of production is this?

capital

entrepreneur

land

labor

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If a natural disaster strikes, the production possibilities curve can shift

No shift

To the left

To the right

Outward on one axis only

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AP Micro Unit 1 Review 2022-23

What is the opportunity cost of moving from point B to C on the curve?

If total utility increases from 150 to 210 utils after consuming a 4th candy bar, then what's the marginal utility per dollar of the 4th candy bar if the price is $2?

The Invisible Hand concept explains

Who is the famous economist, defender of free-markets, author of The Wealth of Nations? His writings are considered a foundation for the economic system of capitalism.

WHAT IS LABOR?

Which factor of production is this?

If a natural disaster strikes, the production possibilities curve can shift

What does point Y represent on the PPC?

What does point B represent?

The inability to satisfy all wants at the same time

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