What is culture, and what are the five key dimensions that can be used to describe it? Jan's real wage is $8 per hour =Nominal wage/(CPI in hundredths)=$10/(125/100) at the end of the year. Natalie_Vissman. The above payoff matrix illustrates the daily profits for two restaurants. Same Prices $100; $700 $400; $500 AP Microeconomics will include topics from all units (Units 1 through 6). encourage students to take advantage of on their own, on mobile devices or computers. Which of the following explains why imperfectly competitive markets are inefficient? When the actual inflation rate exceeds the expected inflation rate, lenders will receive lower real interest rates than expected. Recent flashcard sets . Suppose that last year is the base year for the Consumer Price Index (CPI). Which statement is true about the circular flow diagram of an economy? 17 terms. B) There is an inflationary gap. The first entry in each cell indicates the profits for Amy's, and the second entry in each cell indicates the profits for Sam's. The second section is the free-response section (FRQs), which includes one long question and two short questions. unit 4 macro. Images. Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? The collapse of local fisheries, because of the damage to coral reefs from ocean acidification. AP Psychology Practice Test: Biological Bases of Behavior pdf download. The incorrect answers all use some combination of incorrect values in the numerator or denominator. Art Lower Prices $300; $400 $600; $200 22 terms. Would you rather start with one penny ($0.01)(\$ 0.01)($0.01) and double your wealth every day or start with one dime ($0.10)(\$ 0.10)($0.10) and double your wealth every five days (assuming you want to. Based on the theory of island biogeography, which of the following best predicts the effect of the introduction of an invasive species on Easter Island compared to Madagascar? A) Workers would be better off, and the employers would be worse off. E) positive economic profit in the long run. If you have any questions, ask them in the video comments. B) The difference between actual and potential GDP. If the market wage is $12 per hour and the price of the product is $3 per unit, the firm will: answer choices. E) 0, The higher wages college graduates receive are primarily due to The AP Microeconomics Exam includes two sections. The second section is the free-response section (FRQs), which includes one long question and two short questions. Get FRQs with included sample responses with a license to Alberts AP Microeconomics. You plan to make a series of depositsannually for A, semiannually for B, quarterly for C, monthly for D, and daily for Ewith payments beginning today. Sign in to access your AP or Pre-AP resources and tools including AP Classroom. Course Hero is not sponsored or endorsed by any college or university. E) $3.50, Antitrust laws are intended to A) The dominant strategy for Art's is to lower prices. Article Information: Sohn, E. (2018, June 5). C) $2.50 In 2015 the economy is at full employment because actual real GDP is equal to potential real GDP. Click to share this on Twitter & help others! 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. 22 terms. Liza0554. B) Amy's will lower prices, and Sam's will charge the same prices. AP Macroeconomics Unit 2 Progress Check: MCQ. 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. C) The dominant strategy for Zeb's is to lower prices. B) Myron gains, while the bank remains unaffected. 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. The owners believe the plant will generate net cash inflows of$297,000 annually. i. By mid-January, the dead reptilessome the length of two tall men, lined up end to endnumbered in the dozens. multiple-choice questions with rationales explaining correct and incorrect answers, and. answer choices. A team of ecologists are studying four different ecosystems with varying levels of biodiversity. Determine the branding strategy that Campbell's and the NFL used. Americans with at Least a Two-Year Degree. B) a vertical line Lower Prices Same Prices Free-Response Questions. 120 seconds. . 28 terms. D) mutual interdependence What operations strategies are important at Girlfriend Collective? A) discrimination Lower Prices Same Prices Lower Prices Same Prices A The supply of the currency will increase and the currency will depreciate. 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. If you are using assistive technology and need help accessing these PDFs in another format, contact Services for Students with Disabilities at 212-713-8333 or by email at ssd@info . j. . Use Albert or a comparable practice tool to check your understanding of the key concepts that will appear on this years test. TESTS. If the price of an apple is $0.50, how many. D) Inflation A) Both Amy's and Sam's will lower prices. Which of the following terms describes a slowdown in the rate of increase in the consumer price index? Which of the following is true about gross domestic product (GDP)? AP Micro Unit 3 Progress . Year Question CED Topics Video Question/Rubric; 2019 Set1 #1: Unit 4: Monopoly, Deadweight Loss, Shut Down, Fixed Costs: Question/Rubric: 2019 Set1 #2: Unit 