Ap microeconomics Study guides, Class notes & Summaries

AP Microeconomics Practice Exam 1, Section 1 Questions And Answers.

The characteristic from which all economic problems arise is... A) Political Decisions B) Providing a minimal standard of living for every person C) How to make a profit D) Hunger E) Scarcity - correct answers E Scarcity results from the fact that... A) People's wants exceed the resources available to satisfy them B) Not all goals are desirable C) We cannot answer the major economic questions D) Choices made in self-interest are not always in the social interest E) The population ...

AP Microeconomics Final Exam Questions With Answers.

Economics - Answer The study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited material wants. Resources - Answer Factors of production, 4 categories: labor, physical capital, land/natural resources, and entrepreneurial ability Scarcity - Answer The imbalance between limited productive resources and unlimited human wants Opportunity Cost - Answer The most desirable alternative given up as the result of a decision Margina...

AP Microeconomics Final Exam Review(For Mr. Fortner's AP Econ classes. All questions and answers are taken right from review materials on the moodle)Latest!!

AP Microeconomics: Unit 4 Exam Questions and Answers 5 Characteristics of a Monopoly - Answer>> 1) Single Seller 2) Unique good with no close substitute 3) "Price Maker" 4) High Barriers to Entry 5) Some "Nonprice" Competition Single Seller (1) - Answer>> -one firm controls the vast majority of a market -firm=industry "Price Maker" (3) - Answer>> -firm can manipulate price by changing the quantity produced (ie. shifting supply to the left)

AP Microeconomics Spring 2024 Exam Review Economics - Answer>> The study of how people, firms, and societies use their scarce productive resources to best satisfy their unlimited wants Factors of Production - Answer>> Labor, Land, Capital, Entrepreneurial ability Physical capital - Answer>> Manmade equipment like machinery, but also buildings, roads, vehicles, and computers

AP Microeconomics Unit 2 Exam Review and Answers the quantity of a product that will be purchased at various possible prices - Answer>> demand there is an inverse relationship between price and quantity demanded - Answer>> Law of Demand a lower price enables you to buy more with the same income - Answer>> income effect a lower price makes you substitute (demand) the lower priced product instead of other similar products - Answer>> substitution effect the more...

AP Microeconomics Unit 2 Exam Review and Answers the quantity of a product that will be purchased at various possible prices - Answer>> demand there is an inverse relationship between price and quantity demanded - Answer>> Law of Demand a lower price enables you to buy more with the same income - Answer>> income effect a lower price makes you substitute (demand) the lower priced product instead of other similar products - Answer>> substitution effect the more...