unit 2 progress check mcq ap microeconomics

In this study, when both parent and offspring experienced the same elevated water temperatures, responsive changes . AP Microeconomics Course and Exam Description. C) reduce monopoly profits A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. A team of ecologists are studying four different ecosystems with varying levels of biodiversity. In the absence of externalities, the perfectly competitive market maximizes economic surplus when. The output gap is measured by which of the following? E) positive economic profit in the long run. Which of the following explains why imperfectly competitive markets are inefficient? My Reports highlights progress for every student and class across AP units. The relatively healthy breeding population on the Chambal is precisely why the massive 2008 die-off here caused such alarm. f. Find the PV of an ordinary annuity that pays $1,000 each of the next 5 years if the interest rate is 15%. 21 terms. When a customer's need for a product is not urgent, demand tends to be. C) standardized products 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. 16 terms. E) There is insufficient information to answer the question. C) standardized products Answer Key Unit 5 Progress Check MCQ.pdf - AP - Course Hero D) differences in bargaining power In order to regulate the monopoly to produce the largest possible output without a loss, government regulators would establish a price of Natalie_Vissman. hire more workers if each worker can produce 3 units per hour. The die-off . A) Both Amy's and Sam's will lower prices. Acidic water affects the salmon's ability to sense danger from attacking predators by their sense of smell. stevalii. The output gap is measured by the difference between actual and potential GDP. E) The bank gains, while Myron remains unaffected. E) Real GDP = Nominal GDP - GDP deflator, A) Real GDP = Nominal GDP/GDP deflator View Answer Key Unit 5 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. B) differences in working conditions Time Limit. B) There is an inflationary gap. AP, IB, and College Microeconomicand Macroeconomic Principles. Based on the graph above, which of the following tree species would be the predominant species found during the intermediate stage of succession? Free-Response Question and Scoring Archive. AP Microeconomics Unit 2 MCQ Flashcards Quizlet Which of the following terms describes a slowdown in the rate of increase in the consumer price index? C) This will harm lenders with fixed-interest rate loans. Unit 1 Progress Check - AP Macro. Even if the five banks provided the same effective annual rate, would a rational investor be indifferent between the banks? AP Macroeconomics: Unit 3 Progress Check MCQ. After two weeks, the team ran a series of tests to see whether the fishes' sense of smell was affected. Correct. b. Below are some of my favorite Free Response Questions from past AP Macroeconomics Exams. List and analyze the differences between the four major market structures. E) Jan's real wage is $8 per hour 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 [emailprotected]. statement. 27 terms. AP Microeconomics - Unit 6 - Market Failure & the Role of Government. 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 Hbabar2002. E) positive economic profit in the long run. 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? The AP Higher Education section features information on recruitment and admission, advising and placement, and more. Which of the following best explains why individuals and societies must make choices when presented with. Based on the graph above, which of the following years postdisturbance did sweetgum experience the greatest biomass? The first section has 60 multiple-choice questions (MCQs). His local print shop charges $91.50 for the first 200 copies and$420 for every 100 additional copies. Mortaldragon21. Explain the tendency towards break-even in the long-run in perfect competition. What Units are on the 2022 AP Microeconomics Exam? Autumn_Morris_ Micro 302 Final Exam. 28 terms. Assume the government implements a policy that causes a market to produce the socially optimal level of output. The first entry in each cell indicates the profits for Art, and the second entry in each cell indicates the profits for Zeb. When you feel confident, use past FRQs to practice your free-response answers. AP Psychology Practice Test: States of Consciousness pdf download. Determine outcomes of specific economic situations. An island off the coast of Africa contains a larger percentage of specialist species than generalist species. Zeb 12 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. Which of the following is an example of an ecosystem service that would provide protection from a hurricane storm surge? Sign in to AP Classroom and explore these resources: AP Daily videosare short, searchable instructional segments you can: Topic questions are formative questions to check student understanding as you teach. qui,que, dont. Explain. 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. Excerpted from the AP Microeconomics Course and Exam Description, the Course at a Glance document outlines the topics and skills covered in the AP Microeconomics course, along with suggestions for sequencing. 