AP CALCULUS. e. Suppose Californias population is 36.5 million people and its population is expected to grow by 2% annually. Number of Workers Quantity of Output 0 0 1 8 2 15 3 21 4 26 5 30 If the firm sells its product at the market price of $10 per unit, the marginal revenue product of the fourth worker is A) $40 B) $50 C) $65 D . List and analyze the differences between the four major market structures. ea1104. A team of ecologists are studying four different ecosystems with varying levels of biodiversity. Which of the following best describes the trends in atmospheric CO2 concentration and Antarctic temperature over the past 800,000 years? D) mutual interdependence Which of the following explains why imperfectly competitive markets are inefficient? D) 2015 B) differences in working conditions View or download the complete AP exam schedule here. 12 terms. Model economic situations using graphs or visual representations. government regulation increases. Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. E) Jan's real wage is $8 per hour at the end of the year. What effective annual rate does each bank pay? Refer to the FRQs weve selected as they represent some of the FRQs that will appear on this years exam. ReviewEcon.com has you covered! Among the largest crocodilians in the world, gharials have long, heavy bodies and relatively small heads with bulging eyes and skinny snouts. E) Neither owner has a dominant strategy. Army College of Education for Women, Peshawar. [R]esearchers . Unit 3: Production, Cost, and the Perfect Competition Model, Unit 6: Market Failure and the Role of Government. U2 MCQ. AP Psychology Practice Test: Biological Bases of Behavior pdf download. free-response questions with scoring guides to help you evaluate student work. Jan's real wage is $8 per hour =Nominal wage/(CPI in hundredths)=$10/(125/100) at the end of the year. E) The average total cost decreases throughout the entire effective demand. 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. answer choices. E) The unemployment rate is lower than the natural rate of unemployment. AP Microeconomics Unit 4 Progress Check: FRQ 1. The ultimate review guides for AP subjects to help you plan and structure your prep. \text{0} & \text{1} & \text{2} & \text{3}\\ 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. Click on the question, try it out, then watch the review video to walk you through it! Based on the graph above, which of the following years postdisturbance had the greatest species richness? 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. The AP Microeconomics framework is organized into six commonly taught units of study that provide one possible sequence for the course. Lexie_Vanderloo. Ready to practice for you next free response exam? The percentage of dark colored moths increased in the population and the percentage of light-colored moths decreased in the population. A) $1.00 Practice questions to help you check your progress for AP Macro Unit 3 . This is the core document for this course. The native species on Madagascar are more likely to survive because the island is larger and provides a greater diversity of habitats and resources. . Assuming a rate of 10% annually, find the FV of $1,000 after 5 years. The following graph shows the marginal social cost (MSC), the marginal private cost (MPC), and the marginal social benefit (MSB) of a good. Multiple Choice Practice for Production, Cost, and the Perfect Competition Model. Which of the following is true about gross domestic product (GDP)? 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.**. A) The difference between nominal and real GDP. get rich)? Zeb Q. C) This will harm lenders with fixed-interest rate loans. A) The dominant strategy for Art's is to lower prices. AP Microeconomics Unit 2 MCQ. Country X's economy is in an inflationary gap. Acidic water affects the salmon's ability to sense danger from attacking predators by their sense of smell. Answer Key Unit 4 Progress Check MCQ.pdf. What is the firm's profit-maximizing quantity of output? D) Consumer surplus equals area (a+b), producer surplus equals area (c+d), and deadweight loss equals area (e). b. Zeb C) The economy is producing at its potential output level. C) Real GDP = Nominal GDP GDP deflator A) a horizontal line 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. Progress Check MCQ MCQ Key. When a customer's need for a product is not urgent, demand tends to be. C) $10 billion 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. 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. A) prevent the entry of firms into imperfectly competitive markets C) Myron gains, while the bank loses. In 1984 nominal GDP was $10 billion. D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. Based on the information above, which ecosystem would most likely recover the fastest from a natural disruption? Which of the following is classified as a discouraged worker? Monopoly, Deadweight Loss, Shut Down, Fixed Costs, Marginal Analysis, Consumer Surplus, Cross-Price Elasticity, Supply and Demand, Excise Taxes, Tax Revenue, Producer Surplus, Perfect Competition, Supply and Demand, Price Ceiling, Marginal Analysis, Opportunity Cost, Marginal Cost, Marginal Benefit, Monopoly, Negative Externality, Socially Optimal, Per Unit Tax, Dead Weight Loss, Monopoly, Price Discrimination, Consumer Surplus, Economies of Scale. Q. . The second section is the free-response section (FRQs), which includes one long question and two short questions. Explain your reasoning. D) The economy is producing above its potential output level. . D) 2015 D) the vertical axis 27 terms. 