AP Micro
Quiz
•
Social Studies
•
12th Grade
•
Hard
John Robinson
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
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
Linavulu's per unit opportunity cost of producing handicrafts is
2 processed copra
3 processed copra
6 processed copra
1/2 processed copra
Answer explanation
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