Whats the Format of the AP Microeconomics Exam? One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. Recent flashcard sets . C) The dominant strategy for Zeb's is to lower prices. Fish were placed in a holding tank and exposed to the smell of salmon-skin extract, which indicates a predator attack and usually prompts the fish to hide or swim away. C) Art will charge the same prices, and Zeb will lower prices. In 2011 nominal GDP was $15 billion and the price deflator was 200. question does this decision answer in a free market economy. E) Calculations of GDP include the unsold inventories of goods produced within the borders of the country. The two products are. 12 terms. Unit Test #3 OBJECTIVES. C) This will harm lenders with fixed-interest rate loans. A) This will benefit lenders with fixed-interest rate loans. A) 1 Zeb Both atmospheric CO2 concentration and Antarctic temperature have remained about the same over the past 800,000 years. A list of online resources recommended by your fellow AP Macroeconomics and Microeconomics teachers. . Explain the tendency towards break-even in the long-run in perfect competition. 18 terms. List and analyze the differences between the four major market structures. A) Real GDP = Nominal GDP/GDP deflator Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? D) Firms must lower their product prices to sell additional units. AP Psychology Practice Test: History, Approaches, & Research Methods pdf download. Myron is better off because the dollars that Myron will receive back from the bank when the certificate of deposit matures will buy more goods and services than when Myron purchased the certificate of deposit. U6 MCQ. AP Macroeconomics Unit 2 Progress Check: MCQ. 21 terms. National park camping sites that can be reserved by anyone, Farmland that can be used to grow corn or soybeans, A power company decides to use wind turbines to provide electricity instead of coal. hire more workers if each worker can produce 3 units per hour. Download. C) The dominant strategy for Zeb's is to lower prices. % of Overall Score. Not all free-response questions on this page reflect the current exam, but the question types and the topics are similar, making them a valuable resource for students. Which of the following is a Nash equilibrium? Progress checks help you gauge student knowledge and skills for each unit through: multiple-choice questions with rationales explaining correct and incorrect answers, and; free-response questions with scoring guides to help you evaluate student work. The first entry in each cell indicates the profits for Art, and the second entry in each cell indicates the profits for Zeb. B) a vertical line have found that reef fish can inherit from their parents the genetic tools to adjust to ocean warming. Based on a variety of clues, however, [researchers suspect] illegal or accidental dumping of the non-steroidal anti-inflammatory drug diclofenac that was once commonly used on livestock but was banned in India in 2006. Which of the following terms describes a slowdown in the rate of increase in the consumer price index? B) Myron gains, while the bank remains unaffected. Assume that a profit-maximizing, perfectly competitive firm hires labor in a perfectly competitive labor market. Expert Help. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. AP Microeconomics can be pretty dry when it comes to content. My Reports highlights progress for every student and class across AP units. Course & Exam Pages . nouns-4. for two generations under three different water temperatures, up to 3 degrees Celsius warmer than current-day ocean temperatures. Each owner has the choice to lower prices for early bird customers or keep prices the same. Q. 17 terms. question. E) positive economic profit in the long run. B) The dominant strategy for Art's is to charge the same prices. E) $30 billion. C) Myron gains, while the bank loses. A) a large number of firms An increase in the price of cameras results in a decrease in the demand for film. D) The dominant strategy for Zeb's is to charge the same prices. AP at a Glance; Start and Expand Your AP Program; Explore AP by Role; AP 2022-23 School Year Timeline; AP Collaborations and Outreach; What AP Stands For; AP Data and Research; AP Courses & Exams. C) $2.50 B) Art will lower prices, and Zeb will charge the same prices. Find and create gamified quizzes, lessons, presentations, and flashcards for students, employees, and everyone else. The image shows two different islands and the relative distance to the nearest mainland. define resources and the cause(s) of their scarcity, define how resource allocation is influenced by the economic system adopted by society, define (using graphs as appropriate) the production possibilities curve (PPC) and related terms, explain (using graphs as appropriate) how the production possibilities curve (PPC) illustrates opportunity costs, trade-offs, inefficiency, efficiency, and economic growth or contraction under various conditions, calculate (using data from PPCs or tables as appropriate) opportunity cost, define absolute advantage and comparative advantage, determine (using data from PPCs or tables as appropriate) absolute and comparative advantage, explain (using