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. Progress checks help you gauge student knowledge and skills for each unit through: My Reports highlights progress for every student and class across AP units. D) The dominant strategy for Zeb's is to charge the same prices. D) $3.00 Preston, Co., is considering acquiring a manufacturing plant. question does this decision answer in a free market economy. Which of the following best describes the change in Antarctic temperature from about 440,000 years ago to about 340,000 years ago? College board: Unit 2 progress Check: MCQ Flashcards | Quizlet Zeb B) 2010 Which statement is true about the approaches used to measure the value of a nation's gross domestic product (GDP) ? The marginal utility per dollar spent on the last orange consumed is 75. AP resources are designed to support all students and teacherswith daily instruction, practice, and feedback to help cover and connect content and skillsin any learning environment. 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. that prepares students for advanced economics coursework. Which of the following is true of a natural monopoly? 22 terms. "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." TB_Unit4ProgressCheckFRQ_608911f1c66486.608911f1cef141.88921253.pdf 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. U6 MCQ. Same Prices $100; $700 $400; $500 C) Workers and employers would be equally well off. 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. Which of the following will happen when the actual inflation rate exceeds the expected inflation rate? D) 0.2 B) This will harm lenders with variable-interest rate loans. The AP Microeconomics exam includes 60 MCQs and 3 FRQs. . Lower Prices Same Prices TB_Unit4ProgressCheckFRQ_608911f1c66486.608911f1cef141.88921253.pdf - AP Microeconomics Unit 4 Progress Check: FRQ 1. 2023 AP Micro Unit 2 Review | Free Reviews, Study Guides, & Notes E) The average total cost decreases throughout the entire effective demand. D) The dominant strategy for Zeb's is to charge the same prices. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. The following table summarizes how much each group is willing to pay for each playground. 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. D) mutual interdependence 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. The incorrect answers all use some combination of incorrect values in the numerator or denominator. View or download the complete AP exam schedule here. Which of the following is true about gross domestic product (GDP)? C) Art will charge the same prices, and Zeb will lower prices. 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. A) prevent the entry of firms into imperfectly competitive markets Spanish vocab list 11. What type of unemployment describes the situation of factory workers displaced by automation? bircanaydn1206. : They dont currently have anything for Macroeconomics, but this site features chapter outlines from Barrons review book. D) there are a small number of rival firms producing more differentiated products AP Exams are regularly updated to align with best practices in college-level learning. B) The difference between actual and potential GDP. E) The unemployment rate is lower than the natural rate of unemployment. 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 . 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. An international team of researchers reported new evidence of reef fish adjusting to global warming conditions at the genetic level. What is culture, and what are the five key dimensions that can be used to describe it? D) Jan's real wages are equal to the nominal wages. $k. What will the annual payments be for an ordinary annuity for 10 years with a PV of 1,000iftheinterestrateis81,000 if the interest rate is 8%? C) Real GDP = Nominal GDP GDP deflator D) Nominal GDP includes sales of used goods while real GDP does not. Use the payback method to determine whether Preston should purchase this plant. B. dividend yield 18 terms. % of Overall Score. The above payoff matrix illustrates the daily profit for two restaurants, Amy's and Sam's. unit 4 macro. Explain the relationship between marginal cost and marginal product and marginal cost and AVC and ATC. \end{matrix} Explain. duck_425299. 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 Explain your reasoning. Based solely on the information given, do you have reason to question the results of the following hypothetical studies? The owners believe the plant will generate net cash inflows of$297,000 annually. 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. . How would each group be affected by an actual inflation rate of 4% next year? C) 2013 Whats the Format of the AP Microeconomics Exam? A) Both Amy's and Sam's will lower prices. A) Both Amy's and Sam's will lower prices. Use Albert or a comparable practice tool to check your understanding of the key concepts that will appear on this years test. The first section has 60 multiple-choice questions (MCQs). If the price of an apple is $0.50, how many. Wrap up your AP Micro studies with unit 6market failure and role of government! A) a large number of firms What is the firm's profit-maximizing quantity of output? Which statement is best supported by the data in the graph? Lower Prices Same Prices What is the investments FV at rates of 0%, 5%, and 20% after 0, 1, 2, 3, 4, and 5 years? One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. Additional resource ideas for AP Microeconomics: Weve covered a lot in this review guide for the AP Microeconomics exam. A) Both Art and Zeb will lower prices. Not all free-response questions on . Last year, Myron purchased a $10,000 certificate of deposit with a 3% rate of interest from his bank. 27 terms. If you have any questions, ask them in the video comments. Given the labor market data above, what are the labor-force participation rate (LFPR) and the unemployment rate (UR) ? unit 4 macro. E) Stagflation. B) Disinflation Review past AP Microeconomics Free Response Questions (FRQs). Correct. j. