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AP Microeconomics Unit 1 Practice Test

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About this Exam

Prepare with the AP Microeconomics Unit 1 Practice Test practice quiz. This question bank includes 21 questions covering production, cost, possibilities, country, and table. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

Sample Questions

Question 1
The above diagram represents the production possibilities of Country A and Country B, with the use of the same resources. Which of the following would be true for both Country A and Country B?
Country A has a comparative advantage in DVD players and Country B has a comparative advantage in TVs.
a straight diagonal line sloping downward from left to right.
all natural resources.
The production possibilities frontier is concave to the origin because of the law of increasing costs.
Explanation:
Correct answer: Country A has a comparative advantage in DVD players and Country B has a comparative advantage in TVs.
Question 2
Economists use the term “capital” to mean
diminishing marginal utility
plant and equipment.
the equilibrium price falls and the equilibrium quantity is undetermined
is primarily concerned with how resources are used.
Explanation:
Correct answer: plant and equipment.
Question 3
Production possibilities frontiers are concave to the origin because
all natural resources.
is primarily concerned with how resources are used.
of the law of increasing costs.
the equilibrium price falls and the equilibrium quantity is undetermined
Explanation:
Correct answer: of the law of increasing costs.
Question 4
Given the following table (combinations that can be produced using resources fully and efficiently), the opportunity cost of apples is
increasing opportunity cost of time
the car designer’s preference for designing homes instead of cars.
a definite increase in quantity and an indeterminate change in price
10/7 oranges.
Explanation:
Correct answer: 10/7 oranges.
Question 5
Economics is a social science that
is primarily concerned with how resources are used.
a straight diagonal line sloping downward from left to right.
the resource use of the entire nation.
the car designer’s preference for designing homes instead of cars.
Explanation:
Correct answer: is primarily concerned with how resources are used.

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Additional Information

AP Microeconomics Unit 1 Practice Test

This practice set contains 21 questions from the matching question bank and focuses on production, cost, possibilities, country, and table. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Frequently Asked Questions

This quiz contains a total of 21 practice questions carefully selected to test your knowledge on this subject.
Yes, you will have exactly 0 minutes to complete the exam. A countdown timer will be visible once you start.
Yes, you can retake this practice test as many times as you need. The questions and options may be randomized on subsequent attempts to ensure comprehensive learning.

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