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21 terms. E) Neither owner has a dominant strategy. AP Macroeconomics: Unit 3 Progress Check MCQ. The loans annual interest rate is 8%, and it requires four equal end-of-year payments. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. What is culture, and what are the five key dimensions that can be used to describe it? The above payoff matrix illustrates the daily profit for two restaurants, Amy's and Sam's. 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]. Which of the following economic consequences to a provisioning ecosystem service will most likely result from increased global warming? B) 2010 Real GDP in 1984 dollars would be equal to which of the following? duck_425299. Recent flashcard sets . A team of ecologists are studying four different ecosystems with varying levels of biodiversity. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. Check your answers AFTER you finish 20.A19.E18.B17.A.16.E15.B14.D13.C12.B11.B10. AP Micro Unit 3 Progress . When is the 2022 AP Microeconomics exam? Expert Help. These videos are still very much relevant today. Unit 5 Progress Check: MCQ. A defense of multiple-choice tests, explaining how they are good for assessment, good for research, and good for teaching. What is the investments FV at rates of 0%, 5%, and 20% after 0, 1, 2, 3, 4, and 5 years? This chartshows recommended scores for granting credit, and how much credit should be awarded, for each AP course. D) Inflation The framework also encourages instruction PDF. 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. assign alongside topic questions to address misunderstandings. Requirement. SG_Unit2ProgressCheckMCQ.pdf - AP Macroeconomics Scoring Guide Unit 2 12 terms. A) prevent the entry of firms into imperfectly competitive markets How would each group be affected by an actual inflation rate of 4% next year? Progress Check MCQ MCQ Key. Speculation ensued among researchers and government officials about what caused the die-off. Use the following list to make sure you are prepared for any topic that may show up on your particular exam! IB is a registered trade mark of International Baccalaureate Organization which was also not involved in the production of and does not endorse this material.**. **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. A) Real GDP = Nominal GDP/GDP deflator E) 0, The higher wages college graduates receive are primarily due to How long will it take for the population to double? The AP Higher Education section features information on recruitment and admission, advising and placement, and more. Simulate how different MCQ and FRQ scores translate into AP scores. Test. Course Hero is not sponsored or endorsed by any college or university. g. How will the PV and FV of the annuity in part f change if it is an annuity due? C) Myron gains, while the bank loses. What Units are on the 2022 AP Microeconomics Exam? 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. Correct. Answer Key Unit 4 Progress Check MCQ.pdf. 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. 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. AP Microeconomics Course and Exam Description. B) Art will lower prices, and Zeb will charge the same prices. 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. D) Both Amy's and Sam's will charge the same prices. AP Macroeconomics Unit 1 Progress Check MCQ Flashcards | Quizlet C) Amy's will charge the same prices, and Sam's will lower prices. D) The dominant strategy for Zeb's is to charge the same prices. 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. free-response questions with scoring guides to help you evaluate student work. D) Equating marginal private benefit and marginal private cost must have resulted in inefficiencies in the market. Although their rows of pointy teeth look menacing, they are specialized for catching and holding onto fish, and pose little danger to people. Pollination, decomposition, and water purification. Monopoly, Deadweight Loss, Shut Down, Fixed Costs, Marginal Analysis, Consumer Surplus, Cross-Price Elasticity, Supply and Demand, Excise Taxes, Tax Revenue, Producer Surplus, Perfect Competition, Supply and Demand, Price Ceiling, Marginal Analysis, Opportunity Cost, Marginal Cost, Marginal Benefit, Monopoly, Negative Externality, Socially Optimal, Per Unit Tax, Dead Weight Loss, Monopoly, Price Discrimination, Consumer Surplus, Economies of Scale. 18 terms. Which of the following explains why imperfectly competitive markets are inefficient? E) There is no Nash equilibrium. Fish were placed in a holding tank and exposed to the smell of salmon-skin extract, which indicates a predator attack and usually prompts the fish to hide or swim away. See Units. D) Nominal GDP includes sales of used goods while real GDP does not. Multiple Choice Practice for Production, Cost, and the Perfect Competition Model. Download. Therefore we need to divide the 2011 Nominal GDP by the GDP deflator (in hundredths) to deflate 2011 dollars down to 1984 dollars. To obtain Real GDP from nominal GDP and the GDP deflator requires the following calculation: Real GDP = Nominal GDP/(GDP deflator in hundredths). Below are some of my favorite Free Response Questions from past AP Macroeconomics Exams. The output gap is measured by which of the following? Labor unions negotiated a 3-year contract with employers in the automobile industry. Zeb 1 / 21. \end{matrix} ap macro unit 3. A) 1 Birds with smaller beaks are better suited for grasses and soft seeds, while birds with larger beaks are better suited for seeds and nuts. If you have any questions, ask them in the video comments. In this problem we are asked for 2011 Real GDP converted into 1984 dollars. 