unit 2 progress check mcq ap microeconomics unit 2 progress check mcq ap microeconomics

The economy of Fisherland is at full employment for which year in the above diagram? (a) Using the numerical values above, draw a correctly labeled graph of the. The native species on Madagascar are more likely to survive because the island is larger and provides a greater diversity of habitats and resources. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. A schedule showing the trade-off between inflation and unemployment. Which of the following ecosystem services is categorized as regulating? The short-run aggregate supply curve will shift to the right when. D) $20 billion Your students can look up credit and placement policies for colleges and universities on theAP Credit Policy Search. Dead gharials began washing up on the banks of India's Chambal River in December 2007. Jan works a 30-hour week for a minimum wage of $10 an hour. If you have any questions, ask them in the video comments. Section. B) ensure that firms produce the allocatively efficient quantity of output D) 0.2 ea1104. Answer Key Unit 4 Progress Check MCQ.pdf. E) positive economic profit in the long run. Which of the following best identifies the author's claim? Which of the following best identifies the author's claim? A) discrimination Art Lower Prices $300; $400 $600; $200 Unit 3: Production, Cost, and the Perfect Competition Model, Unit 6: Market Failure and the Role of Government. When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. What is the annuitys FV? A) Both Amy's and Sam's will lower prices. The AP Microeconomics exam includes 60 MCQs and 3 FRQs. The graph shows the cost and revenue curves for a monopoly that produces teddy bears. 27 terms. View SG_Unit2ProgressCheckMCQ.pdf from MAC 2013 at Florida Atlantic University. To obtain Real GDP from nominal GDP and the GDP deflator requires the following calculation: Real GDP = Nominal GDP/(GDP deflator in hundredths). C. dividend payout ratio 36 terms. If the price of an apple is $0.50, how many. get rich)? 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. Lower Prices Same Prices C) Immunizations that prevent the spread of diseases, An example of a good that is nonrival and nonexcludable is. christianchiffon. Ill be adding new videos as often as I can, so check back regularly! AP Microeconomics will include topics from all units (Units 1 through 6). A) There is a recessionary gap. C) on-the-job training 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 letters in the graph represent the enclosed areas. B. dividend yield Why do you think the government considers as unemployed only those who are without employment but are looking for work? AP Exams are regularly updated to align with best practices in college-level learning. What type of unemployment describes the situation of factory workers displaced by automation? E) Jan's real wage is $8 per hour at the end of the year. Which statement is true about the circular flow diagram Whats the Format of the AP Microeconomics Exam? RowenAntony5. In 1984 nominal GDP was $10 billion. Q. Which basic economic. C) Myron gains, while the bank loses. When the actual inflation rate exceeds the expected inflation rate, lenders will receive lower real interest rates than expected. What is the firm's profit-maximizing quantity of output? 617 terms. Be sure to check your responses against the Scoring Guidelines for feedback. The 2022 AP Microeconomics exam will take place on: Friday, May 6, 2022 at 12pm (noon) local time. Lexie_Vanderloo. Yukai Resort in the famous Gero Onsen hot spring area of Japan is part of a luxury Japanese hotel chain which performs lean hotel . 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Answer the following questions: a. Correct. Correct. 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 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. christianchiffon. apples would Johnny have to consume before he considers purchasing another orange? Explain. AP Microeconomics - Unit 6 - Market Failure & the Role of Government. D) Firms must lower their product prices to sell additional units. Lower Prices Same Prices 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 best way to use these resources is to go through a unit and then check for understanding on Albert. AP Macroeconomics Unit 2 Progress Check: MCQ. A) $5 billion c. Which is more important in determining how fast exponential growth occurs: the doubling time or the initial amount? Learning Opportunities for AP Coordinators. A) The difference between nominal and real GDP. 17 terms. Zeb Based on the graph above, which of the following years postdisturbance had the greatest species richness? D) Both Amy's and Sam's will charge the same prices. With these helpful study guides, useful resources, and practice all about the markets and how . B) The dominant strategy for Art's is to charge the same prices. c. Find the PV of$1,000 due in 5 years if the discount rate is 10%. Which of the following describes the most immediate effect if an invasive generalist species is introduced to the island? AP Microeconomics Test. The percentage of moths with light colored bodies and the percentage of moths with dark bodies is shown on the graph above. A) Deflation 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. Each owner has the choice to lower prices for early bird customers or keep prices the same. 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. 