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A) there are a large number of rival firms producing very similar products 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. 4. Correct. E) The average total cost decreases throughout the entire effective demand. Which of the following is a Nash equilibrium? c. Which is more important in determining how fast exponential growth occurs: the doubling time or the initial amount? A) prevent the entry of firms into imperfectly competitive markets government regulation increases. 28 terms. This chartshows recommended scores for granting credit, and how much credit should be awarded, for each AP course. 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? Which of the following will happen when the actual inflation rate exceeds the expected inflation rate? statement. Free-Response Question and Scoring Archive. . Suppose you dont have the $5,000 but need it at the end of 1 year. 46 studiers recently. TB_Unit4ProgressCheckFRQ_608911f1c66486.608911f1cef141.88921253.pdf - AP Microeconomics Unit 4 Progress Check: FRQ 1. AP Macroeconomics: Unit 3 Progress Check MCQ. h. What will the FV and the PV be for$1,000 due in 5 years if the interest rate is 10%, semiannual compounding? In order to regulate the monopoly to produce the largest possible output without a loss, government regulators would establish a price of B) Jan's real wage is $2.50 per hour at the end of the year due to inflation. View Answer Key Unit 5 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. : They dont currently have anything for Macroeconomics, but this site features chapter outlines from Barrons review book. E) positive economic profit in the long run. Which basic economic. The city council divides a community's residents into three groups: individual young adults, families with children, and older adults. RowenAntony5. 27 terms. b. B) The dominant strategy for Art's is to charge the same prices. B) Disinflation Which statement is true about the approaches used to measure the value of a nation's gross domestic product (GDP) ? Disinflation refers to a slowdown in the rate of increase in the consumer price index or inflation. Q. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. D) The dominant strategy for Zeb's is to charge the same prices. If the price of an apple is $0.50, how many. AP Calculus BC Scoring Guide Unit 3 Progress Check: FRQ Part B Copyright 2017. C) $10 billion B) Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. The researchers observed moths on tree trunks and recorded their body color. 17 terms. Art Lower Prices $300; $400 $600; $200 D) Equating marginal private benefit and marginal private cost must have resulted in inefficiencies in the market. The framework also encourages instruction Which of the following best identifies the author's claim? Which of the following is a Nash equilibrium? Which of the following must be true? You can: Learn how to get started in AP Classroom. Jan works a 30-hour week for a minimum wage of $10 an hour. AP Exams are regularly updated to align with best practices in college-level learning. E) differences in human capital, AP Macroeconomics Unit 2 Progress Check: MCQ, AP Macroeconomics: Unit 3 Progress Check MCQ, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, MEMORY- factors effecting EWT :misleading inf. Be sure to check your responses against the Scoring Guidelines for feedback. This check on presidential power illustrates that. B) 0.7 Which of the following best explains why individuals and societies must make choices when presented with. Hbabar2002. C) Art will charge the same prices, and Zeb will lower prices. Expert Help. As competition for resources increases, the population size of the island's specialist species will decrease. And dont forget to like and subscribe! AP Macroeconomics Scoring Guide Unit 2 Progress Check: MCQ 1. . What effective annual rate does each bank pay? What were her average earnings per hour? B) $7.5 billion E) Jan's real wage is $8 per hour at the end of the year. Suppose that last year is the base year for the Consumer Price Index (CPI). 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 . Acidic water affects the salmon's ability to sense danger from attacking predators by their sense of smell. Art Lower Prices $300; $400 $600; $200 B) differences in working conditions B) The difference between actual and potential GDP. Explain. When you feel confident, use past FRQs to practice your free-response answers. The first section has 60 multiple-choice questions (MCQs). The temperature increases by about 12C and then decreases by about 12C. D) Firms must lower their product prices to sell additional units. Labor unions negotiated a 3-year contract with employers in the automobile industry. C) there are a small number of rival firms producing very similar products Each owner has the choice to lower prices for early bird customers or keep prices the same. Last year, Myron purchased a $10,000 certificate of deposit with a 3% rate of interest from his bank. 1 / 21. Verified questions. C. dividend payout ratio A) Deflation Sample Free Response. A) a horizontal line Q. 21 terms. AP Macroeconomics: Unit 3 Progress Check MCQ, Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. 4 min read december 12, 2021. Master supply and demand in these Unit 2 AP Micro resources. 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 . The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. E) Neither owner has a dominant strategy. What operations strategies are important at Girlfriend Collective? % of Overall Score. In this problem we are asked for 2011 Real GDP converted into 1984 dollars. A list of online resources recommended by your fellow AP Macroeconomics and Microeconomics teachers. Recent flashcard sets. List and analyze the differences between the four major market structures. Lexie_Vanderloo. duck_425299. . stevalii. create custom quizzes that can be assigned online or on paper. Determine the branding strategy that Campbell's and the NFL used. B) There is an inflationary gap. The first entry in each cell indicates the profits for Art, and the second entry in each cell indicates the profits for Zeb. xniamhlynch. Suppose the consumer price index (CPI) was 100 on January 1st, 2017 and 110 on January 1st, 2018 with no changes in nominal wages. B) Real GDP = GDP deflator/Nominal GDP We cover the important vocabulary, skills, and concepts you need to understand and master. U6 MCQ. The 2022 AP Microeconomics exam will be given in person using paper-and-pencil tests. 