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. PBS News Hour reported in 2014 that 39.4%39.4 \%39.4% of Americans between the ages of 25 and 64 have at least a two-year college degree (PBS website). 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. D) This will harm borrowers with fixed-interest rate loans. 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. 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! Learning Opportunities for AP Coordinators. Americans with at Least a Two-Year Degree. D) control monopolies and maintain a competitive market environment Sign in to AP Classroomto access AP Daily. Which of the following is true for both stocks Download. D) Real GDP = Nominal GDP + GDP deflator 17 terms. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. 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. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. Free-Response Question and Scoring Archive. b. And dont forget to like and subscribe! B) 0.7 Which basic economic. Natalie_Vissman. In the absence of externalities, the perfectly competitive market maximizes economic surplus when. RowenAntony5. Explain. Prices have fallen by 5% on average, which results in an increase in the real interest rate (real interest rate = nominal interest rate - inflation). Calculate Country X's nominal gross domestic product (GDP) for 2017 using the expenditures approach. A defense of multiple-choice tests, explaining how they are good for assessment, good for research, and good for teaching. A) Both Amy's and Sam's will lower prices. 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. The above payoff matrix illustrates the daily profit for two restaurants, Amy's and Sam's. Lower Prices Same Prices . \text{ } & \text{\$ 100} & \text{\$ 200} & \text{\$ 400}\\ Anthropogenic disruptions to Earth's resources can have sudden and severe negative consequences to the health of native species, specifically those whose populations are already threatened. E) There is no Nash equilibrium. The diagram describes conditions for a natural monopoly. Same Prices $100; $700 $400; $500 For more examples of previous FRQs, check out the College Board archive for AP Microeconomics. 1. C. dividend payout ratio Sample Multiple Choice. Get Started . Sample Free Response. U6 MCQ. Requirement. Correct. Art Lower Prices $300; $400 $600; $200 TESTS. D) there are a small number of rival firms producing more differentiated products 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? RowenAntony5. AP Macroeconomics Unit 2 Progress Check: MCQ. Which of the following will happen when the actual inflation rate exceeds the expected inflation rate? . AP Macroeconomics Unit 2 Progress Check: MCQ. An island 30 hectares in size that is 10 kilometers off the coast of the mainland. Which one of the following terms is defined as dividends paid expressed as a percentage of net income? Recent flashcard sets. You'll review elasticity, market equilibrium, and policy. Physics majors would make the best managers.. Based on the Understanding by Design (Wiggins and McTighe) model, the course framework provides a clear and detailed description of the course requirements necessary for student success. The first section has 60 multiple-choice questions (MCQs). D. dividend portion The die-off . E) The difference between the GDP deflator and the consumer price index in a given year. Recent flashcard sets. 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 process of confirming members of the president's Cabinet can lead to conflict with members of the Senate. C) Art will charge the same prices, and Zeb will lower prices. At the trough of a business cycle, there is a recessionary gap because, at the trough, actual output is below potential output. Anterior Upper Limbs. AP Macroeconomics Unit 2 Progress Check: MCQ, Don Herrmann, J. David Spiceland, Wayne Thomas, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Same Prices $100; $700 $400; $500 The AP Microeconomics exam includes 60 MCQs and 3 FRQs. An international team of researchers reported new evidence of reef fish adjusting to global warming conditions at the genetic level. D) $20 billion Share. The purchase price is $1,100,000. B) The difference between actual and potential GDP. Determine outcomes of specific economic situations. D) The dominant strategy for Zeb's is to charge the same prices. Test. E) Neither owner has a dominant strategy. Yukai Resort in the famous Gero Onsen hot spring area of Japan is part of a luxury Japanese hotel chain which performs lean hotel . In 1977, 1980, and 1982, there were droughts, and the area experienced significantly less rainfall than average. Zeb 3.8 Multiple Choice Questions. Roger is a graphic artist, so his resume is several pages long and includes an artistic portfolio. 