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. 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]. Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. With these useful resources and practice, you'll feel confident and prepared to . A) there are a large number of rival firms producing very similar products Study Resources. Physics majors would make the best managers.. E) The bank gains, while Myron remains unaffected. The loans annual interest rate is 8%, and it requires four equal end-of-year payments. Donna_Luong2. Even if the five banks provided the same effective annual rate, would a rational investor be indifferent between the banks? D) Real GDP = Nominal GDP + GDP deflator Below are some of my favorite Free Response Questions from past AP Macroeconomics Exams. free-response questions with scoring guides to help you evaluate student work. B) Myron gains, while the bank remains unaffected. 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. 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 . A) $1.00 2. The first section has 60 multiple-choice questions (MCQs). . The framework also encourages instruction 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 AP Psychology Practice Test: History, Approaches, & Research Methods pdf download. Based on the theory of island biogeography, which of the following islands would most likely have the highest number of species living on it? By mid-January, the dead reptilessome the length of two tall men, lined up end to endnumbered in the dozens. E) There is insufficient information to answer the question. In the absence of externalities, the perfectly competitive market maximizes economic surplus when. Recent flashcard sets. An island off the coast of Africa contains a larger percentage of specialist species than generalist species. A) Both Amy's and Sam's will lower prices. . University of Washington AP Microeconomics Final Exam. D) This will harm borrowers with fixed-interest rate loans. Autumn_Morris_ Micro 302 Final Exam. The output gap is measured by which of the following? D) The economy is producing above its potential output level. D. dividend portion Natalie_Vissman. B) 2010 Additional resource ideas for AP Microeconomics: Weve covered a lot in this review guide for the AP Microeconomics exam. D) Nominal GDP includes sales of used goods while real GDP does not. Free-Response Question and Scoring Archive. C) The dominant strategy for Zeb's is to lower prices. Explain. 1. AP Macroeconomics Scoring Guide Unit 6 Progress Check: MCQ E 10. The question bank is a searchable database of real AP questions. 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. Question 12. If, The graph above shows the cost and revenue curves for a natural monopoly that provides electrical power to the town of Fanaland. What will the annual payments be for an ordinary annuity for 10 years with a PV of 1,000iftheinterestrateis81,000 if the interest rate is 8%? D) Both Art and Zeb will charge the same prices. Fun fact, before Albert, we were called Learnerator. Based on the information, does either firm have a dominant strategy? Which statement is best supported by the data in the graph? Which of the following terms describes a slowdown in the rate of increase in the consumer price index? The demand curve for good Y will shift to the right because the goods are substitutes. 01$1002$2003$400. 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. Although their rows of pointy teeth look menacing, they are specialized for catching and holding onto fish, and pose little danger to people. . Course Hero is not sponsored or endorsed by any college or university. The purchase price is $1,100,000. Tamra Carl, York Community High School, Elmhurst, Ill. Sonia Dalmia, Grand Valley State University, Joyce Jacobsen, Hobart and William Smith Colleges, Gerry Simons, Grand Valley State University, Rebecca Stein, University of Pennsylvania. Assuming a rate of 10% annually, find the FV of $1,000 after 5 years. 13 terms. E) Stagflation. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. These materials are part of a College Board program. C) It does not account for the distribution of income in a nation or income inequality. Unit 5 Progress Check: MCQ. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. List and analyze the differences between the four major market structures. The CED was updated in the summer of 2022 to reflect a change in the calculator policy. An island 30 hectares in size that is 10 kilometers off the coast of the mainland. B) $2.00 B) Amy's will lower prices, and Sam's will charge the same prices. E) Neither owner has a dominant strategy. Explain your reasoning. The above payoff matrix illustrates the daily profit for two restaurants, Amy's and Sam's. A) Workers would be better off, and the employers would be worse off. AP CALCULUS. The diagram describes conditions for a natural monopoly. 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. Jan's real wage is $8 per hour =Nominal wage/(CPI in hundredths)=$10/(125/100) at the end of the year. The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. Videos are availablein AP Classroom, on your Course Resources page. RowenAntony5. AP Macroeconomics Scoring Guide Unit 5 Progress Check: MCQ 1. B) there are a large number of rival firms producing more differentiated products And dont forget to like and subscribe! Recent flashcard sets. 