AP Micro

1.

1 point

The difference between macroeconomics and microeconomics is that

The former is aggregative

The former uses models

The former is harder

The later is aggregative

The later uses models

2.

1 point

According to economics individual actors do things due to

Risk aversion

Scarcity

Instincts

Utility

Incentives

3.

1 point

When we say that we can produce either 2 million pizzas and 12 million cans of coke or 3 million pizzas and 9 million cans of coke we are showing how all economists involves

Allocative efficiency

Tradeoffs

Marginal benefit

Marginal cost

Externalities

4.

1 point

We can measure the answer to question 8 with a

Graph

Ratio

Per capita

Increase of factors

Reference to capital

5.

1 point

To be a good rather than a service something needs to be

Produced

Consumabke

Aggregative

Tangible

Capital

6.

1 point

Any point to the left of the PPF is

Unattainable

Allocative efficiency

A waste of human capital

One of scarcity

Production inefficient

7.

1 point

One creating marginal cost curve the only thing that limits the numbers you put in is

The factors of production

Opportunity cost

Diminishing marginal utility

Human capital

Scarcity

8.

1 point

One way to increase the contribution of labor or work to the PPF would be to

Increase the marginal benefit

Increase wages

Contribute to the human capital of the workers

Decrease wages

Find cheaper land

9.

1 point

You have to rent land, pay workers, plan out your business, buy machinery and you don't use the factors for some other purpose. We call this last part

Diminished utility

Scarcity

Opportunity cost

Investment

Marginal costs

10.

1 point

When we can make 20 pizzas for 18 dollars rather than making 10 pizzas for 10 dollars we have

Decreased costs

Achieved allocative efficiency

Increased marginal benefit

Decreased cost per unit produced

Increased per capital GDP

11.

1 point

The PPF is bowed due to

Increasing marginal costs

Increasing marginal benefits

Decreasing marginal benefits

Decreasing marginal costs

Diminishing marigold utility

12.

1 point

When we increase one of the factors of production, we...

Move up the PPF

Move the PPF to the Right

Move the PPF to the left

After the point of allocative efficiency

Move down the PPF

13.

1 point

All points along the PPF involve

Economic models

Diminishing marginal utility

Allocative efficiency

Production efficiency

GDP per capita

14.

1 point

Allocative efficiency is the point where

Scarcity is reduced

Marginal costs meet marginal benefits

The cost per unit produced is the least

The PPF meets diminished marginal utility

Opportunity costs are minimized

15.

1 point

The money that is used to buy tools is

Finance capital

Capital

Entrepreneurship

Human capital

Labor

16.

1 point

Factors of Production include all the following except

Work

Labor

Land

Capital

Entrepreneurship

17.

1 point

The basic choices that make up economics include all of the following

Where a good is produced, what is produced, how it is produced

What benefit a good supplies, how it is produced and who it is produced for

What good is produced, how the good is sold, and where it is produced

Who it is produced for, how it it is produced and what is produced

What benefit a good supplies, how it is sold and how it is produced

18.

1 point

To measure human capital we use

Allocative efficiency

GDP per capita

Marginal benefits

Production efficiency

Marginal costs

19.

1 point

What Adam Smith meant by social interest was the same as

Margina, benefit

Incentive

Per capital GDP

National GDP

Diminished marginal utility

20.

1 point

The answer to question 10 is objective given

Trick question, the numbers are just invented

The factors of production

Preferences satisfaction

Demand

Human capital