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

In the absence of externalities, the perfectly competitive market maximizes economic surplus when. How would each group be affected by an actual inflation rate of 4% next year? Which of the following best describes the trends in atmospheric CO2 concentration and Antarctic temperature over the past 800,000 years? The best way to use these resources is to go through a unit and then check for understanding on Albert. Which of the following is true about gross domestic product (GDP)? . The economy of Fisherland is at full employment for which year in the above diagram? If the market wage is $12 per hour and the price of the product is $3 per unit, the firm will: answer choices. D) Both Amy's and Sam's will charge the same prices. C) a diagonal line 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. Sets found in the same folder. Master supply and demand in these Unit 2 AP Micro resources. The owners believe the plant will generate net cash inflows of$297,000 annually. The AP Higher Education section features information on recruitment and admission, advising and placement, and more. Speculation ensued among researchers and government officials about what caused the die-off. 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. B) differences in working conditions 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)? A) there are a large number of rival firms producing very similar products As always, you have the flexibility to organize the course content as you like. AP Microeconomics Unit 2 MCQ Flashcards Quizlet These committees, made up of an equal number of college faculty and experienced secondary AP teachers from across the country, are essential to the preparation of AP course curricula and exams. TESTS. Click to share this on Twitter & help others! AP Exams are regularly updated to align with best practices in college-level learning. A defense of multiple-choice tests, explaining how they are good for assessment, good for research, and good for teaching. E) There is no Nash equilibrium. Same Prices $100; $700 $400; $500 A team of ecologists are studying four different ecosystems with varying levels of biodiversity. The loans annual interest rate is 8%, and it requires four equal end-of-year payments. 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. A range of factors, including disease, famine, or in the case of this research, heat stress, can stimulate these subtle changes. 12 terms. stevalii. C) Nominal GDP measures how much output is produced within the borders of a country, while real GDP measures how much output is produced around the world by domestic companies. question does this decision answer in a free market economy. Zeb Researchers examined the effect of industrialization and increased pollution (soot) in London on the coloration in a single species of moths. duck_425299. Be sure to check your responses against the Scoring Guidelines for feedback. TB_Unit4ProgressCheckFRQ_608911f1c66486.608911f1cef141.88921253.pdf On 4/20: Complete Unit 1 Progress Check MCQ (multiple choice questions) in My AP (AP Classroom), as well as Unit 1 Progress Check FRQ. AP Macroeconomics Unit 3 | Economics Quiz - Quizizz Based on a variety of clues, however, [researchers suspect] illegal or accidental dumping of the non-steroidal anti-inflammatory drug diclofenac that was once commonly used on livestock but was banned in India in 2006. In 2011 nominal GDP was $15 billion and the price deflator was 200. Looking for the best AP Microeconomics review guide for the 2022 AP exam? Lexie_Vanderloo. Videos are availablein AP Classroom, on your Course Resources page. Art Lower Prices $300; $400 $600; $200 The letters in the graph represent the enclosed areas. 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. Get started for free! a. Skip to document. Get FRQs with included sample responses with a license to Alberts AP Microeconomics. natelewis_ English Vocab Final. A) This will benefit lenders with fixed-interest rate loans. AP Microeconomics Course and Exam Description. Ready to practice for you next free response exam? Wrap up your AP Micro studies with unit 6market failure and role of government! C) Hyperinflation Based on the graph above, which of the following years postdisturbance did sweetgum experience the greatest biomass? Hbabar2002. B) $7.5 billion The first section has 60 multiple-choice questions (MCQs). Powered by Create your own unique website with customizable templates. We cover the important vocabulary, skills, and concepts you need to understand for the exam. 2023 AP Micro Unit 6 Review | Free Reviews, Study Guides, & Notes The native species on Madagascar are more likely to survive because the island is larger and provides a greater diversity of habitats and resources. 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. View Answer Key Unit 5 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. These videos are still very much relevant today. AP Microeconomics Test. The second section is the free-response section (FRQs), which includes one long question and two short questions. 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 . Yukai Resort in the famous Gero Onsen hot spring area of Japan is part of a luxury Japanese hotel chain which performs lean hotel . Lower Prices Same Prices Spanish vocab list 11. Correct. 