WorksheetsEntrance ticket - 1.3 AP Micro
Total questions: 10
Worksheet time: 5mins
The primary focus of microeconomics is
Families and how they make money
Firms and how they make profits
Individual units within the overall economy
Government
Small countries
Economist use the term "Capital" to mean
Money
Plant and equipment
Where the centra government is located
The center of the economy
A major idea
What you give up to pursue another alternative is known as
Capital
Land
Money cost
The price of the product
Opportunity cost
Given the following table (combinations that can be produced using resources fully and efficient) the opportunity cost of apples is:
10/7 oranges
7/10 oranges
10/7 apples
7/10 apples
70 percent
Given the following table (combinations that can be produced using resources fully and efficiently) the opportunity cost of soup is
5 nuts
5 soup
20 percent
500 percent
Not constant
PPF are concave to the origin because
Of efficiencies in the economy
Of opportunity cost
Of the law of increasing costs
Of constant opportunity costs
The extreme points are not as well stablished
When opportunity cost is constant across all production levels, the production possibilities frontier is:
Concave to the origin
Convex to the origin
Undefined
Shifted
A straigth diagonal line sloping downward from left to right
When an economy produces a combination of goods that lies on the PPF,
Resources are being used fully and efficiently
Prices are constant
Opportunity cost is constant
Resources will never be depleted
Prices will rise
The law of increasing costs
Does not applyy to guns and butter
Is the result of resources not being perfectly adaptable between the production of two goods
Implies that prices will rise when the costs of making agood rise
Causes the PPF be a straight line
Implies that opportunity cost will rise as production levels fall
Land refers to
All productive resources
All natural resources
Farmland only
Real state
Chattels
