AP Macroeconomics Scoring Guide Unit 4 Progress Check: MCQ 1. B) Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. In 1977, 1980, and 1982, there were droughts, and the area experienced significantly less rainfall than average. Anterior Upper Limbs. A) Deflation View Answer Key Unit 5 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. Check your answers AFTER you finish 20.A19.E18.B17.A.16.E15.B14.D13.C12.B11.B10. . Army College of Education for Women, Peshawar. E) $3.50, Antitrust laws are intended to AP Microeconomics will include topics from all units (Units 1 through 6). The output gap is measured by the difference between actual and potential GDP. Which of the following is a Nash equilibrium? AP Microeconomics Test. B) $7.5 billion The city council divides a community's residents into three groups: individual young adults, families with children, and older adults. b. Hbabar2002. katelyn-7-AP Macroeconomics Unit 3 Progress Check. h. What will the FV and the PV be for$1,000 due in 5 years if the interest rate is 10%, semiannual compounding? 27 terms. 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 best identifies the author's claim? AP Calculus BC Scoring Guide Unit 3 Progress Check: FRQ Part B Copyright 2017. A) a large number of firms C) The economy is producing at its potential output level. Jan's real wage is $8 per hour =Nominal wage/(CPI in hundredths)=$10/(125/100) at the end of the year. If you deposit$5,000 in each bank today, how much will you have in each bank at the end of 1 year? For more examples of previous FRQs, check out the College Board archive for AP Microeconomics. C) reduce monopoly profits Correct. A) There is a recessionary gap. A) This will benefit lenders with fixed-interest rate loans. **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. Suppose you dont have the $5,000 but need it at the end of 1 year. C) there are a small number of rival firms producing very similar products Which of the following best describes the trends in atmospheric CO2 concentration and Antarctic temperature over the past 800,000 years? C) Nominal GDP measures how much output is produced within the borders of a country, while real GDP measures how much output is produced around the world by domestic companies. C) Playgrounds are rival in consumption, and the optimal number of playgrounds is three. B) The dominant strategy for Art's is to charge the same prices. . The native species on Madagascar are more likely to survive because the island is larger and provides a greater diversity of habitats and resources. For a species that is struggling, the fate of this river will determine its future. 27 terms. B) there are a large number of rival firms producing more differentiated products 27 terms. The loans annual interest rate is 8%, and it requires four equal end-of-year payments. Bring Albert to your school and empower all teachers with the world's best question bank for: Use the following list to make sure you are prepared for any topic that may show up on your particular exam! Question 3. Which statement is true about the circular flow diagram The first entry in each cell indicates the profits for Art, and the second entry in each cell indicates the profits for Zeb. Which of the following economic consequences to a provisioning ecosystem service will most likely result from increased global warming? Disinflation refers to a slowdown in the rate of increase in the consumer price index or inflation. If the market wage is $12 per hour and the price of the product is $3 per unit, the firm will: answer choices. Get FRQs with included sample responses with a license to Alberts AP Microeconomics. D) The dominant strategy for Zeb's is to charge the same prices. B) economies of scale 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. ea1104. An international team of researchers reported new evidence of reef fish adjusting to global warming conditions at the genetic level. 12 terms. PDF. B) Myron gains, while the bank remains unaffected. With these helpful study guides, useful resources, and practice all about the markets and how . In 2011 nominal GDP was $15 billion and the price deflator was 200. This playlist includes 122 videos breaking down many core topics covered on both the AP Macroeconomics and AP Microeconomics exams. The above payoff matrix illustrates the daily profit for two restaurant owners, Art and Zeb. natelewis_ English Vocab Final. assign alongside topic questions to address misunderstandings. Which of the following best describes the pattern in the atmospheric CO2 concentration data over the past 200,000 years? D) The difference between the actual rate of unemployment and the natural rate of unemployment. 17 terms. 28 terms. xniamhlynch. 