Module 1 Economics V14 Practice Exam and Glossary
Basic economic questions
What to produce? How to produce? For whom to produce?
What we gain when making a choice
Characteristics of money
Divisible, Stable in value, Durable, Porta
AP courses next school year?
Should I challenge myself with
Spend less time with my
friends socializing (shortterm)
I will get a higher GPA
Less time to study for
other classes I might have
Felicia knits scarves and sells them to her friends. The first week, she knits four scarves and sells three for
$50 each. The next week she buys her yarn at a discount, so she knits six scarves and is able to sell five for $40
each. Which number represent
D1 curve explanation
People prefer the Nike shoes compared to the
Sketchers shoes because the Nike shoes were used
in all the national basketball games and because of
their use of newer technology such as aircompressed shoes. This relates to the T in TRIB
Module 1 Practice Exam Answer Key V14
1. D: Opportunity Cost = Opportunity Lost. She chose the books so she gave up the movies.
2. D: Scarcity Time is a scare resource, you cannot be in more than one place at the same time.
3. D: Quantity demanded is a sh