AP Microeconomics Choice in a World of Scarcity — practice questions
16 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice AP Microeconomics Choice in a World of Scarcity in the app →Costs incurred in the past that cannot be recovered are called:Examining the benefits and costs of a little more or a little less of a good is:The model used to show the constraints a whole society faces is the:A line showing every combination of two goods that exhausts a consumer's money is a:The condition of having limited means to satisfy given ends is called:The pattern where each extra unit of a good gives less additional satisfaction is the law of:The three critical concepts introduced alongside scarcity are marginal decision making, diminishing returns anSunk costs should not affect a current decision because they:A society does not need to produce every good it consumes because of:Points on a budget constraint all share which property?Marginal utility declining as more of a good is consumed means that total utility:Scarcity is described as a condition that is:Marginal analysis is contrasted in the text with choices that are:The production possibilities frontier and the budget constraint are analogous because both show:The three concepts of opportunity cost, marginal decision making and diminishing returns are introduced as parIn the worked budget constraint example, the consumer's total budget is: