Transcription of AP Economics Microeconomics – Unit 1: Basic Economic ...
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AP Economics Microeconomics – Unit 1: Basic Economic ...
AP Economics Microeconomics unit 1: Basic Economic Concepts unit Exam Review Exam Information: - 2 Sections: Multiple Choice (20 questions) and Free Response Questions (1 long answer, 2 short answer) - Time Limits: Multiple Choice (25 minutes) and FRQ s (50 minutes) - Point Values: Multiple Choice (1 point each) and Long Answer FRQ (10 points) and Short Answer FRQs (5 points each) - Out of 100% - earned points divided by total points (40 points) unit 1 Exam is on the following subjects: 1. Scarcity a. What is scarcity? b. What role does scarcity play in the formation of Economic systems? c. What makes a resource scarce? 2. Opportunity Costs a. What are opportunity costs? b. How do we determine the opportunity cost of a good or service or course of action? c. What role do opportunity costs play in the evaluation of comparative advantage and marginal benefits/marginal costs? d. What role do opportunity costs play in analyzing the production possibilities curve?
AP Economics . Microeconomics – Unit 1: Basic Economic Concepts . Unit Exam Review . Exam Information: - 2 Sections: Multiple Choice (20 questions) and Free Response Questions (1 long answer, 2 short ... Economic Systems a. What are the 5 fundamental questions addressed by all economic systems? b. How are resources allocated in a market economy?
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