AP Econ Questions chapter 1.docx - 1 What is an opportunity cost How does the idea relate to the definition of economics Which of the following

AP Econ Questions chapter 1.docx - 1 What is an opportunity...

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1. What is an opportunity cost? How does the idea relate to the definition of economics? Which of the following decisions would entail the greater opportunity cost: Allocating a square block in the heart of New York City for a surface parking lot or allocating a square block at the edge of a typical suburb for such a lot? Explain. LO1 2. What is meant by the term “utility” and how does the idea relate to purposeful behavior? LO2 5. KEY QUESTION Indicate whether each of the following statements applies to microeconomics or macroeconomics: LO3 a. The unemployment rate in the United States was 4.9 percent in January 2008. b. A U.S. software firm discharged 15 workers last month and transferred the work to India. c. An unexpected freeze in central Florida reduced the citrus crop and caused the price of oranges to rise. d. U.S. output, adjusted for inflation, grew by 2.2 percent in 2007.
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