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Fill in only the ovals for numbers 1 through 60 on your answer sheet.  \nIndicate all of your answers to the multiple-choice questions on the answer sheet. No credit will be given for anything written in this exam booklet, but you may use the booklet for notes or scratch work. After you have decided which of the suggested answers is best, completely fill in the corresponding oval on the answer sheet. Give only one answer to each question. If you change an answer, be sure that the previous mark is erased completely. Here is a sample question and answer.  \nSample Question  Sample Answer  \nChicago is a A   \n(A) state  \n(B) city  \n(C) country  \n(D) continent (E) village  \nUse your time effectively, working as quickly as you can without losing accuracy. Do not spend too much time on any one question. Go on to other questions and comeback to the ones you have not answered if you have time. It is not expected that everyone will know the answers to all the multiple-choice questions.  \nAbout Guessing  \nMany candidates wonder whether or not to guess the answers to questions about which they are not certain. Multiple-choice scores are based on the number of questions answered correctly. Points are not deducted for incorrect answers, and no points are awarded for unanswered questions. Because points are not deducted for incorrect answers, you are encouraged to answer all multiple-choice questions. On any questions you do not know the answer to, you should eliminate as many choices as you can, and then select the best answer among the remaining choices.  \nGO ONTO THE NEXT PAGE.  \n24 2 | Cracking the AP Economics Macro & Micro Exams  \nSection I  \nMICROECONOMICS  \nSection I  \nTime—70 Minutes  \n60 Questions  \nDirections: Each of the questions or incomplete statements below is followed by five suggested answers or completions. Select the one that is best in each case and then fill in the corresponding oval on the answer sheet.  \n1. Which of the following constitute the fundamental questions every economic system must answer?  \nI. What goods and services will be produced?  \nII. How will they be produced?  \nIII. When will they be produced?  \nIV. For whom will they be produced?  \nV. Where will they be produced?  \n(A) I, III, and V only  \n(B) I, II, and IV only  \n(C) I, II, and V only (D) II, IV, and V only (E) II, III, and IV only  \n2. Labor, human capital, entrepreneurship, natural resources, and physical capital are all examples of which of the following?  \n(A) Public goods (B) Inferior goods  \n(C) Factors of production (D) Outputs (E) Substitutes in production  \nPrice  \nQuantity  \nA  \nB  \nE  \nD  \n3. In the figure above, consumer surplus is represented by the area  \n(A) OACE  \n(B) BCD  \n(C) ACD  \n(D) ABC  \n(E) BCEO  \n4. The law of diminishing marginal utility is most useful for explaining the  \n(A) law of supply (B) law of demand  \n(C) curvature of the total cost curve (D) shape of the production possibilities frontier (E) diminishing marginal product of capital  \nGO ONTO THE NEXT PAGE.  \n24 4 | Cracking the AP Economics Macro & Micro Exams  \n\n| Number of\u003Cbr>Workers | Total Gyros\u003Cbr>per Hour |\n| --- | --- |\n| 1 | 4 |\n| 2 | 10 |\n| 3 | 17 |\n| 4 | 22 |\n| 5 | 25 |\n\n5. The table above provides the total number of workers and the resulting total output of Gyros Unlimited per hour, holding all other inputs constant. Which of the following statements can be made with certainty based on the available information?  \n(A) The firm faces decreasing returns to scale.  \n(B) Diminishing marginal returns begin when the second wor","cbCaile9AIw4mW3W","https://ap.wps.com/l/cbCaile9AIw4mW3W","pdf",844994,15,"English","# Section I: Multiple-Choice Questions\n## Instructions and Exam Overview\n## About Guessing\n## Sample Question and Answer\n## Microeconomics Questions (1-12 partial)","[{\"question\":\"How should answers be recorded for Section I?\",\"answer\":\"Fill in only the ovals for numbers 1 through 60 on the answer sheet, indicating exactly one best answer for each question.\"},{\"question\":\"Is it better to guess on questions when unsure?\",\"answer\":\"Yes. Because points are not deducted for incorrect answers and no points are awarded for unanswered questions, candidates are encouraged to answer all questions and eliminate choices before selecting the best remaining option.\"},{\"question\":\"What is the stated time limit and number of questions for this section?\",\"answer\":\"Section I provides 70 minutes to answer 60 multiple-choice questions.\"}]","Microeconomics Practice Test - Section 1 - Multiple-Choice Questions | PDF",38]