AP Microeconomics Review

AP Microeconomics Review

Assessment

Flashcard

Social Studies

12th Grade

Hard

Created by

Wayground Content

FREE Resource

Student preview

quiz-placeholder

38 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Scarcity is best defined as

Back

the difference between unlimited wants and limited economic resources.

2.

FLASHCARD QUESTION

Front

Assume an economy is using all its available resources efficiently to produce only two goods, X and Y. As more of good X is produced, what happens to the production of good Y?

Back

Less of good Y is produced as resources move from producing good Y to producing good X.

3.

FLASHCARD QUESTION

Front

The opportunity cost of increasing production from 4 to 7 boats is

Back

2 trucks

4.

FLASHCARD QUESTION

Front

What can cause a production possibilities curve to move to the right? Options: thousands of people move out of the country, an epidemic kills thousands of young men and women, a new invention lowers the cost of production, the population is growing increasingly old

Back

a new invention lowers the cost of production

5.

FLASHCARD QUESTION

Front

Who has the absolute advantage for haircuts? Joy gives 2 haircuts and 1 perm. Susie gives 3 haircuts and 2 perms.

Back

Susie

6.

FLASHCARD QUESTION

Front

What is the opportunity cost of producing a car in the U.S. if it can produce 50 cars and 25 tools?

Back

.5 tools

7.

FLASHCARD QUESTION

Front

With respect to the circular flow model, businesses provide households with which of the following?
- taxes and interest
- labor and taxes
- goods, services, and incomes
- public goods and transfer payments

Back

goods, services, and incomes

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

By signing up, you agree to our Terms of Service & Privacy Policy

Already have an account?