AP Micro

AP Micro

12th Grade

15 Qs

quiz-placeholder

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AP Micro

AP Micro

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

John Robinson

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

What does point B represent?

Production at greater than the country's minimum potential

Production is less than the country's minimum potential

Productive inefficiency

Productive efficiency

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The inability to satisfy all wants at the same time

Scarcity

choice

opportunity cost

resources

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

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: Decrease / Figure 2: Increase

Figure 1: Increase / Figure 2: Decrease

Figure 1: No Change / Figure 2: Increase

Figure 1: No Change / Figure 2: Decrease

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Utility is the

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

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The opportunity cost of a good is

its price in dollars and cents.

the value of alternative goods forgone in a decision.

the value of what your first option is.

none of the other options

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

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.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Media Image

Linavulu's per unit opportunity cost of producing handicrafts is

2 processed copra

3 processed copra

6 processed copra

1/2 processed copra

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