What this practice covers
These questions are drawn from past AP Economics papers and filtered to basic economic concepts. You answer, you find out immediately whether you were right, and you get the reasoning for the correct option and for each distractor. Wrong answers go to a mistakes locker so you can come back to exactly those.
Practice is free. You need an account only so your progress and your mistakes are still there next time.
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What examiners see students get wrong here
These are the errors that cost marks on basic economic concepts, taken from our own topic notes. Read them before you practise and you will recognise the traps in the questions.
- Calling a point outside the PPC "inefficient"; it is unattainable.
- Confusing absolute with comparative advantage when assigning specialisation.
- Inverting the opportunity-cost fraction, or treating an input problem as an output problem.
- Stating opportunity cost in dollars rather than as the forgone good.
- Forgetting that a bowed-out PPC implies increasing opportunity cost.
- Shifting the whole PPC when technology improves in only one good.
- Treating zero economic profit as "making nothing"; it is a normal return.
- Including sunk costs in a marginal decision.
Revise it first
If any of the above is unfamiliar, work through the notes before practising: Basic Economic Concepts revision notes.