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AP Microeconomics 1.1 Scarcity Questions

Practise explaining why limited factors of production cannot satisfy unlimited wants, how scarcity creates choice and opportunity cost, and what counts as capital.

Syllabus
Effective Fall 2022
Course
AP Microeconomics

Exam points

  • define scarcity using limited factors of production and unlimited wants
  • distinguish scarce resources and physical capital from non-scarce goods, land, labour, income, or money
  • connect scarcity to the need for choice and the opportunity cost of the forgone alternative

Covered syllabus points

MKT-1.A—Define resources and the cause(s) of their scarcity

Question 1

[Maximum number: 1]

38. Which of the following is an example of physical capital?

A

Earnings from a job

B

Fish in the ocean

C

Money in a person's wallet

D

An unskilled worker

E

A tractor used in farming

Figure for Question 1 — AP Microeconomics
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