unit 2 progress check mcq ap microeconomics
February 14, 2021 - by rustam at sohrab quizlet
hire more workers if each worker can produce 3 units per hour. Disinflation refers to a slowdown in the rate of increase in the consumer price index or inflation. AP US History Set 12-13. 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 Exams are regularly updated to align with best practices in college-level learning. C) It does not account for the distribution of income in a nation or income inequality. Determine the branding strategy that Campbell's and the NFL used. Preston, Co., is considering acquiring a manufacturing plant. Even if the five banks provided the same effective annual rate, would a rational investor be indifferent between the banks? Retrieved August 30, 2018 from:https://www.biographic.com/posts/sto/basking-on-the-brink a. What type of unemployment describes the situation of factory workers displaced by automation? Assign topic questions to reveal student misunderstandings and target your lessons. See Units. D) Workers would be worse off, and the employers would be unaffected. get rich)? 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. Unit 3: Production, Cost, and the Perfect Competition Model, Unit 6: Market Failure and the Role of Government. "We reared spiny chromis damselfish . 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. B) there are a large number of rival firms producing more differentiated products By March, more than 110 of the skinny-snouted creatures had been found dead, most along a 30-kilometer (18-mile) stretch of river. Zeb The graph shows the cost and revenue curves for a monopoly that produces teddy bears. 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. Verified questions. E) $30 billion. D) $20 billion B) a good is nonexcludable in consumption. Welcome to Unit 3 AP Macroeconomics Multiple Choice Questions . If you have any questions, ask them in the video comments. 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. 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. j. nouns-4. qui,que, dont. Correct. Which basic economic. 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)? 36 terms. jferr15. duck_425299. Pollination, decomposition, and water purification. The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. E) There is insufficient information to answer the question. % of Overall Score. Which of the following is true for both stocks Correct. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. A) Both Amy's and Sam's will lower prices. The demand curve for good Y will shift to the right because the goods are substitutes. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. AP Microeconomics Unit 4 Progress Check: FRQ 1. Explain. Correct. The next generation appeared to be advantaged by parental exposure to elevated temperatures. E) positive economic profit in the long run. Which of the following is an example of a nonrival resource? Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. The letters in the graph represent the enclosed areas. View Answer Key Unit 4 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. D) Both Art and Zeb will charge the same prices. The percentage of dark colored moths increased in the population and the percentage of light-colored moths decreased in the population. 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. A range of factors, including disease, famine, or in the case of this research, heat stress, can stimulate these subtle changes. A) prevent the entry of firms into imperfectly competitive markets As competition for resources increases, the population size of the island's specialist species will decrease. 4. A) Nominal GDP uses constant prices to measure the value of final output, while real GDP uses current prices. Autumn_Morris_ Micro 302 Final Exam. ea1104. D) differences in bargaining power C) there are a small number of rival firms producing very similar products Which of the following is true in imperfectly competitive markets? 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. The AP Higher Education section features information on recruitment and admission, advising and placement, and more. Sign in to access your AP or Pre-AP resources and tools including AP Classroom. E) The unemployment rate is lower than the natural rate of unemployment. 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 . Last year, Myron purchased a $10,000 certificate of deposit with a 3% rate of interest from his bank. that prepares students for advanced economics coursework. b. A) There is a recessionary gap. AP Microeconomics can be pretty dry when it comes to content. Lower Prices Same Prices Progress Check MCQ MCQ Key. . C) Myron gains, while the bank loses. c. Find the PV of$1,000 due in 5 years if the discount rate is 10%. Based on the information, does either firm have a dominant strategy? Share. For more examples of previous FRQs, check out the College Board archive for AP Microeconomics. 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. Art Lower Prices $300; $400 $600; $200 Therefore we need to divide the 2011 Nominal GDP by the GDP deflator (in hundredths) to deflate 2011 dollars down to 1984 dollars. A) Real GDP = Nominal GDP/GDP deflator Then youve come to the right place! Question 3. Assume the government implements a policy that causes a market to produce the socially optimal level of output. christianchiffon. The CED was updated in the summer of 2022 to reflect a change in the calculator policy. A) Both Amy's and Sam's will lower prices. D) Firms must lower their product prices to sell additional units. The College Board. Get started for free! AP Macroeconomics: Unit 3 Progress Check MCQ. E) Jan's real wage is $8 per hour at the end of the year. 20 terms. b. C) Myron gains, while the bank loses. Assuming the government of a country imposes a tariff on its imports of foreign goods, what is the likely effect on the country's currency in foreign exchange markets? stevalii. Army College of Education for Women, Peshawar. 46 studiers recently. natelewis_ English Vocab Final. With these useful resources and practice, you'll feel confident and prepared to . Real GDP in 1984 dollars would be equal to which of the following? . Q. C) a diagonal line Campbell's and the NFL have worked together in advertising and promotional campaigns and by forming the Campbell's Chunky/NFL Tackling Hunger program that provides canned goods to food banks. A few years earlier, also in South Asia, the drug was responsible for a sharp decline of vultures, which all showed signs of kidney dysfunction like the dead gharials examined in 2008. unit 4 macro. AP Macroeconomics Scoring Guide Unit 5 Progress Check: MCQ 1. The framework also encourages instruction Art Lower Prices $300; $400 $600; $200 AP Microeconomics Unit 2 MCQ. What will the payments be if this is an annuity due? Based on the graph above, which of the following tree species would be the predominant species found during the intermediate stage of succession? A) Both Amy's and Sam's will lower prices. Lower Prices Same Prices In 2011 nominal GDP was $15 billion and the price deflator was 200. Wrap up your AP Micro studies with unit 6market failure and role of government! Which of the following ecosystem services is categorized as regulating? It will have to be replaced in six years. Among the largest crocodilians in the world, gharials have long, heavy bodies and relatively small heads with bulging eyes and skinny snouts. In years with less rainfall, there are fewer grasses to feed on and the finches rely more on seeds for food. 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. C) there are a small number of rival firms producing very similar products D) there are a small number of rival firms producing more differentiated products We cover the important vocabulary, skills, and concepts you need to understand for the exam. E) Real GDP = Nominal GDP - GDP deflator, A) Real GDP = Nominal GDP/GDP deflator When you feel confident, use past FRQs to practice your free-response answers. 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 C) Hyperinflation 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. Based solely on the information given, do you have reason to question the results of the following hypothetical studies? Q. The best way to use these resources is to go through a unit and then check for understanding on Albert. 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. stevalii. 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. E) a monopolistically competitive firm's demand curve is perfectly elastic, D) there are a small number of rival firms producing more differentiated products, Monopolistically competitive markets are characterized by 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%? Which of the following explains the resulting change in the market? The marginal utility per dollar spent on the last orange consumed is 75. A) a large number of firms D) Both Art and Zeb will charge the same prices. If the market wage is $12 per hour and the price of the product is $3 per unit, the firm will: answer choices. ECON 202. f. Find the PV of an ordinary annuity that pays $1,000 each of the next 5 years if the interest rate is 15%. 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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