
AP Micro Unit 1
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Other
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12th Grade
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Practice Problem
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kandice nifong.
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32 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Estonia has a comparative advantage in producing lumber.
Finland has a comparative advantage in producing cell phones.
Finland has an absolute advantage in producing lumber.
Estonia has both the absolute and comparative advantages in producing lumber.
Neither country has a comparative advantage in producing cell phones.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A farmer in Country A can harvest 20 bushels of wheat or 10 bushels of corn in a day, while a farmer in Country B can harvest 8 bushels of wheat or 8 bushels of corn in a day. If Country A and Country B specialize and trade, Country A will
export wheat and import corn
export corn and import wheat
export both wheat and corn
import both wheat and corn
benefit more from trade than will Country B
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Stefan and Donna produce orange juice and canvases. The table provided shows the maximum possible production of orange juice OR canvases that can be produced by Stefan and Donna. Which of the following terms of trade would be mutually beneficial to Stefan and Donna?
1 canvas for 0.4 liter of orange juice
1 canvas for 0.5 liter of orange juice
1 canvas for 1 liter of orange juice
1 canvas for 1.5 liters of orange juice
1 canvas for 2.5 liters of orange juice
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A country can consume beyond its present production possibilities curve when it
trades with other countries, thus taking advantages of different opportunity costs
reduces unemployment, thus increasing output
experiences decreasing opportunity costs.
faces an upward-sloping production possibilities curve
faces a downward-sloping production possibilities curve
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
All of the following are included in computing the opportunity cost of attending college EXCEPT
interest paid on student loans
wages the student gave up to attend college
money spent on college tuition
money spent on clothing expenses
money spent on books and supplies
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An opportunity cost is entailed in which of the following situations?
I. A student decides to attend college full-time.
II. A family uses its $20,000 savings to purchase an automobile.
III. A farmer decides to grow more wheat and less corn.
I only
II only
III only
I and III only
I, II, and III
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The table provided shows the total benefits and costs of studying at the library. If the student is rational, the optimal number of hours to spend at the library is
2
3
4
5
6
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