16 terms. Unit 5 Progress Check: MCQ. Use the following list to make sure you are prepared for any topic that may show up on your particular exam! Explain. Back in the day, we recorded walkthroughs of some of the past released FRQs to help students understand each question, piece-by-piece. Which statement is best supported by the data in the graph? 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. Finches with larger beaks were more likely to survive in 1980 because they were able to feed primarily on seeds and nuts during the drought. RowenAntony5. C) there are a small number of rival firms producing very similar products Which of the following is definitely true about the economy between January of 2017 and January of 2018? An island off the coast of Africa contains a larger percentage of specialist species than generalist species. 1 / 21. C) This will harm lenders with fixed-interest rate loans. 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. A) 1 D) Workers would be worse off, and the employers would be unaffected. They agreed to a 3 percent per year increase in pay over the 3 years. Answer Key Unit 4 Progress Check MCQ.pdf. 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. B) Disinflation The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. AP Macroeconomics Unit 2 Progress Check: MCQ. Disinflation refers to a slowdown in the rate of increase in the consumer price index or inflation. E) positive economic profit in the long run. A) Both Art and Zeb will lower prices. The AP Microeconomics Exam includes two sections. 60 seconds. Learn more about the CED in this interactive walk-through. Each owner has the choice to lower prices for early bird customers or keep prices the same. Based on the information, does either firm have a dominant strategy? PDF Unit 3 Progress Check: FRQ Part B - PCHS AP CALCULUS Course Hero is not sponsored or endorsed by any college or university. If the price of an apple is $0.50, how many. Video tutorials reviewing concepts can be helpful to supplement your learning and review. Free-Response Question and Scoring Archive. free-response questions with scoring guides to help you evaluate student work. Sign in to access your AP or Pre-AP resources and tools including AP Classroom. 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. Myron is better off because the dollars that Myron will receive back from the bank when the certificate of deposit matures will buy more goods and services than when Myron purchased the certificate of deposit. C) Myron gains, while the bank loses. . The diagram describes conditions for a natural monopoly. b. B) Jan's real wage is $2.50 per hour at the end of the year due to inflation. 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. 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Which is more important in determining how fast exponential growth occurs: the doubling time or the initial amount? 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. B) there are a large number of rival firms producing more differentiated products Assign topic questions to reveal student misunderstandings and target your lessons. The graph shows the cost and revenue curves for a monopoly that produces teddy bears. In the absence of externalities, which market structure produces the socially optimal quantity? C) 0.5 2 years? Recent flashcard sets . AP Microeconomics Exam Free-Response Questions and Scoring Information Archive. B) Disinflation Pollination, decomposition, and water purification. Donna_Luong2. 27 terms. Birds prey on the moths that are easily visible on trees. D) Both Myron and the bank equally gain. A schedule showing the trade-off between inflation and unemployment. Which of the following best identifies the author's claim? Model economic situations using graphs or visual representations. This resource provides a succinct description of the course and exam. 17 terms. 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. C) there are a small number of rival firms producing very similar products \text{0} & \text{1} & \text{2} & \text{3}\\ 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. "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." What are the variance and standard deviation for the number of people with at least a two-year college degree? Uni 6 Progress Check: MCQ Flashcards | Quizlet D) Consumer surplus equals area (a+b), producer surplus equals area (c+d), and deadweight loss equals area (e). Country X's economy is in an inflationary gap. Zeb The following graph shows the marginal social cost (MSC), the marginal private cost (MPC), and the marginal social benefit (MSB) of a good. Images. Cells (terms and definitions ) 39 terms. Multiple Choice Practice for Production, Cost, and the Perfect Competition Model. 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 Terms in this set (17) An increase in the price of good X causes buyers to want to buy more of good Y. In 2015 the economy is at full employment because actual real GDP is equal to potential real GDP. The letters in the graph represent the enclosed areas. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. The offspring's altered gene expression, also referred to as 'acclimation,' allowed them to maximize oxygen consumption and energy use." The above payoff matrix illustrates the daily profit for two restaurant owners, Art and Zeb. Which of the following explains the resulting change in the market? On 4/22 EARTH DAY!! 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! B) Real GDP = GDP deflator/Nominal GDP The graph shows the cost and revenue curves for a monopoly that produces teddy bears.