29 . Which of the following explains why imperfectly competitive markets are inefficient? Criticize the following C) Playgrounds are rival in consumption, and the optimal number of playgrounds is three. Correct. E) $30 billion. The best way to use these resources is to go through a unit and then check for understanding on Albert. Which of the following best identifies the author's claim? Nominal GDP = Real GDP GDP Deflator, Suppose Miguel wants to know the value of real gross domestic product (GDP) for 2011 in terms of the base year 1984 dollars. E) the horizontal axis, Which of the following Gini coefficients indicates that a country has an equal distribution of income? D) Jan's real wages are equal to the nominal wages. Explain. The offspring's altered gene expression, also referred to as 'acclimation,' allowed them to maximize oxygen consumption and energy use." Master supply and demand in these Unit 2 AP Micro resources. D) Nominal GDP includes sales of used goods while real GDP does not. Same Prices $100; $700 $400; $500 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. AP Psychology Practice Test: Sensation & Perception pdf download. E) $3.50, Antitrust laws are intended to B) Sara has been unable to find a job and abandoned her job search. Observed adjustments in the ecological tolerance of a species of reef fish is a result of epigenetic changes. C) 2013 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? Which of the following must be true? C) Workers and employers would be equally well off. jferr15. Which of the following is true of a natural monopoly? For a species that is struggling, the fate of this river will determine its future. Q. 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. 120 seconds. Last year, Myron purchased a $10,000 certificate of deposit with a 3% rate of interest from his bank. The question bank is a searchable database of real AP questions. Based on the theory of island biogeography, which of the following islands would most likely have the highest number of species living on it? B) Workers would be better off, and the employers would be unaffected. 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. Powered by Create your own unique website with customizable templates. E. dividend section. stevalii. katelyn-7-AP Macroeconomics Unit 3 Progress Check. 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. D) Inflation D) The dominant strategy for Zeb's is to charge the same prices. Correct. The ability to smell is critical for salmon. The short-run aggregate supply curve will shift to the right when. 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? have found that reef fish can inherit from their parents the genetic tools to adjust to ocean warming. Recent flashcard sets. On 4/22 EARTH DAY!! Labor unions negotiated a 3-year contract with employers in the automobile industry. AP Macroeconomics: Unit 3 Progress Check MCQ. 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 Study Resources. Which of the following best describes the pattern in the atmospheric CO2 concentration data over the past 200,000 years? A) Real GDP = Nominal GDP/GDP deflator B) Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. Each owner has the choice to lower prices for early bird customers or keep prices the same. Which of the following is an example of a nonrival resource? Matt Pedlow, Chelsea High School, Chelsea, Mich. Stephanie Vanderford, Providence Day School, Charlotte, N.C. Carl Coates, Carl Sandburg High School, Orland Park, Ill. Lynda Motiram, Dulaney High School, Timonium, Md. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Correct. unit 4 macro. 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 . Based on the graph above, which of the following tree species would be the predominant species found during the intermediate stage of succession? The output gap is measured by which of the following? The 2022 AP Microeconomics exam will be given in person using paper-and-pencil tests. B) Amy's will lower prices, and Sam's will charge the same prices. Check your answers AFTER you finish 20.A19.E18.B17.A.16.E15.B14.D13.C12.B11.B10. This resource provides a succinct description of the course and exam. What is the firm's profit-maximizing quantity of output? E) positive economic profit in the long run. . B) Real GDP = GDP deflator/Nominal GDP The first entry in each cell indicates the profits for Art, and the second entry in each cell indicates the profits for Zeb. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. This check on presidential power illustrates that. B) economies of scale create custom quizzes that can be assigned online or on paper. If the price of an apple is $0.50, the marginal utility per dollar spent for the fifth apple is: (A) 20 (B) 30 (C) 40 (D) 60 (E) 100 AP MICROECONOMICS Scoring Guide Unit 1 Progress Check: MCQ 2. D) $3.00 These videos are still very much relevant today. 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} B) Myron gains, while the bank remains unaffected. A schedule showing the relationship between inputs and outputs. stevalii. AP Microeconomics Final Exam. See Units. 60 seconds. Which of the following is an example of an ecosystem service that would provide protection from a hurricane storm surge? The incorrect answers all use some combination of incorrect values in the numerator or denominator. 21 terms. Share. A) 2009 This chartshows recommended scores for granting credit, and how much credit should be awarded, for each AP course. C) Jan's real wage is 25% higher because the CPI increased from 100 to 125. B) The dominant strategy for Art's is to charge the same prices. Get FRQs with included sample responses with a license to Alberts AP Microeconomics.