Macro Unit 1 (AP)
Quiz
•
Social Studies
•
11th Grade
•
Practice Problem
•
Medium
Morgan Miller
Used 5+ times
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46 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does scarcity mean in economics?
Answer explanation
Scarcity = unlimited wants + limited resources
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a trade-off?
Answer explanation
Trade-off = giving up one choice for another
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A point inside the PPC shows…
Answer explanation
Inside PPC = underutilization
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If the PPC shifts outward, what does that represent?
Answer explanation
Outward PPC = growth
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement best defines opportunity cost?
Answer explanation
OC = next best alternative forgone
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A farmer can grow corn or wheat. If they choose wheat, the opportunity cost is…
Answer explanation
Choosing wheat means giving up corn
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A point outside the PPC is…
Answer explanation
Outside PPC = unattainable
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