Which of the following is NOT one of the basic economic questions listed in the presentation? Click it to see your results. Explain the relationship between scarcity, choices, and trade-offs The entire economic perspective is based on both scarcity and choices. Lower taxes would result in lower revenues. Information. Question 7: The correct answer is D. The key concept covered here is “cost-benefit analysis”. Possession. Based on your results, we'll create a customized Test Prep Plan just for you! As Rosa considers where to build her new bakery, she also factors in the number of other bake shops in the area. Choose your answers to the questions and click 'Next' to see the next set of questions. A public want everyone in the community wants it and will use it. A market with limited government intervention, A market where businesses set the terms of exchange, A market where consumers set the terms of exchange, A part of something dictates how the whole will act, A little of something will dictate how more will act, The whole will dictate how a part will act, A great deal of something will dictate how a small part will act. The study of a society's allocation of resources, The study of a government's distribution of resources, The study of buying and selling in the stock market. 346 times. We'll review your answers and create a Test Prep Plan for you based All rights reserved. What is the term for determining how resources are used? to them later with the "Go To First Skipped Question" button. This is untrue; utility doesn't change depending on the circumstances. Which model is of the most use to a microeconomist? Explain your answer. People frequently don’t purchase the highest-priced goods because the marginal benefit of … Which of the following is NOT a producer? Which standard of allocation is relevant to her situation? Economic Concepts DRAFT. 30 seconds . Take this practice test to check your existing knowledge of the course material. They decide what types of products a business makes. Items that people can use to make or obtain what they need or want, Any commercial activity that seeks profit by providing goods and services to others in exchange for money, Money left over after a business has paid the cost of providing its goods and services, The contest between businesses to win customers. A 2% increase in foreign investment is associated with a 0.5% rise in economic growth. All other trademarks and copyrights are the property of their respective owners. �s�A�55�H�[Q�Ö�% Which of the following gives an example of utility changing depending on the circumstances? _____ is the study of business and consumers, while _____ is the study of the economy as a whole. You are overseeing the construction of buildings on an island. Study more effectively: skip concepts you already know and focus on what you still need to learn. What field of economics concerns itself with the actions of whole countries? Services, Basic Economic Concepts & Terms Chapter Exam. Scarcity - the fundemental economic problem Why would you want to build high-rises? Flip to your Problem Set * * * C * AP Microeconomics Unit 1: Basic Economic Concepts 1-7. Since one child misbehaves, the whole class must misbehave. Basic Economic Concepts & Terms Chapter Exam Instructions. l%�?�6�������YDۣ. When you have completed the practice exam, a green submit button will The amount of electricity you used last month is different from the month before, but the yearly average is the same. To make the best use of limited resources, you should satisfy your needs first and then your wants. Earn Transferable Credit & Get your Degree. How does profit and competition motivate a business? This scenario closely aligns with which of the following? 620 0 obj <> endobj When you have completed the practice exam, a green submit button will Things you don't have to have to survive, but would like to have, Things that you must have in order to survive, Tasks that businesses perform for consumers. Which of the following is NOT an inefficiency?

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