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. Progress Check MCQ - AP CALCULUS AP Microeconomics will include topics from all units (Units 1 through 6). 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. E) This will benefit borrowers with variable-interest rate loans. AP Microeconomics Course - AP Central | College Board They agreed to a 3 percent per year increase in pay over the 3 years. Suppose the consumer price index (CPI) was 100 on January 1st, 2017 and 110 on January 1st, 2018 with no changes in nominal wages. c. Which is more important in determining how fast exponential growth occurs: the doubling time or the initial amount? This is the core document for the course. Find the PV and the FV of an investment that pays 8% annually and makes the following end-of-year payments.1,000iftheinterestrateis8, 0123$100$200$400\begin{matrix} What operations strategies are important at Girlfriend Collective? In the absence of externalities, which market structure produces the socially optimal quantity? Lower Prices Same Prices AP Macroeconomics: Unit 3 Progress Check MCQ. Prices have fallen by 5% on average, which results in an increase in the real interest rate (real interest rate = nominal interest rate - inflation). Powered by Create your own unique website with customizable templates. 60 seconds. The second section is the free-response section (FRQs), which includes one long question and two short questions. Army College of Education for Women, Peshawar. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. . Practice questions to help you check your progress for AP Macro Unit 3 . My AP Login - College Board C) there are a small number of rival firms producing very similar products 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. create custom quizzes that can be assigned online or on paper. 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. Recent flashcard sets. kenken165. Unit 4 Progress Check: MCQ Flashcards | Quizlet Starting with the 2022-23 school year (spring 2023 exam), a four-function calculator is allowed on both sections of the exam. Criticize the following . Ecosystem A, because its low genetic diversity could have resulted from an event that reduced the variation in the gene pool. 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. The ability to smell is critical for salmon. Art Lower Prices $300; $400 $600; $200 20 terms. Unit 5 Progress Check: MCQ. D) Equating marginal private benefit and marginal private cost must have resulted in inefficiencies in the market. D) Both Art and Zeb will charge the same prices. AP Econ Micro Unit 6 Test. 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. natelewis_ English Vocab Final. the process of confirming members of the president's Cabinet can lead to conflict with members of the Senate. D) there are a small number of rival firms producing more differentiated products Roger is a graphic artist, so his resume is several pages long and includes an artistic portfolio. RowenAntony5. 5 Big Religions Unit 2. "Acclimation may buffer populations against the impacts of rapid environmental change and provide time for genetic adaptation to catch up over the longer term." . 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. A defense of multiple-choice tests, explaining how they are good for assessment, good for research, and good for teaching. i. 36 terms. Explain. AP Microeconomics - Unit 2 - Supply & Demand. C) Myron gains, while the bank loses. Epigenetic change refers to chemical modifications in the DNA that signals genes to be switched on or off. One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. Use the following list to make sure you are prepared for any topic that may show up on your particular exam! Which statement is true about the circular flow diagram of an economy? \text{0} & \text{1} & \text{2} & \text{3}\\ 27 terms. If the government regulates the monopolist to produce the allocatively efficient quantity and provides a subsidy sufficient to maintain zero economic profits for the firm, what price would the government set and what level of output would the firm produce? Uni 6 Progress Check: MCQ Flashcards | Quizlet Basking on the brink: An "unholy" river in India may be the last, best hope for one of the world's largest and most imperiled crocodilians. A. dividend retention ratio RowenAntony5. Ap micro unit 2 practice mc questions - AP Microeconomics Unit 2 An island 30 hectares in size that is 10 kilometers off the coast of the mainland. D) The economy is producing above its potential output level. At the trough of a business cycle, there is a recessionary gap because, at the trough, actual output is below potential output. 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)? Be sure to check your responses against the Scoring Guidelines for feedback. 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