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AP Micro Unit 1 Review Flashcards | StudBud
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AP Micro Unit 1 Review
AP Micro Unit 1 Review
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AP Micro Unit 1 Review & Random Trivia
Flashcards
21 cards
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Questions
21
Answers
1
Which one of the following is NOT one of the three basic questions of economics?
How long should it be produced?
Who gets to consume what is produced?
How should it be produced?
What should be produced?
2
Which of the following statements is true based on the table below?
The USA has a comparative advantage in both goods
The USA should make cars
In the USA, the opportunity cost of 1 car = 4 computers
In the USA, the opportunity cost of 1 computer = 5/4 cars
3
A concave production possibilities curve reflects:
An economy without scarcity
An economy with a command system
Constant opportunity costs
Increasing opportunity costs
4
The factors of production found on the Circular Flow Diagram include all of the following EXCEPT:
Capital
Time
Land
Labor
5
Marginal analysis is best used for which one of the following scenarios?
Should I buy a new or used car?
Should I sleep another hour?
Should I lock my car doors?
Should I choose Coke or Pepsi?
6
RANDOM! What is the two-letter abbreviation for the state of Missouri?
MU
MI
MO
MS
7
RANDOM! Name the movie...
Big Daddy
Billy Madison
Caddyshack
Happy Gilmore
8
Which economic system is most characterized by private ownership of property, innovation, and economic growth?
Market
Command
Traditional
9
Points along the production possibilities curve represent:
An unattainable level of consumption
An inefficient use of resources
An efficient use of resources
An economy free of scarcity
10
The basic concern of economics is:
How money is created
How society should use its unlimited resources
Whether supply or demand is more important
How to allocate scarce resources to satisfy unlimited needs and wants
11
What you give up when you make a choice is referred to as:
Scarcity
Microeconomics
Incentives
Opportunity Cost
12
RANDOM! Which state is the largest in terms of square miles?
Florida
Alaska
Texas
California
13
Which one of the following statements does NOT reflect a basic economic concept?
The real cost of something is what you give up to get it
"How much?" is a decision at the margin
Incentives have no impact on decision making
Resources are scarce
14
An economy has a comparative advantage in the production of a good when:
It can produce more of that good
It has more factories
It has a lower opportunity cost of production
Its labor force is larger
15
RANDOM! What is the best-selling album of all time? (worldwide)
Dark Side of the Moon (Pink Floyd)
Saturday Night Fever (Bee Gees)
Thriller (Michael Jackson)
Their Greatest Hits (The Eagles)
16
RANDOM! How many stars are in the "Big Dipper" constellation?
9
5
11
7
17
Which of the following statements is true based on the table below?
In Japan, the opportunity cost of 1 computer = 2 cars
The US has an absolute advantage in computers
Japan has an absolute advantage in cars
In Japan, the opportunity cost of 1 car = 2 computers
18
Which statement best fits the views of economist Adam Smith?
Free markets are inefficient
Self-interested behavior causes inefficient markets
Markets should be guided by an invisible hand
Government regulations increase efficiency
19
RANDOM! Which letter is
misrepresented
in the military's phonetic alphabet?
C = Chopper
D = Delta
A = Alpha
B = Bravo
20
RANDOM! Geronimo was a member of which Native American tribe?
Iriquois
Sioux
Cheyenne
Apache
21
The United States economy is best characterized as:
A pure market system
A mixed economic system
A traditional economic system
A command economic system