2: Marginal Analysis, Consumer Surplus, Cross-Price Elasticity : Question/Rubric: 2019 Set1 #3 . Curious about when other AP exams are happening in 2022? Practice questions to help you check your progress for AP Macro Unit 3 . What is the firm's profit-maximizing quantity of output? Country X's economy is in an inflationary gap. The following graph shows the marginal social cost (MSC), the marginal private cost (MPC), and the marginal social benefit (MSB) of a good. B) Workers would be better off, and the employers would be unaffected. The first entry in each cell indicates the profits for Amy's, and the second entry in each cell indicates the profits for Sam's. Course & Exam Pages . Which of the following is the correct calculation of Real Gross Domestic Product (GDP) ? In 1984 nominal GDP was $10 billion. A) prevent the entry of firms into imperfectly competitive markets Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. 2. B) 0.7 Which of the following best identifies the author's claim? \end{matrix} Click on the question, try it out, then watch the review video to walk you through it! bircanaydn1206. A firm with market power engages in price discrimination in order to, For the monopolistically competitive firm represented by the graph above, the allocatively efficient quantity of output is, A monopolistically competitive firm's demand curve will be least elastic if the process of confirming members of the president's Cabinet can lead to conflict with members of the Senate. Test Your Understanding: AP Microeconomics Multiple Choice Practice Questions, 2022 AP Microeconomics Exam FRQ Practice, More Practice FRQs for AP Microeconomics, AP Microeconomics Tips and Review Resources, Summary: The Best AP Microeconomics Review Guide of 2022, AP Microeconomics Course and Exam Description, Quickly review popular literary works like, 1 Hour (includes a 10-minute reading period), explain (using graphs where appropriate) why resource allocation in perfectly competitive markets is socially efficient, explain (using graphs where appropriate) how private incentives can lead to actions by rational agents that are socially undesirable (inefficient) market outcomes, explain equilibrium allocations in imperfect markets relative to efficient allocations (using graphs where appropriate) and why these markets are inefficient, calculate (using graphs where appropriate) the deadweight loss resulting from the production of a non-efficient quantity, explain (using graphs where appropriate) how in the presence of externalities, private markets do not take into consideration social costs or social benefits, explain (using graphs where appropriate) how public policies address positive or negative externalities, define whether goods are rival and/or excludable, explain how the nature of rival and/ or excludable goods influences the behavior of individuals and groups, define government policy interventions in imperfect markets, explain (using graphs where appropriate) how government policies can alter market outcomes in perfectly and imperfectly competitive markets, calculate (using data from a graph or table as appropriate) changes in market outcomes resulting from government policies in perfectly competitive and imperfectly competitive markets, define measures of economic inequality in income and wealth, explain sources of income and wealth inequality, Read through the information for Units 1-6 in the. A) The dominant strategy for Art's is to lower prices. D) Both Art and Zeb will charge the same prices. The economy of Fisherland is at full employment for which year in the above diagram? Use the following list to make sure you are prepared for any topic that may show up on your particular exam! C) The economy is producing at its potential output level. Each owner has the choice to lower prices for early bird customers or keep prices the same. A) There is a recessionary gap. When the actual rate of inflation (4%) is greater than the expected inflation rate (3%), the real value of worker income is reduced, which means that workers are worse off and employers are better off. The CED was updated in the summer of 2022 to reflect a change in the calculator policy. a), Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. b. E8.D7.C6 5.B4.D3.B2.C1. View Answer Key Unit 4 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. Speculation ensued among researchers and government officials about what caused the die-off. C) standardized products AP Econ Micro Unit 6 Test. Jan works a 30-hour week for a minimum wage of $10 an hour. Unit 5 Progress Check: MCQ. The researchers observed moths on tree trunks and recorded their body color. B) economies of scale . Assign topic questions to reveal student misunderstandings and target your lessons. Simulate how different MCQ and FRQ scores translate into AP scores. For the following situations identify whether the description is a centralized or decentralized organization. A) This will benefit lenders with fixed-interest rate loans. Study with Quizlet and memorize flashcards containing terms like The table shows the short-run production of a firm that produces and sells its product in a perfectly competitive market. Five banks offer nominal rates of 6% on deposits; but A pays interest annually; B pays semiannually; C pays quarterly; D pays monthly; and E pays daily. The table below shows the daily production of clothing or, Include correctly labeled diagrams, if useful or required, in explaining your answers. 