APM Unit 1 Mod 1-9 Test with all Correct & 100% Verified
Answers |Latest Version |Already Graded A+
Economics ✔Correct Answer-the study of scarcity and choice
Individual Choice ✔Correct Answer-decisions by individuals about what to do, which
necessarily involve decisions about what not to do
Economy ✔Correct Answer-a system for coordinating a society's productive and consumptive
activities
Market Economy ✔Correct Answer-in which the decisions of individual producers and
consumers largely determine what, how, and for whom to produce, with little government
involvement in the decisions
Command Economy ✔Correct Answer-in which industry is publicly owned and a central
authority makes production and consumption decisions
Incentives ✔Correct Answer-rewards or punishments that motivate particular choices
Property Rights ✔Correct Answer-establish ownership and grant individuals the right to trade
goods and service with each other; comes with the incentive to produce things of value, to keep
or trade for mutual gain; ownership creates incentive to put resources to their best possible use
Marginal Analysis ✔Correct Answer-the study of the decisions, or of costs and benefits of
doing a little bit more of an activity versus a little bit less; plays a central role in economics as
the formula of doing things until the benefit no longer exceeds the marginal cost is key to
deciding "how much" to do of any activity
Resource ✔Correct Answer-factors of production; anything that can be used to produce
something else, classified into four categories (land, labor, capital, and entrepreneurship)
Land ✔Correct Answer-refers to all resources that come from nature (minerals, water, timber,
petroleum, etc.)
Labor ✔Correct Answer-the effort of workers
Capital ✔Correct Answer-manufactured goods used to make other goods and services
(machinery, buildings, tools, etc.)
, Entrepreneurship ✔Correct Answer-the efforts of entrepreneurs in organizing resources for
production, taking risks to create new enterprises, and innovating to develop new products and
production processes
Scarce ✔Correct Answer-resource is not available in sufficient quantities to satisfy all the
various ways a society wants to use it
Opportunity cost ✔Correct Answer-the value of what you must give up when you make a
particular choice; "the real cost" of an item; crucial to individual choice as ultimately all costs
are opportunity costs; includes all costs, whether monetary or not, of making a choice
Microeconomics ✔Correct Answer-the study of how individuals, households, and firms make
decisions and how those decisions interact
Macroeconomics ✔Correct Answer-concerned with the overall ups and downs of the
economy; focuses on economic aggregates
Economic Aggregates ✔Correct Answer-economic measures that summarize data across
many different markets (unemployment rate, inflation rate, GDP, etc.)
Positive Economics ✔Correct Answer-the branch of economic analysis that describes the way
the economy actually works; definitive right and wrong answers
Normative Economics ✔Correct Answer-makes prescriptions about the way the economy
should work
Business Cycle ✔Correct Answer-the alternation in the macroeconomy between economic
downturns, known as recessions, and economic upturns, known as expansions; enduring
feature of the economy
Depression ✔Correct Answer-very deep and prolonged downturn
Recessions ✔Correct Answer-periods of economic downturns when output and employment
are falling
Expansions (recoveries) ✔Correct Answer-periods of economic upturns when output and
employment are rising
Employment ✔Correct Answer-the number of people who are currently working for pay in
the economy
Unemployment ✔Correct Answer-the number of people who are actively looking for work but
aren't currently employed
Answers |Latest Version |Already Graded A+
Economics ✔Correct Answer-the study of scarcity and choice
Individual Choice ✔Correct Answer-decisions by individuals about what to do, which
necessarily involve decisions about what not to do
Economy ✔Correct Answer-a system for coordinating a society's productive and consumptive
activities
Market Economy ✔Correct Answer-in which the decisions of individual producers and
consumers largely determine what, how, and for whom to produce, with little government
involvement in the decisions
Command Economy ✔Correct Answer-in which industry is publicly owned and a central
authority makes production and consumption decisions
Incentives ✔Correct Answer-rewards or punishments that motivate particular choices
Property Rights ✔Correct Answer-establish ownership and grant individuals the right to trade
goods and service with each other; comes with the incentive to produce things of value, to keep
or trade for mutual gain; ownership creates incentive to put resources to their best possible use
Marginal Analysis ✔Correct Answer-the study of the decisions, or of costs and benefits of
doing a little bit more of an activity versus a little bit less; plays a central role in economics as
the formula of doing things until the benefit no longer exceeds the marginal cost is key to
deciding "how much" to do of any activity
Resource ✔Correct Answer-factors of production; anything that can be used to produce
something else, classified into four categories (land, labor, capital, and entrepreneurship)
Land ✔Correct Answer-refers to all resources that come from nature (minerals, water, timber,
petroleum, etc.)
Labor ✔Correct Answer-the effort of workers
Capital ✔Correct Answer-manufactured goods used to make other goods and services
(machinery, buildings, tools, etc.)
, Entrepreneurship ✔Correct Answer-the efforts of entrepreneurs in organizing resources for
production, taking risks to create new enterprises, and innovating to develop new products and
production processes
Scarce ✔Correct Answer-resource is not available in sufficient quantities to satisfy all the
various ways a society wants to use it
Opportunity cost ✔Correct Answer-the value of what you must give up when you make a
particular choice; "the real cost" of an item; crucial to individual choice as ultimately all costs
are opportunity costs; includes all costs, whether monetary or not, of making a choice
Microeconomics ✔Correct Answer-the study of how individuals, households, and firms make
decisions and how those decisions interact
Macroeconomics ✔Correct Answer-concerned with the overall ups and downs of the
economy; focuses on economic aggregates
Economic Aggregates ✔Correct Answer-economic measures that summarize data across
many different markets (unemployment rate, inflation rate, GDP, etc.)
Positive Economics ✔Correct Answer-the branch of economic analysis that describes the way
the economy actually works; definitive right and wrong answers
Normative Economics ✔Correct Answer-makes prescriptions about the way the economy
should work
Business Cycle ✔Correct Answer-the alternation in the macroeconomy between economic
downturns, known as recessions, and economic upturns, known as expansions; enduring
feature of the economy
Depression ✔Correct Answer-very deep and prolonged downturn
Recessions ✔Correct Answer-periods of economic downturns when output and employment
are falling
Expansions (recoveries) ✔Correct Answer-periods of economic upturns when output and
employment are rising
Employment ✔Correct Answer-the number of people who are currently working for pay in
the economy
Unemployment ✔Correct Answer-the number of people who are actively looking for work but
aren't currently employed