data from PPCs or tables as appropriate) how specialization according to comparative advantage with appropriate terms of trade can lead to gains from trade, calculate (using data from PPCs or tables as appropriate) mutually beneficial terms of trade, define opportunity cost and explain or calculate the opportunity costs associated with choices, explain a decision by comparing total benefits and total costs (using a table or a graph when appropriate), calculate total benefits and total costs (using a table or graph where appropriate), define the key assumptions of consumer choice theory, explain (using a table or graph as appropriate) how a rational consumers decision making involves the use of marginal benefits and marginal costs, calculate (using a table or a graph when appropriate) how a rational consumers decision making involves the use of marginal benefits and marginal costs, define marginal analysis and related terms, explain a decision using marginal analysis (using a table or a graph when appropriate), define (using graphs as appropriate) key terms and factors related to consumer decision making and the law of demand, explain (using graphs as appropriate) the relationship between price and quantity demanded and how buyers respond to incentives and constraints, explain (using graphs as appropriate) buyers responses to changes in incentives and constraints, define (using graphs as appropriate) the law of supply, explain (using graphs as appropriate) the relationship between price and quantity supplied, explain (using graphs as appropriate) producers (sellers) responses to changes in incentives and technology, explain (using graphs where appropriate) measures of elasticity and the impact of a given price change on total revenue or total expenditure, calculate (using data from a graph or a table as appropriate) measures of elasticity, define (using graphs as appropriate) market equilibrium, consumer surplus, and producer surplus, explain (using graphs as appropriate) how equilibrium price, quantity, consumer surplus, and producer surplus for a good or service are determined, calculate (using data from a graph or table as appropriate) areas of consumer surplus and producer surplus at equilibrium, explain (using graphs where appropriate) how changes in underlying conditions and shocks to a competitive market can alter price, quantity, consumer surplus, and producer surplus, calculate (using data from a graph or table as appropriate) changes in price, quantity, consumer surplus, and producer surplus in response to changes in market conditions or market disequilibrium, define forms of government price and quantity intervention, explain (using graphs where appropriate) how government policies alter consumer and producer behaviors that influence incentives and therefore affect outcomes, calculate (using data from a graph or table where appropriate) changes in market outcomes resulting from government policies, explain (using graphs where appropriate) how markets are affected by public policy related to international trade, calculate (using data from a graph or table as appropriate) changes in market outcomes resulting from public policy related to international trade, Unit 3: Production, Cost, and the Perfect Competition Model, define (using graphs where appropriate) key terms and concepts relating to production and cost, explain (using graphs where appropriate) how production and cost are related in the short run and long run, calculate (using data from a graph or table as appropriate) the various measures of productivity and short-run and long-run costs, explain how firms respond to profit opportunities, define (using graphs or data as appropriate) the profit-maximizing rule, explain (using a graph or data as appropriate) the profit-maximizing level of production, explain (using graphs or data where appropriate) firms short-run decisions to produce positive output levels, or long-run decisions to enter or exit a market in response to profit-making opportunities, define (using graphs as appropriate) the characteristics of perfectly competitive markets and efficiency, explain (using graphs where appropriate) equilibrium and firm decision making in perfectly competitive markets and how prices in perfectly competitive markets lead to efficient outcomes, calculate (using data from a graph or table as appropriate) economic profit (loss) in perfectly competitive markets, define (using graphs where appropriate) the characteristics of imperfectly competitive markets and inefficiency, explain (using graphs where appropriate) equilibrium, firm decision making, consumer surplus, producer surplus, profit (loss), and deadweight loss in imperfectly competitive markets and why prices in imperfectly competitive markets cannot be relied on to coordinate the actions of all possible market participants and can lead to inefficient outputs, calculate (using data from a graph or table as appropriate) areas of consumer surplus, producer surplus, profit (loss), and deadweight loss in imperfectly competitive markets, define (using tables as appropriate) key terms, strategies, and concepts relating to oligopolies and simple games, explain (using tables as appropriate) strategies and equilibria