62 terms. 46 studiers recently. You'll review elasticity, market equilibrium, and policy. The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. Unit Test #3 OBJECTIVES. AP Psychology Practice Test: Sensation & Perception pdf download. You can: Learn how to get started in AP Classroom. C) there are a small number of rival firms producing very similar products D) $3.00 Each restaurant has the choice to lower prices for early bird customers or keep prices the same. Here are some of the key takeaways: We hope youve found this AP Microeconomics review guide helpful. The diagram describes conditions for a natural monopoly. A schedule showing the relationship between inputs and outputs. The native species on Madagascar are more likely to survive because the island is larger and provides a greater diversity of habitats and resources. Powered by Create your own unique website with customizable templates. E) $30 billion. 12 terms. Requirement. E) Jan's real wage is $8 per hour at the end of the year. C) Jan's real wage is 25% higher because the CPI increased from 100 to 125. Ecosystem A, because its low genetic diversity could have resulted from an event that reduced the variation in the gene pool. unit 4 macro. If the government regulates the monopolist to produce the allocatively efficient quantity and provides a subsidy sufficient to maintain zero economic profits for the firm, what price would the government set and what level of output would the firm produce? Scoring: 2019 Questions 2 and 3 Scoring Sheet, Scoring: 2018 Questions 2 and 3 Scoring Sheet. If you deposit$5,000 in each bank today, how much will you have in each bank at the end of 1 year? IB is a registered trade mark of International Baccalaureate Organization which was also not involved in the production of and does not endorse this material.**. B) The dominant strategy for Art's is to charge the same prices. In this problem we are asked for 2011 Real GDP converted into 1984 dollars. D) Both Amy's and Sam's will charge the same prices. search for any question, passage, or stimulus by text or keyword. If the price of an apple is $0.50, the marginal utility per dollar spent for the fifth apple is: The marginal utility per dollar spent on the last orange consumed is 75. B) $7.5 billion E) Neither owner has a dominant strategy. What Units are on the 2022 AP Microeconomics Exam? Therefore we need to divide the 2011 Nominal GDP by the GDP deflator (in hundredths) to deflate 2011 dollars down to 1984 dollars. Which of the following is an example of a nonrival resource? C. Dominos Pizza. assign to students before or after class to maximize time for discussion. A) 2009 Early theories focused on widespread pollution. h. What will the FV and the PV be for$1,000 due in 5 years if the interest rate is 10%, semiannual compounding? View or download the complete AP exam schedule here. C. dividend payout ratio jferr15. E) There is insufficient information to answer the question. What is the firm's profit-maximizing quantity of output? Higher education professionals play a key role in developing AP courses and exams, setting credit and placement policies, and scoring student work. Be sure to check your responses against the Scoring Guidelines for feedback. Last year, Myron purchased a $10,000 certificate of deposit with a 3% rate of interest from his bank. assign alongside topic questions to address misunderstandings. And dont forget to like and subscribe! Hbabar2002. Correct. 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. E) 2017. Natalie_Vissman. RowenAntony5. C) 2013 course to see if you truly understand each of the units: Examples of Short Free-Response Questions, For more examples of previous FRQs, check out the College Board archive for, Get FRQs with included sample responses with a license to, To stay up to date and adjust your study plan accordingly, read our. Why do you think the government considers as unemployed only those who are without employment but are looking for work? C) standardized products AP Macroeconomics Unit 2 Progress Check: MCQ. A) Real GDP = Nominal GDP/GDP deflator D) Nominal GDP includes sales of used goods while real GDP does not. . Lower Prices Same Prices The letters in the graph represent the enclosed areas. The research team set up tanks of salt water with three different pHpH levels: today's current average Puget Sound pHpH, the predicted average 5050 years from now, and the predicted average 100100 years in the future. E) Calculations of GDP include the unsold inventories of goods produced within the borders of the country. On 4/22 EARTH DAY!! Which of the following is true for both stocks For more examples of previous FRQs, check out the College Board archive for AP Microeconomics. In the absence of externalities, the perfectly competitive market maximizes economic surplus when. C) Amy's will charge the same prices, and Sam's will lower prices. 617 terms. 