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AP Microeconomics Mkt 1 A Define Resources and the Cause S of Their Scarcity Questions

Practise defining scarcity, connecting limited factors of production to choice and opportunity cost, and distinguishing physical capital from land, labour, or money.

Syllabus
Effective Fall 2022
Course
AP Microeconomics

Exam points

  • define scarcity as limited factors of production relative to unlimited wants for goods and services
  • recognise a good as non-scarce when obtaining more requires giving up nothing
  • explain why scarce resources force choices and create opportunity costs
  • identify physical capital such as machinery and distinguish it from land, labour, income, or money

AP Microeconomics Mkt 1 A Define Resources and the Cause S of Their Scarcity Questions 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

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