Scarcity is best defined as
AP Microeconomics Review

Flashcard
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Social Studies
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12th Grade
•
Hard
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38 questions
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1.
FLASHCARD QUESTION
Front
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
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