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_____________ AP Microeconomics Test: Basic Economic Concepts Page 1 of 6 User Name:_______________ (print clearly) Instructor: _________________ Date:__________ Directions •
Neatly write your responses in the spaces provided. Use a blue or black pen. Don’t write in the margins. •
Remember to complete the submission information on every page you turn in. Free Response Questions: 1. Economic Analysis A. Define opportunity cost. (2 points) How is it used in economic analysis? (3 points) B. What are sunk costs? (2 points) How are they used in economic decision making? (3 points) Copyright © 2021 Apex Learning. See Terms of Use for further information.
Opportunity cost is the value of the next best alternative forgone when a decision is made. In economic analysis, it serves as a crucial concept to assess trade-offs, allowing economists and decision-makers to evaluate the true cost of choosing one option over another and make informed choices based on the relative benefits and sacrifices involved.
Sunk costs are expenditures that have already been incurred and cannot be recovered. In economic decision-making, recognizing and ignoring sunk costs is essential, as they should not influence current decisions; instead, decisions should be based on future costs and benefits to optimize resource allocation and maximize overall value.
_____________ AP Microeconomics Page 2 of 6 Test: Basic Economic Concepts User Name:_______________ Instructor: _________________ Date:__________ (print clearly) C. Suppose your MP3 player cost $30 in repairs over the past six months. If it stops working again, requiring another $30 in repairs, would you repair it or replace it? Use the concept of sunk costs in your explanation. (6 points) 2. Define absolute and comparative advantage. (6 points) Copyright © 2021 Apex Learning. See Terms of Use for further information.
In deciding whether to repair or replace the MP3 player, the sunk cost of the previous $30 in repairs should be disregarded. The decision should be based on the current repair cost versus the cost of a new MP3 player, evaluating future benefits rather than considering unrecoverable past expenses. If the repair cost is reasonable and the player still meets your needs, repairing it might be the economically rational choice.
Absolute advantage refers to a situation where a country, individual, or entity can produce a good or service more efficiently using fewer resources than another. Comparative advantage, on the other hand, is the ability of a country, individual, or entity to produce a good or service at a lower opportunity cost compared to another, even if it may not have an absolute efficiency advantage in any specific production aspect. These concepts form the basis for understanding specialization and trade in international economics.
_____________ AP Microeconomics Page 3 of 6 Test: Basic Economic Concepts User Name:_______________ Instructor: _________________ Date:__________ (print clearly) 3. List the four steps in the scientific method. (4 points) 4. Positive and Normative Economics A. What is the difference between positive and normative economics? (4 points) Copyright © 2021 Apex Learning. See Terms of Use for further information.
The scientific method involves four key steps: making observations, forming a testable hypothesis, conducting experiments to gather data, and drawing conclusions based on the results, leading to the refinement or rejection of the initial hypothesis. This systematic approach is fundamental to scientific inquiry and the advancement of knowledge.
Positive economics involves the objective analysis of economic phenomena, focusing on facts and cause-and-effect relationships without incorporating value judgments. In contrast, normative economics is concerned with subjective evaluations and prescriptions, involving opinions on what ought to be done based on personal or societal values and beliefs.
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Related Questions
Use the following table:
Courses
Credits
Grade
Computer Principles
3
F
Business Law
3
A
Logic
1
B
Biology
4
D
Marketing
3
F
A = 4, B = 3, C = 2, D = 1, F = 0
Calculate the grade-point average. (Round your answer to 2 decimal places.)
Grade-point average
Note:-
Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.
Answer completely.
You will get up vote for sure.
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Assignment One Topic: Farm fertilizer In 2019 the Dutch Parliament decided they were going to arbitrarily
close 50% of their livestock farms. Soon after this, the Canadian Government was rumored to be on the verge
of implementing an extremely large tax on Farm fertilizer used (upwards of 35-40% depending on where you
looked). Assume they do go ahead with this rumored idea, what happens next, what is the fallout in the
Economy and how will it impact you? Is this a good idea? The tools you need to analyse this question can be
found in the first half of your textbook and there are plenty of articles online about the question
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10 A website called People to remember has
been created to celebrate people who
have had some lasting influence. Write a
short profile (120-150 words) of someone
famous from your country to appear on
the website. Choose from these ideas or
use an idea of your own.
