Which of the following is true of a natural monopoly? C) Art will charge the same prices, and Zeb will lower prices. \text{ } & \text{\$ 100} & \text{\$ 200} & \text{\$ 400}\\ i. Zeb Why do you think the government considers as unemployed only those who are without employment but are looking for work? What type of unemployment describes the situation of factory workers displaced by automation? Free-Response Question and Scoring Archive. 17 terms. For more examples of previous FRQs, check out the College Board archive for AP Microeconomics. C) a diagonal line Which of the following is definitely true about the economy between January of 2017 and January of 2018? 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. RowenAntony5. As competition for resources increases, the population size of the island's specialist species will decrease. Correct. The first section has 60 multiple-choice questions (MCQs). This is the core document for this course. In a rapidly changing climate, the decline of animal populations is a very real concern. Speculation ensued among researchers and government officials about what caused the die-off. 13 terms. Which of the following is true of a natural monopoly? The question bank is a searchable database of real AP questions. Zeb Which of the following will happen when the actual inflation rate exceeds the expected inflation rate? Learning Opportunities for AP Coordinators. Among the largest crocodilians in the world, gharials have long, heavy bodies and relatively small heads with bulging eyes and skinny snouts. Powered by Create your own unique website with customizable templates. AP Exams are regularly updated to align with best practices in college-level learning. U6 MCQ. One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. Preston, Co., is considering acquiring a manufacturing plant. 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! Same Prices $100; $700 $400; $500 5 Big Religions Unit 2. 120 seconds. The table below shows the daily production of clothing or, Include correctly labeled diagrams, if useful or required, in explaining your answers. If the market wage is $12 per hour and the price of the product is $3 per unit, the firm will: answer choices. AP Microeconomics Exam Free-Response Questions and Scoring Information A) The dominant strategy for Art's is to lower prices. Which of the following is true for both stocks D) The dominant strategy for Zeb's is to charge the same prices. B) Myron gains, while the bank remains unaffected. In order to regulate the monopoly to produce the largest possible output without a loss, government regulators would establish a price of Lower Prices Same Prices Donna_Luong2. Quantity of Snacks Marginal Utility of Snacks Quantity of Movies Marginal, Two countries, Marland and Teckana, can produce either clothing or food using all their available resources at constant opportunity cost. AP Econ Micro Unit 6 Test. Which of the following best describes the pattern in the atmospheric CO2 concentration data over the past 200,000 years? Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. AP Microeconomics Unit 2 MCQ. The city council divides a community's residents into three groups: individual young adults, families with children, and older adults. C) 2013 Sign in to AP Classroom and explore these resources: AP Daily videosare short, searchable instructional segments you can: Topic questions are formative questions to check student understanding as you teach. Be sure to check your responses against the Scoring Guidelines for feedback. 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. C) The dominant strategy for Zeb's is to lower prices. create custom quizzes that can be assigned online or on paper. AP Psychology Practice Test: Sensation & Perception pdf download. Q. E) the horizontal axis, Which of the following Gini coefficients indicates that a country has an equal distribution of income? Same Prices $100; $700 $400; $500 The Chambal contains nearly 80 percent of all the gharials left on Earth. E) a monopolistically competitive firm's demand curve is perfectly elastic, D) there are a small number of rival firms producing more differentiated products, Monopolistically competitive markets are characterized by The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. The offspring's altered gene expression, also referred to as 'acclimation,' allowed them to maximize oxygen consumption and energy use." This check on presidential power illustrates that. b. that prepares students for advanced economics coursework. D) The dominant strategy for Zeb's is to charge the same prices. B) Art will lower prices, and Zeb will charge the same prices. 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. "Acclimation may buffer populations against the impacts of rapid environmental change and provide time for genetic adaptation to catch up over the longer term." The Graduate Management Admission Test (GMAT) is used by many graduate schools of business as one of their admission criteria. One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. How large must the payments be to each bank? D) mutual interdependence The AP Microeconomics framework is organized into six commonly taught units of study that provide one possible sequence for the course. C) The dominant strategy for Zeb's is to lower prices. What are the variance and standard deviation for the number of people with at least a two-year college degree? For the following situations identify whether the description is a centralized or decentralized organization. E) The expenditure approach to calculating GDP sums consumption spending, investment spending, government spending, and net exports. If all of the banks are insured by the government (the FDIC) and thus are equally risky, will they be equally able to attract funds? "We reared spiny chromis damselfish . The ultimate review guides for AP subjects to help you plan and structure your prep. Welcome to Unit 3 AP Macroeconomics Multiple Choice Questions . Excerpted from the AP Microeconomics Course and Exam Description, the Course at a Glance document outlines the topics and skills covered in the AP Microeconomics course, along with suggestions for sequencing. A) $5 billion 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. search for any question, passage, or stimulus by text or keyword. The framework also encourages instruction Get FRQs with included sample responses with a license to Alberts AP Microeconomics. A) Deflation Ecosystem A, because its low genetic diversity could have resulted from an event that reduced the variation in the gene pool. The loans annual interest rate is 8%, and it requires four equal end-of-year payments. The second section is the free-response section (FRQs), which includes one long question and two short questions. Therefore, this will harm lenders with fixed-interest rate loans. University of Washington D) 0.2 The percentage of moths with light colored bodies and the percentage of moths with dark bodies is shown on the graph above. Researchers examined the effect of industrialization and increased pollution (soot) in London on the coloration in a single species of moths. U6 MCQ. What is culture, and what are the five key dimensions that can be used to describe it? The AP Program is unique in its reliance on Development Committees. E) The average total cost decreases throughout the entire effective demand. B) a vertical line Video tutorials reviewing concepts can be helpful to supplement your learning and review. A. dividend retention ratio The graph shows the cost and revenue curves for a monopoly that produces teddy bears. Same Prices $100; $700 $400; $500 C) Workers and employers would be equally well off. below. stevalii. My Reports highlights progress for every student and class across AP units. C) Real GDP = Nominal GDP GDP deflator D) Equating marginal private benefit and marginal private cost must have resulted in inefficiencies in the market. The supply of the currency will increase and the currency will appreciate. Which of the following is classified as a discouraged worker? E) a monopolistically competitive firm's demand curve is perfectly elastic, D) there are a small number of rival firms producing more differentiated products, Monopolistically competitive markets are characterized by Autumn_Morris_ Micro 302 Final Exam. e. Suppose Californias population is 36.5 million people and its population is expected to grow by 2% annually. AP Microeconomics 95 resources. C) Myron gains, while the bank loses. On 4/20: Complete Unit 1 Progress Check MCQ (multiple choice questions) in My AP (AP Classroom), as well as Unit 1 Progress Check FRQ. Epigenetic change refers to chemical modifications in the DNA that signals genes to be switched on or off. This is the core document for the course.
unit 2 progress check mcq ap microeconomics
