A) prevent the entry of firms into imperfectly competitive markets If you have any questions, ask them in the video comments. Zeb 4 min read december 12, 2021. energy prices increase. D) $20 billion RowenAntony5. Sign in to access your AP or Pre-AP resources and tools including AP Classroom. 16 terms. 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. Why do you think the government considers as unemployed only those who are without employment but are looking for work? Which of the following describes a difference between nominal gross domestic product (GDP) and real GDP? How long will it take for the population to double? D) Firms must lower their product prices to sell additional units. AP Microeconomics can be pretty dry when it comes to content. The first section has 60 multiple-choice questions (MCQs). AP Macroeconomics Scoring Guide Unit 6 Progress Check: MCQ E 10. assign to students before or after class to maximize time for discussion. AP, IB, and College Microeconomicand Macroeconomic Principles. Which statement is true about the circular flow diagram of an economy? . AP Microeconomics will include topics from all units (Units 1 through 6). Which of the following is the correct calculation of Real Gross Domestic Product (GDP) ? D) there are a small number of rival firms producing more differentiated products Recent flashcard sets . Correct. The output gap is measured by which of the following? D) Equating marginal private benefit and marginal private cost must have resulted in inefficiencies in the market. 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]. answer choices. Which of the following is true of a natural monopoly? AP Macroeconomics: Unit 3 Progress Check MCQ. E) Workers would be worse off, and the employers would be better off. B) Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. Review past AP Microeconomics Free Response Questions (FRQs). Therefore, this will harm lenders with fixed-interest rate loans. multiple-choice questions with rationales explaining correct and incorrect answers, and. If the price of an apple is $0.50, how many. This is the core document for this course. Lower Prices Same Prices A team of ecologists are studying four different ecosystems with varying levels of biodiversity. B) $7.5 billion 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. 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. Article Information: Sohn, E. (2018, June 5). C) $10 billion Which of the following describes a limitation of gross domestic product (GDP) ? Based solely on the information given, do you have reason to question the results of the following hypothetical studies? Click to share this on Twitter & help others! 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. l. Suppose you borrow$15,000. stevalii. : They dont currently have anything for Macroeconomics, but this site features chapter outlines from Barrons review book. View Answer Key Unit 4 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. 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. 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 . Which of the following best describes the trends in atmospheric CO2 concentration and Antarctic temperature over the past 800,000 years? D) The economy is producing above its potential output level. Images. The relatively healthy breeding population on the Chambal is precisely why the massive 2008 die-off here caused such alarm. E) the horizontal axis, Which of the following Gini coefficients indicates that a country has an equal distribution of income? University of Washington Unit 5 Progress Check: MCQ. If so, please click the button below to share it on Twitter, or e-mail this link to your friends! The research team set up tanks of salt water with three different pHpH levels: today's current average Puget Sound pHpH, the predicted average 5050 years from now, and the predicted average 100100 years in the future. Which of the following is true of a natural monopoly? His prospective employers want hard copies of his resume, so he wants to have 400 copies of his resume printed. 62 terms. The second section is the free-response section (FRQs), which includes one long question and two short questions. Below, weve linked to a handful of sites we think feature helpful course notes or videos to help you master the core economic concepts tested. B) The difference between actual and potential GDP. E) There is insufficient information to answer the question. D) Both Art and Zeb will charge the same prices. And conversely, the money that the bank pays back to Myron when the certificate of deposit matures is worth more than that money was worth during the time the bank had this money. "Acclimation may buffer populations against the impacts of rapid environmental change and provide time for genetic adaptation to catch up over the longer term." The above payoff matrix illustrates the daily profit for two restaurants, Amy's and Sam's. Which of the following best describes the change in Antarctic temperature from about 440,000 years ago to about 340,000 years ago? Videos are availablein AP Classroom, on your Course Resources page. 21 terms. A) $5 billion E) Jan's real wage is $8 per hour at the end of the year. Which of the following describes the most immediate effect if an invasive generalist species is introduced to the island? AP Macroeconomics Unit 2 Progress Check: MCQ. What operations strategies are important at Girlfriend Collective? AP Microeconomics Course and Exam Description. A team of ecologists are studying four different ecosystems with varying levels of biodiversity. Art Lower Prices $300; $400 $600; $200 D) Both Amy's and Sam's will charge the same prices. A range of factors, including disease, famine, or in the case of this research, heat stress, can stimulate these subtle changes. 1. If the market wage is $12 per hour and the price of the product is $3 per unit, the firm will: answer choices. 17 terms. free-response questions with scoring guides to help you evaluate student work. For a species that is struggling, the fate of this river will determine its future. The offspring's altered gene expression, also referred to as 'acclimation,' allowed them to maximize oxygen consumption and energy use." 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.