Ap microeconomics - Study guides, Class notes & Summaries

AP Microeconomics Practice Exam Questions And Answers.

AP Microeconomics/Macroeconomics Premium, 2025: Prep Book with 4 Practice Tests + Comprehensive Review + Online Practice (Barron's AP Prep) Premium Edition Table of Contents How to Use This Book INTRODUCTION 1 The AP Tests in Microeconomics and Macroeconomics Introduction Microeconomics, Macroeconomics, or Both? The Tests: What Topics Will You See? Multiple-Choice Questions Free-Response Questions Practice, Practice, Practice Microeconomics Pretest Pretest AP Score Estimate Answe...

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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

scarcity CORRECT ANSWER the limited nature of society's resources economics CORRECT ANSWER the study of how society manages its scarce resources efficiency CORRECT ANSWER the property of society getting the most it can from its scarce resources rational people CORRECT ANSWER people who systematically and purposefully do the best they can to achieve their objectives marginal changes CORRECT ANSWER small incremental adjustments to a plan of action incentive CORRECT ANSWER something...

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Economics CORRECT ANSWER The study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited wants Factors of Production CORRECT ANSWER Labor, Land, Capital, Entrepreneurial ability Physical capital CORRECT ANSWER Manmade equipment like machinery, but also buildings, roads, vehicles, and computers Entrepreneurial Ability CORRECT ANSWER The effort and know how to put the other resources (Factors of Production) together in a productive ventu...

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AP Microeconomics Practice Exam 2024 with Answers 1. Which of the following best defines opportunity cost? - Answer>> It is the amount of one product that must be given up to produce an additional unit of another product 2. Which of the following explains why a production possibilities curve is often represented as concave (bowed out) from the origin? - Answer>> Increasing opportunity costs