4. Which of the following is true of a natural monopoly? University of Washington The first section has 60 multiple-choice questions (MCQs). Find the PV and the FV of an investment that pays 8% annually and makes the following end-of-year payments.1,000iftheinterestrateis8, 0123$100$200$400\begin{matrix} C) on-the-job training Share. Refer to the FRQs weve selected as they represent some of the FRQs that will appear on this years exam. A) Both Amy's and Sam's will lower prices. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. so check back regularly! Determine outcomes of specific economic situations. An international team of researchers reported new evidence of reef fish adjusting to global warming conditions at the genetic level. AP Microeconomics - Unit 2 - Supply & Demand. D) The dominant strategy for Zeb's is to charge the same prices. C) The market for factors of production connects spending by firms to household income. Real GDP in 1984 dollars would be equal to which of the following? Terms in this set (17) An increase in the price of good X causes buyers to want to buy more of good Y. What are the variance and standard deviation for the number of people with at least a two-year college degree? Even if the five banks provided the same effective annual rate, would a rational investor be indifferent between the banks? Although their rows of pointy teeth look menacing, they are specialized for catching and holding onto fish, and pose little danger to people. Among the largest crocodilians in the world, gharials have long, heavy bodies and relatively small heads with bulging eyes and skinny snouts. Learning Opportunities for AP Coordinators. C) It does not account for the distribution of income in a nation or income inequality. AP Exams are regularly updated to align with best practices in college-level learning. Master supply and demand in these Unit 2 AP Micro resources. Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. U2 MCQ. Explain. If unregulated, the monopolist operates to maximize its profit. Ready to practice for you next free response exam? qui,que, dont. AP Macroeconomics Scoring Guide Unit 2 Progress Check: MCQ 1. The loans annual interest rate is 8%, and it requires four equal end-of-year payments. This is the core document for this course. AP Microeconomics can be pretty dry when it comes to content. In this post, well go over the latest exam changes, what units are covered, practice resources to review, and wrap up with some AP Micro study tips and things to remember. Based on the information, does either firm have a dominant strategy? Fish that were in water with current CO2CO2 levels responded normally to the offending odor, but the fish from tanks with higher CO2CO2 levels didn't seem to mind or detect the smell. The first entry in each cell indicates the profits for Art's, and the second entry in each cell indicates the profits for Zeb's. D) Both Amy's and Sam's will charge the same prices. D) 2015 The city council divides a community's residents into three groups: individual young adults, families with children, and older adults. When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. With these helpful study guides, useful resources, and practice all about the markets and how . What effective annual rate does each bank pay? Sets found in the same folder. AP Microeconomics Unit 2 MCQ. D) The difference between the actual rate of unemployment and the natural rate of unemployment. Criticize the following Based on the graph above, which of the following years postdisturbance had the greatest species richness? A) $5 billion The AP Microeconomics Exam includes two sections. These materials are part of a College Board program. E) There is no Nash equilibrium. The framework specifies what students must know, be able to do, and understand, with a focus on big ideas that encompass core principles and theories of the discipline. Based on the graph above, which of the following years postdisturbance did sweetgum experience the greatest biomass? In this study, when both parent and offspring experienced the same elevated water temperatures, responsive changes . 4 min read december 12, 2021. Zeb A) Nominal GDP uses constant prices to measure the value of final output, while real GDP uses current prices. The next generation appeared to be advantaged by parental exposure to elevated temperatures. AP Microeconomics 95 resources. The above payoff matrix illustrates the daily profits for two restaurants. Which of the following explains why imperfectly competitive markets are inefficient? The first section has 60 multiple-choice questions (MCQs). Check your answers AFTER you finish 20.A19.E18.B17.A.16.E15.B14.D13.C12.B11.B10. D) The dominant strategy for Zeb's is to charge the same prices. GMAT scores for selected undergraduate majors are shown Share. Given the labor market data above, what are the labor-force participation rate (LFPR) and the unemployment rate (UR) ? A) there are a large number of rival firms producing very similar products Free-Response Question and Scoring Archive. Which of the following is a Nash equilibrium? Correct. Which of the following is an example of a positive externality?

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