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B) Art will lower prices, and Zeb will charge the same prices. RowenAntony5. Which of the following is an example of a nonrival resource? ea1104. List and analyze the differences between the four major market structures. Recent flashcard sets. Five banks offer nominal rates of 6% on deposits; but A pays interest annually; B pays semiannually; C pays quarterly; D pays monthly; and E pays daily. C) there are a small number of rival firms producing very similar products Each restaurant has the choice to lower prices for early bird customers or keep prices the same. AP Macroeconomics: Unit 3 Progress Check MCQ. This is the core document for the course. : They dont currently have anything for Macroeconomics, but this site features chapter outlines from Barrons review book. E) Workers would be worse off, and the employers would be better off. 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. 3. Here are some of the key takeaways: We hope youve found this AP Microeconomics review guide helpful. Multiple Choice Practice for Production, Cost, and the Perfect Competition Model. 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. Jan works a 30-hour week for a minimum wage of $10 an hour. 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. Higher education professionals play a key role in developing AP courses and exams, setting credit and placement policies, and scoring student work. xniamhlynch. Unit 1 Progress Check - AP Macro. Master supply and demand in these Unit 2 AP Micro resources. D) The economy is producing above its potential output level. My Reports highlights progress for every student and class across AP units. Which of the following is the correct calculation of Real Gross Domestic Product (GDP) ? Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. Skip to document. Ill be adding new videos as often as I can, so check back regularly! After two weeks, the team ran a series of tests to see whether the fishes' sense of smell was affected. 18 terms. In 2011 nominal GDP was $15 billion and the price deflator was 200. A) The dominant strategy for Art's is to lower prices. E) There is insufficient information to answer the question. Lexie_Vanderloo. D) the vertical axis Progress Check MCQ MCQ Key. The temperature increases by about 12C and then decreases by about 12C. 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. AP, IB, and College Microeconomicand Macroeconomic Principles. **AP, Advanced Placement Program, and College Boardare registered trademarks of the College Board, which was not involved in the production of, and does not endorse, this material. E) 2017. 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. Lower Prices Same Prices AP Micro Unit 3 Progress . Based on the graph above, which of the following years postdisturbance did sweetgum experience the greatest biomass? Anterior Upper Limbs. Assign topic questions to reveal student misunderstandings and target your lessons. Which statement is true about the circular flow diagram D) there are a small number of rival firms producing more differentiated products 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 Based on the theory of island biogeography, which of the following islands would most likely have the highest number of species living on it? Share. In the absence of externalities, the perfectly competitive market maximizes economic surplus when. For a species that is struggling, the fate of this river will determine its future. D) The dominant strategy for Zeb's is to charge the same prices. Her usual work schedule is 50 hours a week. B) Disinflation A) there are a large number of rival firms producing very similar products How long will it take for the population to double? 20 terms. C) Jan's real wage is 25% higher because the CPI increased from 100 to 125. h. What will the FV and the PV be for$1,000 due in 5 years if the interest rate is 10%, semiannual compounding? 22 terms. 1. 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. 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? Recent flashcard sets. 22 terms. unit 4 macro. C) This will harm lenders with fixed-interest rate loans. Video tutorials reviewing concepts can be helpful to supplement your learning and review. In 1977, 1980, and 1982, there were droughts, and the area experienced significantly less rainfall than average. AP Psychology Practice Test: History, Approaches, & Research Methods pdf download. Which of the following is true in imperfectly competitive markets? Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. View Answer Key Unit 4 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. [R]esearchers . D) Jan's real wages are equal to the nominal wages. E) eliminate negative externalities, D) control monopolies and maintain a competitive market environment, The closer income distribution moves toward complete equality, the closer the Lorenz curve moves to hire more workers if each worker can produce 3 units per hour. Criticize the following Check your answers AFTER you finish 20.A19.E18.B17.A.16.E15.B14.D13.C12.B11.B10. National park camping sites that can be reserved by anyone, Farmland that can be used to grow corn or soybeans, A power company decides to use wind turbines to provide electricity instead of coal. Labor unions negotiated a 3-year contract with employers in the automobile industry. . Even if the five banks provided the same effective annual rate, would a rational investor be indifferent between the banks? 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 output gap is measured by which of the following? 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. B) Myron gains, while the bank remains unaffected. Would you rather start with one penny ($0.01)(\$ 0.01)($0.01) and double your wealth every day or start with $1000\$ 1000$1000 and double your wealth every two days (assuming you want to get rich in the long run)? 13 terms. AP Microeconomics Course and Exam Description. Practice questions to help you check your progress for AP Macro Unit 3 . If you deposit$5,000 in each bank today, how much will you have in each bank at the end of 1 year? The College Board. the process of confirming members of the president's Cabinet can lead to conflict with members of the Senate. If unregulated, the monopolist operates to maximize its profit. AP Microeconomics Test. C) reduce monopoly profits D) Nominal GDP includes sales of used goods while real GDP does not. stevalii. 