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AP Micro Unit 1 and Unit 2

Quiz by Greg Thorson

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29 questions
Show answers
  • Q1
    Which of the following would NOT be considered a factor of production?
    money
    sewing machine
    factory worker
    orange
    20s
  • Q2
    Another name for goods and services produced by firms is
    factors of production
    outputs
    inputs
    resources
    20s
  • Q3
    In the factors of production market, households
    are buyers and firms are sellers.
    are sellers and firms are buyers.
    and firms are both buyers.
    and firms are both sellers.
    20s
  • Q4
    In the circular-flow diagram shown, which arrow shows the flow of spending by households?
    Question Image
    C
    B
    A
    D
    20s
  • Q5
    In economics, capital refers to
    the finances necessary for firms to produce their products.
    buildings and machines used in the production process.
    the city where firms must apply for the business license in their state.
    the money households use to purchase firms’ output.
    20s
  • Q6
    An economic outcome is said to be efficient if the economy is
    getting all it can from the scarce resources it has available.
    conserving on resources and not using all it has.
    using all of the resources it has available.
    able to produce more than its current production without additional resources.
    20s
  • Q7
    On the production possibilities frontier shown, the opportunity cost of getting 15 additional toasters by moving from point D to point C is
    Question Image
    It is impossible for the economy to move from point D to point C.
    20 toothbrushes
    30 toothbrushes
    10 toothbrushes
    20s
  • Q8
    In the production possibilities frontier shown, the shift of the frontier from A to B was most likely caused by which of the following?
    Question Image
    technological improvement in the production of batteries
    a general technological breakthrough
    more labor available in the economy
    more capital available in the economy
    20s
  • Q9
    The production possibilities frontier is bowed outward if
    Both b and c are correct
    resources are not perfectly shiftable between both outputs
    the amount of resources increases.
    the level of technology increases.
    20s
  • Q10
    Given the table shown, what is the opportunity cost to Toyland of increasing the production of dolls from 200 to 300?
    Question Image
    200 fire trucks
    It is impossible to tell what the opportunity cost is since in this example costs are not constant.
    100 fire trucks
    150 fire trucks
    20s
  • Q11
    Given the table shown, which of the following statements accurately describes the production possibilities for Toyland?
    Question Image
    The opportunity cost of an additional 100 dolls is 50 fire trucks.
    Without additional information, it is impossible to determine the opportunity cost of an additional doll.
    The opportunity cost of an additional 100 dolls increases as more dolls are produced.
    The opportunity cost of an additional 100 dolls is 100 fire trucks.
    45s
  • Q12
    According to the graph, an efficient combination of bathtubs and barrels would be
    Question Image
    30 barrels and 6 bathtubs.
    25 barrels and 12 bathtubs.
    20 barrels and 8 bathtubs.
    15 barrels and 12 bathtubs.
    45s
  • Q13
    Microeconomics is the study of
    the behavior of consumers.
    how the economy as a whole works.
    how individual households and firms make decisions.
    how government affects the economy.
    45s
  • Q14
    A microeconomist might study each of the following EXCEPT
    the effects of rent control on housing in New York City.
    how tariffs on shoes affects the shoe industry.
    the effect on the economy when unemployment rates change.
    how a college student makes financial decisions.
    45s
  • Q15
    You lose your job and as a result you buy fewer mystery books. This shows that you consider mystery books to be a/an
    inferior good.
    normal good.
    complementary good.
    luxury good.
    45s

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