3. Click on the question, try it out, then watch the review video to walk you through it! The AP Microeconomics exam includes 60 MCQs and 3 FRQs. The first entry in each cell indicates the profits for Art, and the second entry in each cell indicates the profits for Zeb. Roger is a graphic artist, so his resume is several pages long and includes an artistic portfolio. An island off the coast of Africa contains a larger percentage of specialist species than generalist species. 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. C) 2013 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. Jan works a 30-hour week for a minimum wage of $10 an hour. **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. This check on presidential power illustrates that. D. dividend portion Whats the Format of the AP Microeconomics Exam? 21 terms. B) Art will lower prices, and Zeb will charge the same prices. the process of confirming members of the president's Cabinet can lead to conflict with members of the Senate. They depend on scent to avoid predators, sniff out prey, and find their way home at the end of their lives . Research from the University of Washington and NOAANOAA (National Oceanic and Atmospheric Administration) Fisheries' Northwest Fisheries Science Center shows this sense of smell might be in trouble as carbon emissions continue to be absorbed by our ocean. Based on the theory of island biogeography, which of the following islands would most likely have the highest number of species living on it? Which statement is true about the approaches used to measure the value of a nation's gross domestic product (GDP) ? The government reported that prices, on average, have fallen by 5% during the current year. "Acclimation may buffer populations against the impacts of rapid environmental change and provide time for genetic adaptation to catch up over the longer term." 12 terms. D) 0.2 4 min read december 12, 2021. Which of the following best identifies the author's claim? If the price of an apple is $0.50, the marginal utility per dollar spent for the fifth apple is: (A) 20 (B) 30 (C) 40 (D) 60 (E) 100 AP MICROECONOMICS Scoring Guide Unit 1 Progress Check: MCQ 2. Sample Multiple Choice. E) There is no Nash equilibrium. One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. By mid-January, the dead reptilessome the length of two tall men, lined up end to endnumbered in the dozens. Q. 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%? In this study, when both parent and offspring experienced the same elevated water temperatures, responsive changes . 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. E) There is insufficient information to answer the question. % of Overall Score. AP Macroeconomics Scoring Guide Unit 2 Progress Check: MCQ 1. C) there are a small number of rival firms producing very similar products Master supply and demand in these Unit 2 AP Micro resources. energy prices increase. The researchers observed moths on tree trunks and recorded their body color. a), Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. 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. Therefore we need to divide the 2011 Nominal GDP by the GDP deflator (in hundredths) to deflate 2011 dollars down to 1984 dollars. Which of the following is an example of a nonrival resource? assign to students before or after class to maximize time for discussion. E) The expenditure approach to calculating GDP sums consumption spending, investment spending, government spending, and net exports. What Units are on the 2022 AP Microeconomics Exam? : They dont currently have anything for Macroeconomics, but this site features chapter outlines from Barrons review book. To stay up to date and adjust your study plan accordingly, read our How to Study for Online AP Exams guide. D) differences in bargaining power 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. With these useful resources and practice, you'll feel confident and prepared to . 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. 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. encourage students to take advantage of on their own, on mobile devices or computers. The concentration of CO2 fluctuated between 150ppm and 250ppm until recently, when the concentration rose exponentially. The output gap is measured by which of the following? As competition for resources increases, the population size of the island's specialist species will decrease. C) Real GDP = Nominal GDP GDP deflator This playlist includes 122 videos breaking down many core topics covered on both the AP Macroeconomics and AP Microeconomics exams. Use the following list to make sure you are prepared for any topic that may show up on your particular exam! E) There is insufficient information to answer the question. Anterior Upper Limbs. Use the payback method to determine whether Preston should purchase this plant. 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. Same Prices $100; $700 $400; $500 A) The dominant strategy for Art's is to lower prices. Which of the following is true about Jan's real wage if at the end of this year the CPI is 125 ? A The supply of the currency will increase and the currency will depreciate. PBS News Hour reported in 2014 that 39.4%39.4 \%39.4% of Americans between the ages of 25 and 64 have at least a two-year college degree (PBS website). List and analyze the differences between the four major market structures. Matt Pedlow, Chelsea High School, Chelsea, Mich. Stephanie Vanderford, Providence Day School, Charlotte, N.C. Carl Coates, Carl Sandburg High School, Orland Park, Ill. Lynda Motiram, Dulaney High School, Timonium, Md. 16 terms. c. Find the PV of$1,000 due in 5 years if the discount rate is 10%.