AP®︎ Microeconomics: Topic 1.1 Practice Test
Prepare for your quiz, test, or the AP exam with focused practice questions on Topic 1.1 of AP Microeconomics – Scarcity.
Questions List
Topic 1.1
Question 1 Easy
This question tests the following: MKT-1.A
What is the economic problem caused by scarcity?
What You’re Being Tested On:
Explore the learning objectives taken directly from the College Board’s AP® Microeconomics Curriculum. Ensure you’re prepared for the exact topics covered on the AP® exam, in-class tests, and quizzes, and gain confidence in your mastery of the material.
Topic 1.1: Scarcity
Learning Objective: MKT-1.A
Define resources and the cause(s) of their scarcity.
Essential Knowledge: MKT-1.A.1
Economic trade-offs arise from the lack of sufficient resources (scarcity) to meet society’s wants and needs.
Essential Knowledge: MKT-1.A.2
Most factors of production (such as land, labor, and capital) are scarce, but some factors of production (such as established knowledge) may not be scarce due to their non-rival nature.
