AP®︎ Microeconomics: Topic 1.2 Practice Test
Prepare for your quiz, test, or the AP exam with focused practice questions on Topic 1.2 of AP Microeconomics – Resource Allocation and Economic Systems.
Questions List
Topic 1.2
Question 1 Easy
This question tests the following: MKT-1.B.1
What question does an economy need to answer due to 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 1.2: Resource Allocation and Economic Systems
Learning Objective: MKT-1.B
Define how resource allocation is influenced by the economic system adopted by society.
Essential Knowledge: MKT-1.B.1
Resource allocation involves answering three basic questions: What goods and services to produce? How to produce those goods and services? And who consumes those goods and services?
Essential Knowledge: MKT-1.B.2
Resource allocation is significantly influenced by the economic system adopted by society, such as command economy, market economy, or mixed economy. Each system involves a particular set of institutional arrangements and a coordinating mechanism for allocating scarce resources and distributing output.