120 seconds. C) The market for factors of production connects spending by firms to household income. 15 terms. [R]esearchers . l. Suppose you borrow$15,000. . A) Real GDP = Nominal GDP/GDP deflator C) there are a small number of rival firms producing very similar products The graph shows the cost and revenue curves for a monopoly that produces teddy bears. Birds with smaller beaks are better suited for grasses and soft seeds, while birds with larger beaks are better suited for seeds and nuts. D) Firms must lower their product prices to sell additional units. Which of the following best identifies the author's claim? 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. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. The concentration of CO2 fluctuated between 150ppm and 250ppm until recently, when the concentration rose exponentially. Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. B) Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. D) the vertical axis D) Jan's real wages are equal to the nominal wages. AP studentscan also access videos on their own for additional support. The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. They exposed juvenile coho salmon to these three different pHpH levels for two weeks. If you deposit$5,000 in each bank today, how much will you have in each bank at the end of 1 year? Here are some of the key takeaways: We hope youve found this AP Microeconomics review guide helpful. The owners believe the plant will generate net cash inflows of$297,000 annually. a. An island 30 hectares in size that is 10 kilometers off the coast of the mainland. Lower Prices Same Prices Not all free-response questions on . Welcome to Unit 3 AP Macroeconomics Multiple Choice Questions . Pollination, decomposition, and water purification. Fun fact, before Albert, we were called Learnerator. Explain. When a customer's need for a product is not urgent, demand tends to be. ap macro unit 3. 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? The CED was updated in the summer of 2022 to reflect a change in the calculator policy. C) 2013 The above payoff matrix illustrates the daily profit for two restaurants, Amy's and Sam's. 27 terms. a), Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. A) The dominant strategy for Art's is to lower prices. Natalie_Vissman. The first section has 60 multiple-choice questions (MCQs). Donna_Luong2. AP Micro Unit 3 Progress . B) This will harm lenders with variable-interest rate loans. Correct. Which of the following is true of a natural monopoly? C) a diagonal line A team of ecologists are studying four different ecosystems with varying levels of biodiversity. ECON. B) Workers would be better off, and the employers would be unaffected. Each owner has the choice to lower prices for early bird customers or keep prices the same. "When parents are exposed to an increase in water temperature, we found that their offspring improved their performance in these otherwise stressful conditions by selectively modifying their epigenome." Which of the following economic consequences to a provisioning ecosystem service will most likely result from increased global warming? Army College of Education for Women, Peshawar. By March, more than 110 of the skinny-snouted creatures had been found dead, most along a 30-kilometer (18-mile) stretch of river. E) $3.50, Antitrust laws are intended to C) Immunizations that prevent the spread of diseases, An example of a good that is nonrival and nonexcludable is. 1. The letters in the graph represent the enclosed areas. Learning Opportunities for AP Coordinators. 12 terms. Recent flashcard sets . Based on the information above, which ecosystem would most likely recover the fastest from a natural disruption? With these useful resources and practice, you'll feel confident and prepared to . 18 terms. TESTS. D) 0.2 . f. Find the PV of an ordinary annuity that pays $1,000 each of the next 5 years if the interest rate is 15%. Based on the information, does either firm have a dominant strategy? A) There is a recessionary gap. Study Resources. 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. Unit 5 Progress Check: MCQ. Course Hero is not sponsored or endorsed by any college or university. A defense of multiple-choice tests, explaining how they are good for assessment, good for research, and good for teaching. Based on the theory of island biogeography, which of the following islands would most likely have the highest number of species living on it? "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. get rich)? Check your answers AFTER you finish 20.A19.E18.B17.A.16.E15.B14.D13.C12.B11.B10. Same Prices $100; $700 $400; $500 Q. An island off the coast of Africa contains a larger percentage of specialist species than generalist species. Correct. below. D) 2015 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. This is the core document for the course. Assume that a profit-maximizing, perfectly competitive firm hires labor in a perfectly competitive labor market. Explain. Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. 22 terms. 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. If not (and the TVM is the only consideration), what nominal rate will cause all of the banks to provide the same effective annual rate as Bank A? Which of the following best identifies the author's claim? One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. E) There is no Nash equilibrium. 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. AP Macroeconomics Unit 2 Progress Check: MCQ. When an economy is at the trough of the business cycle, which of the following is then true about the state of the economy?