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AP Macro Module 1

AP Macroeconomics
1.03

1. a) If I go to the beach, the opportunity cost is that I will not be prepared for the exam; likewise, if I study for the exam, the opportunity cost is that I will not be having fun at the beach. b) If I get a job after high school, the opportunity cost is that I will miss out on a college education; likewise, if I go to college, the opportunity cost is that I will not be making money, as I will not have a job. c) If I leave early for school, the opportunity cost is that I will not have had breakfast; likewise, if I have breakfast, the opportunity cost is that I will arrive to school early. d) If I go to the movies, the opportunity cost is that I will not complete my portion of the group project; likewise, if I complete my group project, the opportunity cost is that I will not have the enjoyment of going to the movies. e) If I go to a party at a friend's house, the opportunity cost is that I will not be home on early on a school night and may be tired the next day; likewise, if I go to sleep early, the opportunity cost is that I will not have gone to the party.

2. Resources are scarce for the obvious reason, as they will eventually run out. Every object requires the factors of production, and this includes land (finite), labor (finite), and capital(finite, as the previous two are finite). So, it is economically, thus physically, impossible for resources to not be scarce, as they are made up of limited factors, such as land and labor. My calculator batteries are an example of a scarce resource, as they will eventually run out. One could suggest that I could just buy more batteries; however, that, too, would technically be limited, as there is not an infinite supply of batteries in the world. you would like to take this exam again, you can reset the exam and take it again

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