AP Econ Unit 1 Practice

AP Econ Unit 1 Practice

Assessment

Assessment

Jane Ellingson

Other

11th - 12th Grade

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31 questions

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1.

Multiple Choice

30 sec

1 pt

Economics is the study of...

how businesses produce goods and services

the efficient use of scarce resources

the equitable distribution of wealth

the printing and circulation of money

2.

Multiple Choice

30 sec

1 pt

"There is no such thing as a free lunch means?"

marginal benefit is greater than marginal cost

businesses can increase market share by offering free lunch

scarce resources have alternative uses or opportunity costs

consumers often ask for free lunch

3.

Multiple Choice

30 sec

1 pt

A major principle of economic thinking is

weighting marginal benefit vs.marginal cost

equating self interest

validity of normative economics

recognizing the abundance of economic resources

4.

Multiple Choice

30 sec

1 pt

The lower the price of the product, the greater the quantity consumed is based on 

post hoc fallacy

ceteris parabis

law of demand

marginal utlity

5.

Multiple Choice

30 sec

1 pt

The production of more goods, the development of new technology, and the development of a higher standard of living are associated with what economic goal

Economic Equity

Economic Efficiency

Full Employment

Economic Growth

6.

Multiple Choice

30 sec

1 pt

Which economic goal is associated with the idea we want to get the maximum benefit at the minimum cost from the limited productive resources

Economic Security

Economic Freedom

Economic Growth

Economic Efficiency

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