E) Neither owner has a dominant strategy. Lower Prices Same Prices Question 3. Not all free-response questions on . A) Both Art and Zeb will lower prices. C) Workers and employers would be equally well off. The AP Microeconomics framework is organized into six commonly taught units of study that provide one possible sequence for the course. What is the annuitys FV? B) there are a large number of rival firms producing more differentiated products Click to share this on Twitter & help others! unit 4 macro. question does this decision answer in a free market economy. E) positive economic profit in the long run. B) The dominant strategy for Art's is to charge the same prices. What is the firm's profit-maximizing quantity of output? Lower Prices Same Prices The percentage of moths with light colored bodies and the percentage of moths with dark bodies is shown on the graph above. E) Nominal GDP takes into account the size of the population while real GDP does not. Lexie_Vanderloo. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. The second section is the free-response section (FRQs), which includes one long question and two short questions. The purchase price is $1,100,000. Explain your reasoning.Based solely on the information given, do you have reason to question the results of the following hypothetical studies? The AP Higher Education section features information on recruitment and admission, advising and placement, and more. Explain. christianchiffon. The output gap is measured by which of the following? 3. 5 Big Religions Unit 2. This resource provides a succinct description of the course and exam. ea1104. E) 2017. so check back regularly! A) Both Amy's and Sam's will lower prices. The output gap is measured by the difference between actual and potential GDP. Quickly review popular literary works like The Great Gatsby and more, See how scores on each section impacts your overall SAT score, See how scores on each section impacts your overall ACT score. 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. Lower Prices Same Prices Images. Disinflation refers to a slowdown in the rate of increase in the consumer price index or inflation. Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? Your students can look up credit and placement policies for colleges and universities on theAP Credit Policy Search. 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. The government reported that prices, on average, have fallen by 5% during the current year. Terms in this set (17) An increase in the price of good X causes buyers to want to buy more of good Y. A. dividend retention ratio D) Workers would be worse off, and the employers would be unaffected. Lower Prices Same Prices Refer to the FRQs weve selected as they represent some of the FRQs that will appear on this years exam. Based on the information above, which ecosystem would most likely recover the fastest from a natural disruption? assign to students before or after class to maximize time for discussion. stevalii. A) Both Amy's and Sam's will lower prices. Share. Which one of the following terms is defined as dividends paid expressed as a percentage of net income? B) $7.5 billion I would like to acknowledge the work of Dick Brunelle and Steven Reff from Reffonomics.com whose work inspired many of the review games on this site. B) ensure that firms produce the allocatively efficient quantity of output A) a large number of firms When an economy is at the trough of the business cycle, which of the following is then true about the state of the economy? answer choices. . stevalii. Sample Free Response. What is the investments FV at rates of 0%, 5%, and 20% after 0, 1, 2, 3, 4, and 5 years? Natalie_Vissman. AP Macroeconomics Scoring Guide Unit 4 Progress Check: MCQ 1. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. 22 terms. C) there are a small number of rival firms producing very similar products E) Calculations of GDP include the unsold inventories of goods produced within the borders of the country. Autumn_Morris_ Micro 302 Final Exam. When you feel confident, use past FRQs to practice your free-response answers. 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. Which of the following describes the most immediate effect if an invasive generalist species is introduced to the island? Log in Join. The AP Microeconomics Exam includes two sections. Videos are availablein AP Classroom, on your Course Resources page. Q. Which of the following is an example of a positive externality? Uni 3 Progress Check: MCQ. AP Microeconomics - Unit 2 - Supply & Demand. AP Exams are regularly updated to align with best practices in college-level learning. AP Microeconomics Unit 4 Progress Check: FRQ 1. Article Information: Sohn, E. (2018, June 5). 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. Check your answers AFTER you finish 20.A19.E18.B17.A.16.E15.B14.D13.C12.B11.B10. The first section has 60 multiple-choice questions (MCQs). Jan works a 30-hour week for a minimum wage of $10 an hour. Explain. B) there are a large number of rival firms producing more differentiated products E) $30 billion. 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. Correct. Which of the following is true in imperfectly competitive markets? E) Real GDP = Nominal GDP - GDP deflator, A) Real GDP = Nominal GDP/GDP deflator The supply of the currency will increase and the currency will appreciate. % of Overall Score. C) standardized products Zeb Which of the following best describes the trends in atmospheric CO2 concentration and Antarctic temperature over the past 800,000 years? When is the 2022 AP Microeconomics exam? 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.
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