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Basic Economic Concepts
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Basic Economic Concepts
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25 Questions

1. A point lying directly on the production possibilities curve is
2. Marginal analysis is best defined as
3. If a society overallocates its resources, then
4. As a result of the scarcity of resources,
5. All are reasons why a production possibilities curve will shift to the right EXCEPT
6. "The study of economics is correctly defined as"
7. Mineral deposits, human capital, entrepreneurship, and use of technology and machinery are all examples of
8. The benefits of specialization likely include all of the following EXCEPT
9. All of the following are microeconomic variables EXCEPT
10. As a rule, one should purchase a good or engage in an activity if
11. A country is said to have a comparative advantage over another country when
12. It is beneficial for two countries to trade only when there is
13. Suppose both Spain and Germany produce soccer balls and golf balls. Spain can produce soccer balls at a lower opportunity cost than Germany. Germany can produce golf balls at a lower opportunity cost than Spain. According to the law of comparative advantage,
14. After dedicating two hours to studying for the AP economics exam, Seth chooses to spend an additional hour studying. Which of the following is most likely TRUE?
15. The benefits of specialization likely include all of the following EXCEPT
16. If a society overallocates its resources, then
17. The concave shape of the production possibilities curve implies the notion of
18. As a result of the scarcity of resources,
19. How is it possible for a country to obtain more than its production possibilities curve dictates?
20. The basic economic questions being answered by the decisions of buyers and sellers in the marketplace occur in
21. Scarcity is best defined as
22. As a rule, one should purchase a good or engage in an activity if
23. All are reasons why a production possibilities curve will shift to the right EXCEPT
24. All of the following are microeconomic variables EXCEPT
25. Both Richard and Michele can mow the lawn and walk their dog on Sunday morning. For every half hour of walking the dog, Richard can mow twice the amount of lawn Michele can. According to this information,

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