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[PDF File]UNIT 1 Macroeconomics LESSON 1
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Opportunity cost emphasizes that people are making choices. People choose to do one activity and the cost is giving up another activity. 3. Use Visual 1.1 of a production possibilities curve (PPC) and emphasize the following points. (A) The PPC is drawn assuming that 1 Macroeconomics LESSON 1 UNIT Scarcity, Opportunity Cost, Production ...
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[PDF File]UNIT 1 Macroeconomics SAMPLE QUESTIONS Key
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What would be the per-unit opportunity cost of producing more computers? With a move from Point C to Point D, the per-unit opportunity cost of producing one additional computer is 1 2/3 movies. (D) Suppose Hightechland is operating at Point C …
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[PDF File]2004 AP Macroeconomics Form B Scoring Guidelines
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AP® Macroeconomics 2004 Scoring Guidelines Form B The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Founded in 1900, the association is composed of more than 4,500 schools, colleges, universities, and other educational organizations. Each year, the
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[PDF File]Comparative Advantage (ANS KEY)
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Her opportunity cost of producing the radio is two bushels and she receives three bushels in return for the radio. Because his opportunity cost of producing one bushel is 1/4 radio, Ted's opportunity cost of producing the three bushels, which he trades to Nancy, is 3/4 radio. Thus, the trade gives Ted a net gain of 1/4 radio.
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[PDF File]AP Macroeconomics Unit 1 Review Session
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AP Macroeconomics Unit 1 Review Session Production Possibilities Curve, Absolute and Comparative Advantage, Opportunity Cost, and Marginal Analysis 1. Draw a PPC with linear opportunity cost. 2. Draw a PPC that illustrates the law of increasing opportunity cost.
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[PDF File]Chapter 1 What is Economics? Test bank MULTIPLE CHOICE ...
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D)the accounting cost minus the marginal cost. 43) 44)The opportunity cost of any action is A)the time required but not the monetary cost. B)all the possible alternatives forgone. C)the highest-valued alternative forgone. D)the monetary cost but not the time required. 44) 45)The opportunity cost of something you decide to get is A)the amount of ...
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[PDF File]Microeconomics Topic 1: “Explain the concept of ...
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Microeconomics Topic 1: “Explain the concept of opportunity cost and explain why accounting profits and economic profits are not the same.” Reference: Gregory Mankiw’s Principles of Microeconomics, 2nd edition, Chapter 1 (p. 3-6) and Chapter 13 (p. 270-2).
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[PDF File]UNIT 1 Macroeconomics SAMPLE QUESTIONS MULTIPLE …
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42 Advanced Placement Economics Macroeconomics: Student Activities ' National Council on Economic Education, New York, N.Y. 17. The opportunity cost of producing an additional unit of product A is (A) all of the human and capital resources used to produce product A.
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[PDF File]UNIT 6 Macroeconomics LESSON 1
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The opportunity cost of one bushel of corn is three bushels of rice; or, alternatively, the opportunity cost of one bushel of rice is 1/3 of a bushel of corn. On one acre of land, China can produce 100/8 (12.5) bushels of corn or 100/2 (50) bushels of rice. The opportunity cost of one bushel of corn is four
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[PDF File]AP MACROECONOMICS 2008 SCORING GUIDELINES
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AP® MACROECONOMICS 2008 SCORING GUIDELINES Question 3 6 points (1 + 2 + 2 + 1) (a) 1 point: • One point is earned for stating that the opportunity cost of …
opportunity cost equation

Macroeconomics opportunity cost