22 terms. If all of the banks are insured by the government (the FDIC) and thus are equally risky, will they be equally able to attract funds? 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. The ultimate review guides for AP subjects to help you plan and structure your prep. Which of the following is true for both stocks 20 terms. B) The dominant strategy for Art's is to charge the same prices. Autumn_Morris_ Micro 302 Final Exam. D) differences in bargaining power AP Psychology Practice Test: Biological Bases of Behavior pdf download. C) Hyperinflation B) Workers would be better off, and the employers would be unaffected. Which of the following best describes the trends in atmospheric CO2 concentration and Antarctic temperature over the past 800,000 years? The CED was updated in the summer of 2022 to reflect a change in the calculator policy. Liza0554. Ready to practice for you next free response exam? A) discrimination 27 terms. 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 . 2 years? Based on the graph above, which of the following years postdisturbance had the greatest species richness? A) Deflation 21 terms. Which of the following is an example of an ecosystem service that would provide protection from a hurricane storm surge? Each owner has the choice to lower prices for early bird customers or keep prices the same. Unit 4 Progress Check: MCQ Flashcards | Quizlet 46 studiers recently. The city council divides a community's residents into three groups: individual young adults, families with children, and older adults. Jan works a 30-hour week for a minimum wage of $10 an hour. This is the core document for this course. The table below shows the daily production of clothing or, Include correctly labeled diagrams, if useful or required, in explaining your answers. Which of the following is true of a natural monopoly? Country X's economy is in an inflationary gap. 1: Multiple Choice (MCQs) 60 Questions. Verified questions. AP Microeconomics Unit 5 | Economics Quiz - Quizizz An island off the coast of Africa contains a larger percentage of specialist species than generalist species. Among the largest crocodilians in the world, gharials have long, heavy bodies and relatively small heads with bulging eyes and skinny snouts. Which of the following explains the resulting change in the market? When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. The first section has 60 multiple-choice questions (MCQs). A) Both Amy's and Sam's will lower prices. If the market wage is $12 per hour and the price of the product is $3 per unit, the firm will: answer choices. Correct. 21 terms. The next generation appeared to be advantaged by parental exposure to elevated temperatures. Test Booklet Name Include . practice questions for hw ap microeconomics unit supply, demand and consumer choice practice questions the demand curve for normal good slopes down for which of. ECON. 2023 AP Micro Unit 2 Review | Free Reviews, Study Guides, & Notes B) Art will lower prices, and Zeb will charge the same prices. . Your students can look up credit and placement policies for colleges and universities on theAP Credit Policy Search. We cover the important vocabulary, skills, and concepts you need to understand for the exam. B) Disinflation C) standardized products Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. B) differences in working conditions A) There is a recessionary gap. C) there are a small number of rival firms producing very similar products Answer the following questions: a. Therefore, this will harm lenders with fixed-interest rate loans. C) Workers and employers would be equally well off. 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)? 60 seconds. For the following situations identify whether the description is a centralized or decentralized organization. AP Microeconomics can be pretty dry when it comes to content. Zeb j. unit 4 macro. AP at a Glance; Start and Expand Your AP Program; Explore AP by Role; AP 2022-23 School Year Timeline; AP Collaborations and Outreach; What AP Stands For; AP Data and Research; AP Courses & Exams. 12 terms. Ecosystem A, because its low genetic diversity could have resulted from an event that reduced the variation in the gene pool. A) Both Art and Zeb will lower prices. Answer Key Unit 5 Progress Check MCQ.pdf - AP - Course Hero If you deposit$5,000 in each bank today, how much will you have in each bank at the end of 1 year? The CED was updated in the summer of 2022 to reflect a change in the calculator policy. \text{0} & \text{1} & \text{2} & \text{3}\\ government regulation increases. Recent flashcard sets. Additional resource ideas for AP Microeconomics: Weve covered a lot in this review guide for the AP Microeconomics exam. D) there are a small number of rival firms producing more differentiated products B) Disinflation List and analyze the differences between the four major market structures. 120 seconds. One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. nouns-4. B) $7.5 billion