.
a politician
a sportsperson
a performer
an artist
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readings: Rousseau, Selection from A Discourse on Political Economy; Rousseau, Selections from Emile; Wollstonecraft, Selections from A Vindication of the Rights of Woman all in pdf on course website
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do it with pencil and paper
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9 Write an essay (150-180 words) based on the title
below. Remember to:
⚫think about the pros and cons of using technology,
and make notes
•
⚫ write a topic sentence for each paragraph, then give
more details and/or examples
⚫use connecting words and phrases to link sentences
and paragraphs.
•check your essay carefully when you have finished
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Edit
View
History
Bookmarks
People
Window Help
Tab
100%
Thu 9:40 AM
Group | Internship focu X
sakai.rutgers.edu : FRM COLO X
Chapter 6 - Knewton
knewton.com/learn/section/02a22af7-Ofc1-4bd0-adf0-6b695b188b23/quiz/121b96ba-a283-4cac-b674-6cf08293504c/results
HBO Max N Netflix
НВО Маx
a Prime Video
Disney+
Sy Symbolab
Youtube
Target
4p
Chase Navy Federal
C Chegg
WS.J WSJ 1R Rutgers Zoom
Khan Academy
QUESTION 7 0/1 POINTS
Quantity of
Product A
Total Utility Marginal Utility
Quantity of
Product B
Total Utility Marginal Utility
1
16
16
1
30
30
30
14
46
16
42
12
61
15
52
10
4
75
14
60
8.
88
13
66
6.
6.
100
12
7
70
4
7
111
11
Please refer to the table above. The price of Product A is $1 and the price of Product B is $3. How many of Product A is in
the optimal consumption choice if this consumer is limited to spending $25?
X That's not right.
4 unit(s) of Product A
FEEDBACK
234 n6
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PLS HELP ASAP ON BOTH
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3
General purpose
An organizational format that arranges information in logical categories
◇ The objective you want to accomplish in a speech
O Describing the order in which things must be done from first, to second, to third,
etc.)
○ “President Rabbit, president of our Maintown branch, claims the product increased
work productivity by 50 percent."
○ Get the audience's attention, state your central idea, tell them how they'll benefit,
and preview the speech
Speech style that is well-prepared, rehearsed, and delivered in conversational style
O Practicing out loud, and with a live audience, where you attend to your body and
voice
Ideas and graphics that you can add to your speech
Designed to encourage people to believe or do something
O Designed to teach people how to do something or how something works
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7 Write a description of a journey (120-150
words). It can be a positive or a negative
experience. Try to include the following:
descriptions of what you could see / smell /
hear/taste/feel
interesting language including strong adjectives
-ing clauses
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Actívity 1
ACTIVITY 2
The following are sentences used as openers in application letters. Tell whether
Research over the internet about the biography of a famous person. He or she
they are effective of not. Revise those which you think are not effective.
could be a successful person in his/her chosen career. Following the parts and other
features of an application letter as well as the past lesson you have learned, design a
1. I, Jelaika Jade Locsin Montesa, a fresh graduate of the University of Santo Tomas
résumé and an application letter for him or her.
wish to inform you of my great desire to be part of your prestigious company.
Effective
Not Effective
2. I am writing to express my intention of applying ass an examinations
service officer in your company.
Effective
Not effective
3. I am writing to express my interest in applying to any position in your
company.
Effective
Not Effective
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INSTRUCTIONS:
Write your name and surname on your answer sheet.
Answer all questions on your answer sheet.
Write neatly and legibly. (easy to read)
PAPER 2: THE ECONOMY AND ENTREPRENEURSHIP
SECTION A
QUESTION 1
Match the description in Column A with the correct word/ words in Column B. write
only the correct letter next to the number on your answer sheet.
(10 Marks)
Column A
Column B
1. Making decision about the future.
A. Advertising
2. Communicating with consumers through the media(TV,
newspaper, radio)
3. A specific group of people with certain characteristics at
which an entrepreneur aims to sell products or services.