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 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. In 2015 the economy is at full employment because actual real GDP is equal to potential real GDP. B) Real GDP = GDP deflator/Nominal GDP Images. E) Neither owner has a dominant strategy. While this study looked specifically at how an altered sense of smell could affect fishes' response to danger, it's likely that other critical behaviors that depend on smell, such as navigation, reproduction, and hunting for food, would also take a hit if fish aren't able to adequately process smells. h. What will the FV and the PV be for$1,000 due in 5 years if the interest rate is 10%, semiannual compounding? D) Jan's real wages are equal to the nominal wages. 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. 3.8 Multiple Choice Questions. What are the variance and standard deviation for the number of people with at least a two-year college degree? This is the core document for the course. A) Myron loses, while the bank gains. "Reef fish inherit tolerance to warming oceans: Thanks to mom and dad, baby reef fish may have to what it takes to adjust to hotter oceans," Ryu Taewoo, ScienceDaily, April 30, 2018. And conversely, the money that the bank pays back to Myron when the certificate of deposit matures is worth more than that money was worth during the time the bank had this money. % of Overall Score. Which of the following is definitely true about the economy between January of 2017 and January of 2018? Share. Images. answer choices. In 2011 nominal GDP was $15 billion and the price deflator was 200. B) Sara has been unable to find a job and abandoned her job search. A team of ecologists are studying four different ecosystems with varying levels of biodiversity. Learn more about the CED in this interactive walk-through. 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. Progress Check MCQ MCQ Key. A) 2009 Use the following list to make sure you are prepared for any topic that may show up on your particular exam! View or download the complete AP exam schedule here. The first entry in each cell indicates the profits for Art, and the second entry in each cell indicates the profits for Zeb. Observed adjustments in the ecological tolerance of a species of reef fish is a result of epigenetic changes. "We reared spiny chromis damselfish . A) Both Art and Zeb will lower prices. Sample Multiple Choice. Which of the following is a Nash equilibrium? D) Both Amy's and Sam's will charge the same prices. When a customer's need for a product is not urgent, demand tends to be. The supply of the currency will increase and the currency will appreciate. A) Real GDP = Nominal GDP/GDP deflator Which one of the following terms is defined as dividends paid expressed as a percentage of net income? B) 0.7 A defense of multiple-choice tests, explaining how they are good for assessment, good for research, and good for teaching. For the following situations identify whether the description is a centralized or decentralized organization. B) Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. Get FRQs with included sample responses with a license to Alberts AP Microeconomics. Note that this is strictly a change to the calculator policy and does not affect the exam format (number of sections, number of questions), the type of questions students may see on the exam, or the course skills. B) Art will lower prices, and Zeb will charge the same prices. E) $3.50, Antitrust laws are intended to Ecosystem A, because its low genetic diversity could have resulted from an event that reduced the variation in the gene pool. D) The dominant strategy for Zeb's is to charge the same prices. Use the following links to Alberts AP Microeconomics course to see if you truly understand each of the units: There are two types of FRQs on the AP Micro exam: short answers and long answers. AP Microeconomics 95 resources. As competition for resources increases, the population size of the island's specialist species will decrease. have found that reef fish can inherit from their parents the genetic tools to adjust to ocean warming. 3. When an economy is at the trough of the business cycle, which of the following is then true about the state of the economy? B) a vertical line Scoring: 2019 Questions 2 and 3 Scoring Sheet, Scoring: 2018 Questions 2 and 3 Scoring Sheet. 18 terms. 120 seconds. Correct. Unit 1 Progress Check - AP Macro. B) economies of scale Click on the question, try it out, then watch the review video to walk you through it! Same Prices $100; $700 $400; $500 Correct. 21 terms. A) Nominal GDP uses constant prices to measure the value of final output, while real GDP uses current prices. 28 terms. [R]esearchers . To stay up to date and adjust your study plan accordingly, read our How to Study for Online AP Exams guide. A range of factors, including disease, famine, or in the case of this research, heat stress, can stimulate these subtle changes. Explain the relationship between marginal cost and marginal product and marginal cost and AVC and ATC. E8.D7.C6 5.B4.D3.B2.C1. Which of the following is an example of a scarce factor of production? 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. B) Workers would be better off, and the employers would be unaffected. ReviewEcon.com has you covered! Assume that 50 Americans between the ages of 25 and 64 are selected randomly. A) a large number of firms Each restaurant has the choice to lower prices for early bird customers or keep prices the same. 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.