unit 2 progress check mcq ap microeconomics
Whats the Format of the AP Microeconomics Exam? (a) Using the numerical values above, draw a correctly labeled graph of the. Suppose the consumer price index (CPI) was 100 on January 1st, 2017 and 110 on January 1st, 2018 with no changes in nominal wages. question. D) Real GDP = Nominal GDP + GDP deflator As a measure of economic performance, the United States gross domestic product (GDP) accounts for which of the following? Jan's real wage is $8 per hour =Nominal wage/(CPI in hundredths)=$10/(125/100) at the end of the year. . D) the vertical axis Correct. The offspring's altered gene expression, also referred to as 'acclimation,' allowed them to maximize oxygen consumption and energy use." Lower Prices Same Prices At the trough of a business cycle, there is a recessionary gap because, at the trough, actual output is below potential output. \text{ } & \text{\$ 100} & \text{\$ 200} & \text{\$ 400}\\ AP CALCULUS. 17 terms. 2011 Real GDP in 1984 dollars = 2011 Nominal GDP/GDP deflator in hundredths = $15 billion/(200/100) or $7.5. Videos are availablein AP Classroom, on your Course Resources page. An island 30 hectares in size that is 10 kilometers off the coast of the mainland. B) $7.5 billion Correct. 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. Fun fact, before Albert, we were called Learnerator. C) $2.50 AP resources are designed to support all students and teacherswith daily instruction, practice, and feedback to help cover and connect content and skillsin any learning environment. 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. . These committees, made up of an equal number of college faculty and experienced secondary AP teachers from across the country, are essential to the preparation of AP course curricula and exams. free-response questions with scoring guides to help you evaluate student work. % of Overall Score. B) Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. 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.**. Get Started . . E) Real GDP = Nominal GDP - GDP deflator, A) Real GDP = Nominal GDP/GDP deflator B) Art will lower prices, and Zeb will charge the same prices. C) The dominant strategy for Zeb's is to lower prices. A. dividend retention ratio PDF. The above payoff matrix illustrates the daily profit for two restaurant owners, Art and Zeb. Why do you think the government considers as unemployed only those who are without employment but are looking for work? The College Board. The AP Program is unique in its reliance on Development Committees. 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. Powered by Create your own unique website with customizable templates. 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 [emailprotected]. i. Each owner has the choice to lower prices for early bird customers or keep prices the same. E) Jan's real wage is $8 per hour at the end of the year. Anterior Upper Limbs. The city council divides a community's residents into three groups: individual young adults, families with children, and older adults. AP Microeconomics Course and Exam Description. If unregulated, the monopolist operates to maximize its profit. Art Lower Prices $300; $400 $600; $200 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. B) Real GDP = GDP deflator/Nominal GDP Suppose you dont have the $5,000 but need it at the end of 1 year. b. D) The dominant strategy for Zeb's is to charge the same prices. 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. B) Amy's will lower prices, and Sam's will charge the same prices. The collapse of local fisheries, because of the damage to coral reefs from ocean acidification. 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? C) a diagonal line Below, weve linked to a handful of sites we think feature helpful course notes or videos to help you master the core economic concepts tested. A) Both Art and Zeb will lower prices. Criticize the following Based on the information, does either firm have a dominant strategy? Starting with the 2022-23 school year (spring 2023 exam), a four-function calculator is allowed on both sections of the exam. A) Jan's real wage at the end of this year is $10 an hour because the base year equals 100. Its low habitat diversity indicates that Ecosystem C most likely has a low number of specialist species and few species that utilize large territories. The government reported that prices, on average, have fallen by 5% during the current year. C) there are a small number of rival firms producing very similar products Images. A list of online resources recommended by your fellow AP Macroeconomics and Microeconomics teachers. 16 terms. D) Consumer surplus equals area (a+b), producer surplus equals area (c+d), and deadweight loss equals area (e). Which of the following describes the most immediate effect if an invasive generalist species is introduced to the island? 18 terms. The above payoff matrix illustrates the daily profits for two restaurants. 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. I would like to acknowledge the work of Dick Brunelle and Steven Reff from Reffonomics.com whose work inspired many of the review games on this site. When you feel confident, use past FRQs to practice your free-response answers. The framework also encourages instruction They agreed to a 3 percent per year increase in pay over the 3 years. so check back regularly! Which of the following is classified as a discouraged worker? If you deposit$5,000 in each bank today, how much will you have in each bank at the end of 1 year? The relatively healthy breeding population on the Chambal is precisely why the massive 2008 die-off here caused such alarm. AP Macroeconomics Scoring Guide Unit 6 Progress Check: MCQ E 10. B) Art will lower prices, and Zeb will charge the same prices. get rich)? Which of the following is true about Jan's real wage if at the end of this year the CPI is 125 ? A) The difference between nominal and real GDP. If, The graph above shows the cost and revenue curves for a natural monopoly that provides electrical power to the town of Fanaland. The percentage of moths with light colored bodies and the percentage of moths with dark bodies is shown on the graph above. Which basic economic. Zeb Zeb 01$1002$2003$400. 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? Be sure to check your responses against the Scoring Guidelines for feedback. 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. ECON 202. 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. The short-run aggregate supply curve will shift to the right when. Bring Albert to your school and empower all teachers with the world's best question bank for: Use the following list to make sure you are prepared for any topic that may show up on your particular exam! Sign in to access your AP or Pre-AP resources and tools including AP Classroom. The AP Microeconomics Exam includes two sections.