4. Motivate workers to do the best they can.
B. Leading
C. Planning
D. Strike
5. When workers refuse to work or withhold their labour.
E. Target market
Question 2
Indicate if the following statements are True or False. Write only the correct answer on
(7 Marks)
the answer sheet:
1. Decrease of income tax is opportunity.
2. Increase in the fuel price is a threat.
3. A…
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Read over these resources for writing good introductions and conclusions. t, revise the introduction and conclusion using what you've learned. But remember--you may NOT use the internet to find information. Use your own experience and knowledge. For this,write a few sentences about how you used the resources to revise your draft.
Introductions and Conclusions--LARC : https://www.grammarly.com/blog/start-an-essay/
Introductions from Grammarly : https://www.grammarly.com/blog/start-an-essay/
Conclusions from Grammarly : https://www.grammarly.com/blog/how-to-write-a-conclusion/?gclid=Cj0KCQjwkt6aBhDKARIsAAyeLJ23T6pYsFTrmPFi6_R-EKRAFxRNyoXR9RujMH573K3WFks_fwGChdAaAmOHEALw_wcB&gclsrc=aw.ds
Working part-time at my local Dairy Queen has given me firsthand experience of the challenges associated with a $9 /hour wage. Despite putting in 36 hours (about 1 and a half days) weekly, the paycheck hovers around $250-$260, highlighting a stark economic reality. This scenario underscores the…
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is nearing the end of its life, so the options are to either overhaul the car or replace it with a new car. Pompeii's has put together the following budgetary items:
Present Car
New Car
Purchase cost new
$32,000
Transmission and other repairs
$8,000
Annual cash operating cost
13,000
10,000
Fair market value now
5,000
Fair market value in five years
1,000
5,000
If Pompeii's replaces the transmission of the pizza delivery vehicle, they expect to be able to use the vehicle for another 5 years. If they sell the old vehicle and purchase
a new vehicle, they will use that vehicle for 5 years and then trade it in for another new pizza delivery vehicle. If they trade for the new delivery vehicle, their operating
expenses will decrease because the new vehicle is more gas efficient and the maintenance on a new car is less.…
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Filipino entrepreneur
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describe your product
answer the questions
1. What does the product physically look like?
2. What does it do?
3. What purpose does it serve?
4. Why will people find it useful?
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Entrepreneur's potential earnings as a salaried worker = $50,000
Annual lease on building = $22,000
Annual revenue from operations = $380,000
Payments to workers = $120,000
Utilities (electricity, water, disposal) costs = $8,000
Entrepreneur's potential economic profit from the next best entrepreneurial activity = $80,000
Entrepreneur's forgone interest on personal funds used to finance the business = $6,000
Answer these questions directly:
a) Creamy Crisp's explicit costs are:
b) Creamy Crisp's implicit costs (total) are :
c) Creamy Crisp's total economic costs (explicit + implicit costs) are:
d) Creamy Crisp's accounting profit is:
e) Creamy Crisp's economic profit is:
f) If Creamy Crisp's revenue fell to $286,000, what is the new accounting profit and the new economic profits?
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A. the advantages of U.S. culture
B. marketing skills
C. how to determine the purchasing power of his salary in Germany
D. details about the new product lin
E. what to expect from German cultur
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1
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23
Which of the following represents an opportunity for generating a new product?
Select one:
a. demographic change, such as decreasing family size
b. economic change, such as rising household incomes
c. changes in professional standards
d. understanding the customer
e. all answers.
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imaginary). Include your general opinion and comments
on some of the following aspects of the course.
⚫ level
⚫ pace
• materials and handouts
⚫ facilities
⚫ tuition/training ⚫ workload
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Economics
Was it ethical for Tesla to hire a PR firm to monitor its employees? Yes or No? Write a
paragraph to explain your answer.
discussion
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opportunity cost of producing a product from zero
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What is an executive summary?.