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. i. C) Myron gains, while the bank loses. Test Your Understanding: AP Microeconomics Multiple Choice Practice Questions, 2022 AP Microeconomics Exam FRQ Practice, More Practice FRQs for AP Microeconomics, AP Microeconomics Tips and Review Resources, Summary: The Best AP Microeconomics Review Guide of 2022, AP Microeconomics Course and Exam Description, Quickly review popular literary works like, 1 Hour (includes a 10-minute reading period), explain (using graphs where appropriate) why resource allocation in perfectly competitive markets is socially efficient, explain (using graphs where appropriate) how private incentives can lead to actions by rational agents that are socially undesirable (inefficient) market outcomes, explain equilibrium allocations in imperfect markets relative to efficient allocations (using graphs where appropriate) and why these markets are inefficient, calculate (using graphs where appropriate) the deadweight loss resulting from the production of a non-efficient quantity, explain (using graphs where appropriate) how in the presence of externalities, private markets do not take into consideration social costs or social benefits, explain (using graphs where appropriate) how public policies address positive or negative externalities, define whether goods are rival and/or excludable, explain how the nature of rival and/ or excludable goods influences the behavior of individuals and groups, define government policy interventions in imperfect markets, explain (using graphs where appropriate) how government policies can alter market outcomes in perfectly and imperfectly competitive markets, calculate (using data from a graph or table as appropriate) changes in market outcomes resulting from government policies in perfectly competitive and imperfectly competitive markets, define measures of economic inequality in income and wealth, explain sources of income and wealth inequality, Read through the information for Units 1-6 in the. d. What is the rate of return on a security that costs $1,000 and returns$2,000 after 5 years? Same Prices $100; $700 $400; $500 This check on presidential power illustrates that. E. dividend section. B) economies of scale D) Firms must lower their product prices to sell additional units. Birds with smaller beaks are better suited for grasses and soft seeds, while birds with larger beaks are better suited for seeds and nuts. Images. 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. U2 MCQ. To stay up to date and adjust your study plan accordingly, read our How to Study for Online AP Exams guide. Each owner has the choice to lower prices for early bird customers or keep prices the same. get rich)? Lexie_Vanderloo. These videos are still very much relevant today. 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. Then youve come to the right place! C) Art will charge the same prices, and Zeb will lower prices. My Reports highlights progress for every student and class across AP units. A The supply of the currency will increase and the currency will depreciate. Roger is a graphic artist, so his resume is several pages long and includes an artistic portfolio. Ill be adding new videos as often as I can, so check back regularly! 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 If you have any questions, ask them in the video comments. After two weeks, the team ran a series of tests to see whether the fishes' sense of smell was affected. 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? The short-run aggregate supply curve will shift to the right when. 17 terms. E) The unemployment rate is lower than the natural rate of unemployment. Which one of the following terms is defined as dividends paid expressed as a percentage of net income? They exposed juvenile coho salmon to these three different pHpH levels for two weeks. Sign in to AP Classroomto access AP Daily. How long will it take for the population to double? D) 2015 f. Find the PV of an ordinary annuity that pays $1,000 each of the next 5 years if the interest rate is 15%. The offspring's altered gene expression, also referred to as 'acclimation,' allowed them to maximize oxygen consumption and energy use." 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). have found that reef fish can inherit from their parents the genetic tools to adjust to ocean warming. 18 terms. Both atmospheric CO2 concentration and Antarctic temperature have remained about the same over the past 800,000 years. Suppose that last year is the base year for the Consumer Price Index (CPI). The table below shows the daily production of clothing or, Include correctly labeled diagrams, if useful or required, in explaining your answers. Cells (terms and definitions ) 39 terms. D) Workers would be worse off, and the employers would be unaffected. The die-off . Sign in to access your AP or Pre-AP resources and tools including AP Classroom. Sample Free Response. A schedule showing the relationship between inputs and outputs. Her usual work schedule is 50 hours a week. AP Macroeconomics Unit 2 Progress Check: MCQ, Don Herrmann, J. David Spiceland, Wayne Thomas, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. Videos are availablein AP Classroom, on your Course Resources page. D) Consumer surplus equals area (a+b), producer surplus equals area (c+d), and deadweight loss equals area (e). 3.8 Multiple Choice Questions. The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. Based on the theory of island biogeography, which of the following best predicts the effect of the introduction of an invasive species on Easter Island compared to Madagascar? that prepares students for advanced economics coursework. D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. 1: Multiple Choice (MCQs) 60 Questions. E) Stagflation. AP Microeconomics Unit 2 MCQ. 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 Same Prices $100; $700 $400; $500 Scoring: 2019 Questions 2 and 3 Scoring Sheet, Scoring: 2018 Questions 2 and 3 Scoring Sheet. E) 2017. E) The bank gains, while Myron remains unaffected. Q. AP Psychology Downloads. 