in simple games and the connections to theoretical behaviors in various oligopoly market and non-market settings, calculate (using tables as appropriate) the incentive sufficient to alter a players dominant strategy, define (using graphs where appropriate) key terms and concepts relating to factor markets, explain (using graphs where appropriate) the relationship between factors of production, firms, and factor prices, calculate (using data from a graph or table where appropriate) the marginal revenue product and marginal resource cost, explain (using graphs where appropriate) firms and factors responses to changes in incentives and constraints, define (using graphs as appropriate) the characteristics of perfectly competitive factor markets, explain (using graphs where appropriate) the profit-maximizing behavior of firms buying labor (with other inputs fixed) in perfectly competitive markets, calculate (using data from a graph or table where appropriate) measures representing the profit-maximizing behavior of firms buying labor (with other inputs fixed) in perfectly competitive markets, define (using graphs as appropriate) the characteristics of monopsonistic markets, explain (using graphs where appropriate) the profit-maximizing behavior of firms buying labor (with other inputs fixed) in monopsonistic markets, calculate (using data from a graph or table where appropriate) measures representing the profit maximizing behavior of firms buying labor (with other inputs fixed) in monopsonistic markets, Unit 6: Market Failure and the Role of Government. Progress checks help you gauge student knowledge and skills for each unit through: My Reports highlights progress for every student and class across AP units. ea1104. A) Both Amy's and Sam's will lower prices. E) The difference between the GDP deflator and the consumer price index in a given year. This is an excerpt of the article originally appearing in bioGraphic, an online magazine about nature and sustainability powered by the California Academy of Sciences. that prepares students for advanced economics coursework. Which of the following can be concluded as a result of this transaction? The Chambal contains nearly 80 percent of all the gharials left on Earth. 29 . assign to students before or after class to maximize time for discussion. D) $20 billion AP Microeconomics Test. C) The market for factors of production connects spending by firms to household income. The concentration of CO2 fluctuated between 150ppm and 250ppm until recently, when the concentration rose exponentially. A) there are a large number of rival firms producing very similar products D) there are a small number of rival firms producing more differentiated products Which of the following explains why imperfectly competitive markets are inefficient? Expert AP teachers across the country can support your course virtually: Supplement your instruction with 30-minute videos on each unit hosted by college or university professors. In a study of obesity among children, researchers monitor the eating and exercise habits of the participating children, carefully recording everything they eat and all their activity. Lower Prices Same Prices unit 4 macro. D) The dominant strategy for Zeb's is to charge the same prices. . create custom quizzes that can be assigned online or on paper. C) 2013 When the actual inflation rate exceeds the expected inflation rate, lenders will receive lower real interest rates than expected. Multiple Choice Practice for Production, Cost, and the Perfect Competition Model. (a) Using the numerical values above, draw a correctly labeled graph of the. The city council divides a community's residents into three groups: individual young adults, families with children, and older adults. Model economic situations using graphs or visual representations. What Units are on the 2022 AP Microeconomics Exam? Which of the following will happen when the actual inflation rate exceeds the expected inflation rate? What is the firm's profit-maximizing quantity of output? Natalie_Vissman. Lower Prices Same Prices C) Hyperinflation Researchers in the Galpagos Islands measured the average beak size in a population of finches from 1976 to 1984, as shown in the graph below. Images. Same Prices $100; $700 $400; $500 I would also like to thank Francis McMann, James Chasey, and Steven Reff who taught me how to be an effective AP Economics teacher at AP summer institutes; as well as the countless high school teachers, and college professors from the AP readings, economics Facebook groups, and #econtwitter. U2 MCQ. It will have to be replaced in six years. AP Micro Unit 3 Progress . search for any question, passage, or stimulus by text or keyword. Explain. Study Resources. Suppose the consumer price index (CPI) was 100 on January 1st, 2017 and 110 on January 1st, 2018 with no changes in nominal wages. 13 terms. AP Exams are regularly updated to align with best practices in college-level learning. A) Jan's real wage at the end of this year is $10 an hour because the base year equals 100. Which one of the following terms is defined as dividends paid expressed as a percentage of net income? E) Neither owner has a dominant strategy. E) positive economic profit in the long run. Which of the following best describes the change in Antarctic temperature from about 440,000 years ago to about 340,000 years ago? a. AP Psychology Practice Test: Biological Bases of Behavior pdf download. Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman. Question 12. Which of the following is true of a natural monopoly? . U6 MCQ. When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. Which of the following best identifies the author's claim? Which of the following describes the most immediate effect if an invasive generalist species is introduced to the island? Explain. If the number of sets of 100 resumes is represented by x, express the cost of the resumes, r(x), as a piecewise function of x. Starting with the 2022-23 school year (spring 2023 exam), a four-function calculator is allowed on both sections of the exam. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. And dont forget to like and subscribe! C) Amy's will charge the same prices, and Sam's will lower prices. Which of the following is an example of a scarce factor of production? In this problem we are asked for 2011 Real GDP converted into 1984 dollars. A) Both Art and Zeb will lower prices. Why do you think the government considers as unemployed only those who are without employment but are looking for work? When an economy is at the trough of the business cycle, which of the following is then true about the state of the economy? Americans with at Least a Two-Year Degree. RowenAntony5. 120 seconds. Learn more about the CED in this interactive walk-through. jferr15. The above payoff matrix illustrates the daily profit for two restaurant owners, Art and Zeb. C) Myron gains, while the bank loses. Determine outcomes of specific economic situations. D) Jan's real wages are equal to the nominal wages. AP Microeconomics is an introductory college-level microeconomics course. katelyn-7-AP Macroeconomics Unit 3 Progress Check. Which of the following describes a difference between nominal gross domestic product (GDP) and real GDP? Correct. below. Which of the following must be true? Which statement is best supported by the data in the graph? B) there are a large number of rival firms producing more differentiated products The next generation appeared to be advantaged by parental exposure to elevated temperatures. D) mutual interdependence If, The graph above shows the cost and revenue curves for a natural monopoly that provides electrical power to the town of Fanaland. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. Basking on the brink: An "unholy" river in India may be the last, best hope for one of the world's largest and most imperiled crocodilians. The percentage of moths with light colored bodies and the percentage of moths with dark bodies is shown on the graph above. The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. Q. The 2022 AP Microeconomics exam will be given in person using paper-and-pencil tests. christianchiffon. AP CALCULUS. The owners believe the plant will generate net cash inflows of$297,000 annually. ECON. D) Nominal GDP includes sales of used goods while real GDP does not. Learning Opportunities for AP Coordinators. Correct. Among the largest crocodilians in the world, gharials have long, heavy bodies and relatively small heads with bulging eyes and skinny snouts. Assuming the government of a country imposes a tariff on its imports of foreign goods, what is the likely effect on the country's currency in foreign exchange markets? Correct. University of Washington This check on presidential power illustrates that. Progress Check MCQ MCQ Key. Which of the following is true in imperfectly competitive markets? 12 terms. AP Macroeconomics: Unit 3 Progress Check MCQ. Liza0554. E) The bank gains, while Myron remains unaffected. Explain. 15 terms. They agreed to a 3 percent per year increase in pay over the 3 years. A few years earlier, also in South Asia, the drug was responsible for a sharp decline of vultures, which all showed signs of kidney dysfunction like the dead gharials examined in 2008. E) Real GDP = Nominal GDP - GDP deflator, A) Real GDP = Nominal GDP/GDP deflator Last year, Myron purchased a $10,000 certificate of deposit with a 3% rate of interest from his bank. You can: Learn how to get started in AP Classroom. b. Speculation ensued among researchers and government officials about what caused the die-off. **AP, Advanced Placement Program, and College Boardare registered trademarks of the College Board, which was not involved in the production of, and does not endorse, this material. Pollination, decomposition, and water purification. Same Prices $100; $700 $400; $500 practice questions for hw ap microeconomics unit supply, demand and consumer choice practice questions the demand curve for normal good slopes down for which of. Below are some of my favorite Free Response Questions from past AP Macroeconomics Exams. B) 0.7 What are the variance and standard deviation for the number of people with at least a two-year college degree? . The AP Microeconomics framework included in the course and exam description outlines distinct skills that students should practice throughout the yearskills that will help them learn to think and act like economists.