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Related Questions
- Use the following table: Courses Credits Grade Computer Principles 3 F Business Law 3 A Logic 1 B Biology 4 D Marketing 3 F A = 4, B = 3, C = 2, D = 1, F = 0 Calculate the grade-point average. (Round your answer to 2 decimal places.) Grade-point average Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.arrow_forwardAssignment One Topic: Farm fertilizer In 2019 the Dutch Parliament decided they were going to arbitrarily close 50% of their livestock farms. Soon after this, the Canadian Government was rumored to be on the verge of implementing an extremely large tax on Farm fertilizer used (upwards of 35-40% depending on where you looked). Assume they do go ahead with this rumored idea, what happens next, what is the fallout in the Economy and how will it impact you? Is this a good idea? The tools you need to analyse this question can be found in the first half of your textbook and there are plenty of articles online about the questionarrow_forward10 A website called People to remember has been created to celebrate people who have had some lasting influence. Write a short profile (120-150 words) of someone famous from your country to appear on the website. Choose from these ideas or use an idea of your own. . a politician a sportsperson a performer an artistarrow_forward
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- Edit View History Bookmarks People Window Help Tab 100% Thu 9:40 AM Group | Internship focu X sakai.rutgers.edu : FRM COLO X Chapter 6 - Knewton knewton.com/learn/section/02a22af7-Ofc1-4bd0-adf0-6b695b188b23/quiz/121b96ba-a283-4cac-b674-6cf08293504c/results HBO Max N Netflix НВО Маx a Prime Video Disney+ Sy Symbolab Youtube Target 4p Chase Navy Federal C Chegg WS.J WSJ 1R Rutgers Zoom Khan Academy QUESTION 7 0/1 POINTS Quantity of Product A Total Utility Marginal Utility Quantity of Product B Total Utility Marginal Utility 1 16 16 1 30 30 30 14 46 16 42 12 61 15 52 10 4 75 14 60 8. 88 13 66 6. 6. 100 12 7 70 4 7 111 11 Please refer to the table above. The price of Product A is $1 and the price of Product B is $3. How many of Product A is in the optimal consumption choice if this consumer is limited to spending $25? X That's not right. 4 unit(s) of Product A FEEDBACK 234 n6arrow_forwardPLS HELP ASAP ON BOTHarrow_forward3 General purpose An organizational format that arranges information in logical categories ◇ The objective you want to accomplish in a speech O Describing the order in which things must be done from first, to second, to third, etc.) ○ “President Rabbit, president of our Maintown branch, claims the product increased work productivity by 50 percent." ○ Get the audience's attention, state your central idea, tell them how they'll benefit, and preview the speech Speech style that is well-prepared, rehearsed, and delivered in conversational style O Practicing out loud, and with a live audience, where you attend to your body and voice Ideas and graphics that you can add to your speech Designed to encourage people to believe or do something O Designed to teach people how to do something or how something worksarrow_forward
- 7 Write a description of a journey (120-150 words). It can be a positive or a negative experience. Try to include the following: descriptions of what you could see / smell / hear/taste/feel interesting language including strong adjectives -ing clausesarrow_forwardActívity 1 ACTIVITY 2 The following are sentences used as openers in application letters. Tell whether Research over the internet about the biography of a famous person. He or she they are effective of not. Revise those which you think are not effective. could be a successful person in his/her chosen career. Following the parts and other features of an application letter as well as the past lesson you have learned, design a 1. I, Jelaika Jade Locsin Montesa, a fresh graduate of the University of Santo Tomas résumé and an application letter for him or her. wish to inform you of my great desire to be part of your prestigious company. Effective Not Effective 2. I am writing to express my intention of applying ass an examinations service officer in your company. Effective Not effective 3. I am writing to express my interest in applying to any position in your company. Effective Not Effectivearrow_forwardPART A: Several years ago, hurricane Gilbert destroyed thousands of acres of banana in Jamaica. Farmers whose crops were destroyed by the hurricane were much worse off, but farmers whose crops were not destroyed benefited from the hurricane. Why did this occur? What information would you need about the market for bananas in order to assess whether farmers as a group were hurt or helped by the floods?arrow_forward
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SEE MORE QUESTIONS
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Recommended textbooks for you
- Economics Today and Tomorrow, Student EditionEconomicsISBN:9780078747663Author:McGraw-HillPublisher:Glencoe/McGraw-Hill School Pub Co
Economics Today and Tomorrow, Student Edition
Economics
ISBN:9780078747663
Author:McGraw-Hill
Publisher:Glencoe/McGraw-Hill School Pub Co