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AP MICRO Unit 1: Basic Economic Concepts Flashcards | StudBud

Explore/AP MICRO Unit 1: Basic Economic Concepts

AP MICRO Unit 1: Basic Economic Concepts

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Questions 8

Answers

1
What is opportunity cost to an economist?
The accounting costs (explicit costs).
What is given up when a choice is made.
The additional cost of an action.
The additional benefit of an action.
2
What is economics?
Study of Investments like Stocks and Bonds
Study of Banking and Credit
Study of Choice under Scarcity
Study of Graphs and Tables
3
Which describes a factor of production that is not scarce, and can be used in the production of more than one good?
The basic knowledge that enhances the organization of all assembly lines
Land that is cultivated for two crops by more than one farmer
Labor that has received enhanced training in assembly-line work
Machines that can produce both clothing and bedsheets
4
How is MICROeconomics different from MACROeconomics?
MACRO looks a product markets
MICRO studies national economies.
MACRO focuses on banking and finance for firms.
MICRO studies choices of smaller units (firms, people)
5
Which of these statements is an example of NORMATIVE economics?
"The bond market is in decline."
"Inflation is higher this year."
"Data indicates we are in a recession"
"Taxes should be lowered."
6
What is scarcity (the economizing problem)?
Unlimited wants
Limited resources
A shortage in a resource
Limited needs
7
The object in the image is an example of WHAT resource?
Labor
Entrepreneurship
Capital
Land
8
Which of the following is NOT a factor of production (resource) in economics?
Goods and Services
Labor
Capital
Land