Unit 1 AP Econ Test
2 Questions
| Attempts: 115
Basic Concepts
Questions and Answers
- 1.
The crucial problem of economics is
- A.
Establishing a fair tax system.
- B.
Providing social goods and services.
- C.
Developing a price mechanism that reflects the relative scarcities of products and resources.
- D.
Allocating scarce productive resources to satisfy wants.
- E.
Enacting a set of laws that protects resources from overuse.
Correct Answer
D. Allocating scarce productive resources to satisfy wants. -
- 2.
When one decision is made, the next best alternative not selected is called
- A.
Economic resource
- B.
Opportunity cost
- C.
Scarcity
- D.
Comparative advantage
Correct Answer
A. Economic resource -
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Feb 13, 2013Quiz Edited by
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Feb 15, 2012Quiz Created by
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