28 terms. \end{matrix} View SG_Unit2ProgressCheckMCQ.pdf from MAC 2013 at Florida Atlantic University. Speculation ensued among researchers and government officials about what caused the die-off. The graph shows the cost and revenue curves for a monopoly that produces teddy bears. How would each group be affected by an actual inflation rate of 4% next year? Explain. 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. For more examples of previous FRQs, check out the College Board archive for AP Microeconomics. What is the annuitys FV? U2 MCQ. If you have any questions, ask them in the video comments. Birds prey on the moths that are easily visible on trees. A range of factors, including disease, famine, or in the case of this research, heat stress, can stimulate these subtle changes. E) The average total cost decreases throughout the entire effective demand. Correct. Time Limit. With these helpful study guides, useful resources, and practice all about the markets and how . Prices have fallen by 5% on average, which results in an increase in the real interest rate (real interest rate = nominal interest rate - inflation). 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 D) differences in bargaining power E) Calculations of GDP include the unsold inventories of goods produced within the borders of the country. 17 terms. Same Prices $100; $700 $400; $500 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. Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. The supply of the currency will increase and the currency will appreciate. 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. For the following situations identify whether the description is a centralized or decentralized organization. Both atmospheric CO2 concentration and Antarctic temperature have remained about the same over the past 800,000 years. A) The dominant strategy for Art's is to lower prices. The 2022 AP Microeconomics exam will take place on: Friday, May 6, 2022 at 12pm (noon) local time. 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. Q. Dead gharials began washing up on the banks of India's Chambal River in December 2007. With these useful resources and practice, you'll feel confident and prepared to . Same Prices $100; $700 $400; $500 12 terms. 2011 Real GDP in 1984 dollars = 2011 Nominal GDP/GDP deflator in hundredths = $15 billion/(200/100) or $7.5. A) Myron loses, while the bank gains. Last year, Myron purchased a $10,000 certificate of deposit with a 3% rate of interest from his bank. 4. See Units. B) The difference between actual and potential GDP. Zeb This chartshows recommended scores for granting credit, and how much credit should be awarded, for each AP course. ECON. Which statement is true about the circular flow diagram of an economy? C) $10 billion E) Nominal GDP takes into account the size of the population while real GDP does not. were observed that enhanced the next generation's ability to cope with the new, warmer temperatures. B) Amy's will lower prices, and Sam's will charge the same prices. 617 terms. AP Microeconomics can be pretty dry when it comes to content. As competition for resources increases, the population size of the island's specialist species will decrease. Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? Same Prices $100; $700 $400; $500 Which of the following best explains why individuals and societies must make choices when presented with. Which of the following best describes the change in Antarctic temperature from about 440,000 years ago to about 340,000 years ago? ea1104. E) $3.50, Antitrust laws are intended to C) It does not account for the distribution of income in a nation or income inequality. C) Workers and employers would be equally well off. Cells (terms and definitions ) 39 terms. When an economy is at the trough of the business cycle, which of the following is then true about the state of the economy? D) mutual interdependence 62 terms. Answer the following questions: a. The CED was updated in the summer of 2022 to reflect a change in the calculator policy. Images. B) The dominant strategy for Art's is to charge the same prices. Mortaldragon21. have found that reef fish can inherit from their parents the genetic tools to adjust to ocean warming. A) Real GDP = Nominal GDP/GDP deflator 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. $k. Sets found in the same folder. The following graph shows the marginal social cost (MSC), the marginal private cost (MPC), and the marginal social benefit (MSB) of a good. To stay up to date and adjust your study plan accordingly, read our How to Study for Online AP Exams guide. The next generation appeared to be advantaged by parental exposure to elevated temperatures. 15 terms. "Acclimation may buffer populations against the impacts of rapid environmental change and provide time for genetic adaptation to catch up over the longer term." D) Real GDP = Nominal GDP + GDP deflator C) 0.5 i. Model economic situations using graphs or visual representations. AP Econ Micro Unit 6 Test. A The supply of the currency will increase and the currency will depreciate. Jan's real wage is $8 per hour =Nominal wage/(CPI in hundredths)=$10/(125/100) at the end of the year. 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 ssd@info . Correct. Article Information: Sohn, E. (2018, June 5). that prepares students for advanced economics coursework. A) discrimination The first entry in each cell indicates the profits for Art, and the second entry in each cell indicates the profits for Zeb. A team of ecologists are studying four different ecosystems with varying levels of biodiversity. A) This will benefit lenders with fixed-interest rate loans. What is the firm's profit-maximizing quantity of output? On February 13, 2016, following the death of Supreme Court Justice Antonin Scalia, Senate Majority Leader Mitch McConnell issued a statement that the Supreme Court vacancy should be . A) Both Amy's and Sam's will lower prices. encourage students to take advantage of on their own, on mobile devices or computers. E) The average total cost decreases throughout the entire effective demand. Get FRQs with included sample responses with a license to Alberts AP Microeconomics. B) Workers would be better off, and the employers would be unaffected. Answer Key Unit 4 Progress Check MCQ.pdf. Which of the following best identifies the author's claim? Unit 5 Progress Check: MCQ. D) there are a small number of rival firms producing more differentiated products l. Suppose you borrow$15,000. Your students can look up credit and placement policies for colleges and universities on theAP Credit Policy Search. B) $7.5 billion free time. Researchers examined the effect of industrialization and increased pollution (soot) in London on the coloration in a single species of moths. AP Psychology Downloads.