b. Nominal GDP = Real GDP GDP Deflator, Suppose Miguel wants to know the value of real gross domestic product (GDP) for 2011 in terms of the base year 1984 dollars. C) The dominant strategy for Zeb's is to lower prices. assign to students before or after class to maximize time for discussion. AP Econ Micro Unit 6 Test. Click on the question, try it out, then watch the review video to walk you through it! 62 terms. Which of the following will happen when the actual inflation rate exceeds the expected inflation rate? Use the payback method to determine whether Preston should purchase this plant. D) 0.2 unit 4 macro. Which statement is true about the approaches used to measure the value of a nation's gross domestic product (GDP) ? The best way to use these resources is to go through a unit and then check for understanding on Albert. Which of the following is true about gross domestic product (GDP)? Correct. The AP Microeconomics framework is organized into six commonly taught units of study that provide one possible sequence for the course. The letters in the graph represent the enclosed areas. A) There is a recessionary gap. Spanish vocab list 11. Country X's economy is in an inflationary gap. AP CALCULUS. Which of the following ecosystem services is categorized as regulating? Why do you think the government considers as unemployed only those who are without employment but are looking for work? Therefore we need to divide the 2011 Nominal GDP by the GDP deflator (in hundredths) to deflate 2011 dollars down to 1984 dollars. If the price of an apple is $0.50, how many. Which of the following is the correct calculation of Real Gross Domestic Product (GDP) ? Correct. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Time Limit. : Complete Unit 2 Progress Check MCQ . 3. 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. Based on the information above, which ecosystem would most likely recover the fastest from a natural disruption? 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. Explain your reasoning. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. What were her average earnings per hour? D) Real GDP = Nominal GDP + GDP deflator If all of the banks are insured by the government (the FDIC) and thus are equally risky, will they be equally able to attract funds? 01$1002$2003$400. AP Macroeconomics Unit 2 Progress Check: MCQ. Ecosystem A, because its low genetic diversity could have resulted from an event that reduced the variation in the gene pool. What effective annual rate does each bank pay? Same Prices $100; $700 $400; $500 c. Which is more important in determining how fast exponential growth occurs: the doubling time or the initial amount? Practice questions to help you check your progress for AP Macro Unit 3 . find topic questions and practice exam questions, indexed by content and skills. On February 13, 2016, following the death of Supreme Court Justice Antonin Scalia, Senate Majority Leader Mitch McConnell issued a statement that the Supreme Court vacancy should be . Sign in to access your AP or Pre-AP resources and tools including AP Classroom. B) a vertical line [R]esearchers . The first entry in each cell indicates the profits for Art's, and the second entry in each cell indicates the profits for Zeb's. Which of the following is true for both stocks D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. 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? Which of the following is a Nash equilibrium? In 1984 nominal GDP was $10 billion. ECON 202. AP Microeconomics 95 resources. Starting with the 2022-23 school year (spring 2023 exam), a four-function calculator is allowed on both sections of the exam. The supply of the currency will increase and the currency will appreciate. Sign in to AP Classroomto access AP Daily. . The framework also encourages instruction D) The dominant strategy for Zeb's is to charge the same prices. What operations strategies are important at Girlfriend Collective? 2 years? Below are some of my favorite Free Response Questions from past AP Macroeconomics Exams. **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. A) Both Amy's and Sam's will lower prices. Explain the tendency towards break-even in the long-run in perfect competition. Natalie_Vissman. See Units. Which of the following is true of a natural monopoly? U6 MCQ. Download. Correct. Acidic water affects the salmon's ability to sense danger from attacking predators by their sense of smell. \end{matrix} . C) Art will charge the same prices, and Zeb will lower prices. If unregulated, the monopolist operates to maximize its profit. In 2015 the economy is at full employment because actual real GDP is equal to potential real GDP. Suppose you dont have the $5,000 but need it at the end of 1 year. A) Both Amy's and Sam's will lower prices. assign alongside topic questions to address misunderstandings. Q. E) the horizontal axis, Which of the following Gini coefficients indicates that a country has an equal distribution of income? We cover the important vocabulary, skills, and concepts you need to understand for the exam. B) The dominant strategy for Art's is to charge the same prices. 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. D) Both Art and Zeb will charge the same prices. You can: Learn how to get started in AP Classroom. Its low habitat diversity indicates that Ecosystem C most likely has a low number of specialist species and few species that utilize large territories. A) Jan's real wage at the end of this year is $10 an hour because the base year equals 100. Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? Q. In a rapidly changing climate, the decline of animal populations is a very real concern. E) The unemployment rate is lower than the natural rate of unemployment. The AP Higher Education section features information on recruitment and admission, advising and placement, and more. The graph shows the cost and revenue curves for a monopoly that produces teddy bears. Based on the information, does either firm have a dominant strategy? Your students can look up credit and placement policies for colleges and universities on theAP Credit Policy Search. I would also like to thank Francis McMann, James Chasey, and Steven Reff who taught me how to be an effective AP Economics teacher at AP summer institutes; as well as the countless high school teachers, and college professors from the AP readings, economics Facebook groups, and #econtwitter. The 2022 AP Microeconomics exam will cover topics from across all 6 units from the course and exam description. 21 terms. Determine the branding strategy that Campbell's and the NFL used. Ill be adding new videos as often as I can, so check back regularly! Fish were placed in a holding tank and exposed to the smell of salmon-skin extract, which indicates a predator attack and usually prompts the fish to hide or swim away.
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