Principles of Microeconomics
The following sample questions do not appear on an actual CLEP examination. They are intended to give potential test-takers an indication of the format and difficulty level of the examination and provide content for practice and review. For more sample questions and information about the test, see the CLEP Official Study Guide.
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Question 1 of 8
Which of the following is the underlying reason for the law of increasing opportunity cost?
Higher prices cause production of all goods to increase.
Capital goods cannot be divided into smaller units.
Resources are scarce.
Resources are not equally suited to the production of all goods.
Managerial inefficiency results in diseconomies of scale.
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