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AP Economy Assessment Packet

INQUIRIES

1 . Economics is best identified as

a. the study of how scarce materials wants are allocated among unlimited methods. b. the study of how hard to find labor could be replaced by simply unlimited capital. c. study regarding how decision makers select the right way to meet their unlimited material wants with a hard to find supply of resources. d. study regarding how unlimited material wants can ideal be pleased by allocating limitless numbers of productive methods. e. the study of how capitalism is better than any other economy. 2 . Students decides that, having already spent 3 hours studying for an exam, the girl should use one more hour studying for the same exam. Which will of the pursuing is most likely the case? f. The marginal good thing about the fourth hour is certainly below the marginal cost of your fourth hour. g. The minor benefit of the fourth hour reaches least as great since the marginal cost of your fourth hour. l. Without knowing the student's opportunity cost of learning, we have no chance of understanding whether or not her marginal rewards outweigh her marginal costs. i. The marginal cost of the third hour was very likely greater than the marginal cost of the fourth hour. j. The marginal benefit for the third hour was lower than the marginal cost of the third hour. The island nation of Beckham uses economic solutions to produce tea and crumpets. Use the next production options frontier intended for questions 3–4.

3. Monetary growth is most beneficial represented with a movement coming from k. A to B

l. M to C

m. C to M

n. G to Elizabeth

o. Elizabeth to A

four. The shape with this PPF lets us know that

p. monetary resources happen to be perfectly substitutable from production of tea to creation of crumpets. q. individuals prefer that the equal volume of tea and crumpets be produced. r. the ability cost of generating crumpets increases as more crumpets will be produced....



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