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. Which of the following is definitely true about the economy between January of 2017 and January of 2018? D) there are a small number of rival firms producing more differentiated products AP Microeconomics Final Exam. B) ensure that firms produce the allocatively efficient quantity of output question. . Which of the following is true in imperfectly competitive markets? government regulation increases. The above payoff matrix illustrates the daily profits for two restaurants. It is the only population large enough to be stable. Early theories focused on widespread pollution. AP studentscan also access videos on their own for additional support. search for any question, passage, or stimulus by text or keyword. A) There is a recessionary gap. Share. statement. The ability to smell is critical for salmon. Explain. Speculation ensued among researchers and government officials about what caused the die-off. Art Lower Prices $300; $400 $600; $200 5 Big Religions Unit 2. Uni 3 Progress Check: MCQ. e. Suppose Californias population is 36.5 million people and its population is expected to grow by 2% annually. Lower Prices Same Prices Lower Prices Same Prices D) 0.2 . Therefore we need to divide the 2011 Nominal GDP by the GDP deflator (in hundredths) to deflate 2011 dollars down to 1984 dollars. Its low habitat diversity indicates that Ecosystem C most likely has a low number of specialist species and few species that utilize large territories. What is the firm's profit-maximizing quantity of output? Based solely on the information given, do you have reason to question the results of the following hypothetical studies? Q. E) The average total cost decreases throughout the entire effective demand. Click on the question, try it out, then watch the review video to walk you through it! Which statement is best supported by the data in the graph? B) $2.00 Retrieved August 30, 2018 from:https://www.biographic.com/posts/sto/basking-on-the-brink What is the annuitys FV? 46 studiers recently. This chartshows recommended scores for granting credit, and how much credit should be awarded, for each AP course. Art Lower Prices $300; $400 $600; $200 The graph shows the cost and revenue curves for a monopoly that produces teddy bears. And dont forget to like and subscribe! 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. AP Psychology Practice Test: History, Approaches, & Research Methods pdf download. bircanaydn1206. An increase in the price of cameras results in a decrease in the demand for film. 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} Progress checks help you gauge student knowledge and skills for each unit through: multiple-choice questions with rationales explaining correct and incorrect answers, and; free-response questions with scoring guides to help you evaluate student work. Unit 5 Progress Check: MCQ. E) Workers would be worse off, and the employers would be better off. Expert AP teachers across the country can support your course virtually: Supplement your instruction with 30-minute videos on each unit hosted by college or university professors. D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. hire more workers if each worker can produce 3 units per hour. D) Both Art and Zeb will charge the same prices. The Chambal contains nearly 80 percent of all the gharials left on Earth. Expert Help. Find and create gamified quizzes, lessons, presentations, and flashcards for students, employees, and everyone else. Which of the following is true about Jan's real wage if at the end of this year the CPI is 125 ? below. A) The dominant strategy for Art's is to lower prices. 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. Log in Join. The purchase price is $1,100,000. The two products are. The second section is the free-response section (FRQs), which includes one long question and two short questions. 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. D) Equating marginal private benefit and marginal private cost must have resulted in inefficiencies in the market. Correct. One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. On 4/22 EARTH DAY!! AP Exams are regularly updated to align with best practices in college-level learning. Which of the following is true in imperfectly competitive markets? 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. Starting with the 2022-23 school year (spring 2023 exam), a four-function calculator is allowed on both sections of the exam. : They dont currently have anything for Macroeconomics, but this site features chapter outlines from Barrons review book. 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? Zeb E) positive economic profit in the long run. j. \text{ } & \text{\$ 100} & \text{\$ 200} & \text{\$ 400}\\ 4. The demand curve for good Y will shift to the right because the goods are substitutes. As always, you have the flexibility to organize the course content as you like. E) There is insufficient information to answer the question. 60 seconds. In 2015 the economy is at full employment because actual real GDP is equal to potential real GDP. 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. duck_425299. Zeb The above payoff matrix illustrates the daily profit for two restaurant owners, Art and Zeb.