AP Macro unit 1
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Heather Leon
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
This item is demanded more when an income decreases, and demanded less when the income increases
capital good
inferior good
normal good
substitute
compliment
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The next best choice to the decision that was made
marginal benefit
marginal cost
opportunity cost
trade off
comparative advantage
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
"A recession is three quarters of decreasing GDP" is an example of ___________________
normative economics
positive economics
allocative efficiency
production efficiency
scarcity
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Land, Labor, Capital, and Entrepeneurship are the _________________
factors of production
human capital
physical capital
consumer goods
constant opportunity cost
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The lowest per-unit opportunity cost is calculated to identify the _________________
trade off
marginal benefit
marginal cost
absolute advantage
comparative advantage
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A Production Possibilites Curve with a straight curve from the x to y axis represents___________
capital goods
consumer goods
diminishing marginal utility
constant opportunity cost
increasing opportunity cost
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Assuming Papa Johns' has a sale on their pizza and so Domino's orders decrease; then these two items represent an example of:
normal goods
inferior goods
production costs
substitutes
complements
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