AP Microeconomics ACTUAL Questions and CORRECT Answers
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AP Microeconomics
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AP Microeconomics
AP Microeconomics ACTUAL Questions
and CORRECT Answers
economics - CORRECT ANSWER- the study of how society allocates scarce resources
economics - CORRECT ANSWER- the study of how society allocates scarce resources
Macroeconomics - CORRECT ANSWER- the branch of economics that studies national ...
AP Microeconomics ACTUAL Questions
and CORRECT Answers
economics - CORRECT ANSWER✔✔- the study of how society allocates scarce resources
economics - CORRECT ANSWER✔✔- the study of how society allocates scarce resources
Macroeconomics - CORRECT ANSWER✔✔- the branch of economics that studies national
and international economics
Macroeconomics - CORRECT ANSWER✔✔- the branch of economics that studies national
and international economics
microeconomics - CORRECT ANSWER✔✔- the branch of economics that studies how
people and firms make decisions
microeconomics - CORRECT ANSWER✔✔- the branch of economics that studies how
people and firms make decisions
resources - CORRECT ANSWER✔✔- also called "factors of production," these are
commonly grouped into the four categories: labor, physical capital,land(natural resources),
and entrepreneurial(企业家的) ability
resources - CORRECT ANSWER✔✔- also called "factors of production," these are
commonly grouped into the four categories: labor, physical capital,land(natural resources),
and entrepreneurial(企业家的) ability
capital - CORRECT ANSWER✔✔- the resources that includes equipment, machinery,
buildings, and tools
capital - CORRECT ANSWER✔✔- the resources that includes equipment, machinery,
buildings, and tools
,scarcity - CORRECT ANSWER✔✔- the imbalance between limited productive resources
and unlimited human wants
scarcity - CORRECT ANSWER✔✔- the imbalance between limited productive resources
and unlimited human wants
trade-offs - CORRECT ANSWER✔✔- the reality of scare resources implies that individuals,
firms,and governments are constantly faced with difficult choices that involve benefits an
costs
trade-offs - CORRECT ANSWER✔✔- the reality of scare resources implies that individuals,
firms,and governments are constantly faced with difficult choices that involve benefits an
costs
opportunity cost - CORRECT ANSWER✔✔- the value of the sacrifice made to pursue a
course of action
opportunity cost - CORRECT ANSWER✔✔- the value of the sacrifice made to pursue a
course of action
marginal - CORRECT ANSWER✔✔- the next unit, or increment(增长), of an action
marginal - CORRECT ANSWER✔✔- the next unit, or increment(增长), of an action
marginal benefit(MB) - CORRECT ANSWER✔✔- the additional benefit received from the
consumption of the next unit of a good or service
marginal benefit(MB) - CORRECT ANSWER✔✔- the additional benefit received from the
consumption of the next unit of a good or service
marginal cost(MC) - CORRECT ANSWER✔✔- the additional cost of producing one more
unit of output
,marginal cost(MC) - CORRECT ANSWER✔✔- the additional cost of producing one more
unit of output
marginal analysis - CORRECT ANSWER✔✔- making decisions based upon weighing the
marginal benefits and costs of that action. The rational decision maker will choose an action
if the marginal benefit is greater that or equal to the marginal cost(MB>=MC)
marginal analysis - CORRECT ANSWER✔✔- making decisions based upon weighing the
marginal benefits and costs of that action. The rational decision maker will choose an action
if the marginal benefit is greater that or equal to the marginal cost(MB>=MC)
production possibilities - CORRECT ANSWER✔✔- the different quantity of goods that an
economy can produce with a given amount of scare resources.
production possibilities - CORRECT ANSWER✔✔- the different quantity of goods that an
economy can produce with a given amount of scare resources.
law of increasing costs - CORRECT ANSWER✔✔- as more of a good is produced, the
greater is its opportunity (or marginal ) cost
law of increasing costs - CORRECT ANSWER✔✔- as more of a good is produced, the
greater is its opportunity (or marginal ) cost
absolute advantage - CORRECT ANSWER✔✔- the ability to produce more of a good than
all other producers
absolute advantage - CORRECT ANSWER✔✔- the ability to produce more of a good than
all other producers
comparative advantage - CORRECT ANSWER✔✔- the ability to produce a good at a lower
opportunity cost than all other producers.
, comparative advantage - CORRECT ANSWER✔✔- the ability to produce a good at a lower
opportunity cost than all other producers.
specialization - CORRECT ANSWER✔✔- production of goods or performance of tasks
based upon comparative advantage
specialization - CORRECT ANSWER✔✔- production of goods or performance of tasks
based upon comparative advantage
productive efficiency - CORRECT ANSWER✔✔- production of maximum output for a
given level of technology and resources
productive efficiency - CORRECT ANSWER✔✔- production of maximum output for a
given level of technology and resources
allocative efficiency - CORRECT ANSWER✔✔- production of the combination of goods
and service that provides the most net benefit to society; achieved when the marginal benefit
equals the marginal cost(MB=MC) of the next unit.
allocative efficiency - CORRECT ANSWER✔✔- production of the combination of goods
and service that provides the most net benefit to society; achieved when the marginal benefit
equals the marginal cost(MB=MC) of the next unit.
economic growth - CORRECT ANSWER✔✔- the increase in an economy's production
possibilities over time
economic growth - CORRECT ANSWER✔✔- the increase in an economy's production
possibilities over time
economy - CORRECT ANSWER✔✔- a system for coordinating(协调) society's productive
activities
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