Transcription of UNIT 1 Macroeconomics SAMPLE QUESTIONS Key
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UNIT 1 Macroeconomics SAMPLE QUESTIONS Key
Advanced Placement Economics Teacher Resource Manual National Council on Economic Education,New York, to SAMPLE Long Free-Response society has the fundamental problem ofscarcity.(A)What is scarcity? Scarcity exists because there are limited resources to fulfill unlimited wants.(B)What three QUESTIONS must every society answer because ofscarcity? What to produce andhow much ofeach good or service to produce,how to produce,and for whom to produce(C)What are the three ways societies have dealt with the scarcity problem?Tradition,commandand market(D)Give one example ofhow each way is used in the United will produces two commodities:movies and s resourcesinclude workers,factories,electricity and so following schedule indicates some ofthepoints on Hightechland s production possibilities (A)Does movie production exhibit increasing,decreasing or constant per-unit opportunity costs?
Answers to Sample Long Free-Response Questions 1. Every society has the fundamental problem of scarcity. (A) What is scarcity? Scarcity exists because there are limited resources to fulfill unlimited wants. ... 1 Macroeconomics LONG FREE-RESPONSE SAMPLE QUESTIONS Answer Key
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