46 studiers recently. E) $30 billion. What Units are on the 2022 AP Microeconomics Exam? Use the following links to Alberts AP Microeconomics course to see if you truly understand each of the units: There are two types of FRQs on the AP Micro exam: short answers and long answers. These materials are part of a College Board program. Sets found in the same folder. Which of the following must be true? 15 terms. 4. E) This will benefit borrowers with variable-interest rate loans. Which of the following is an example of a scarce factor of production? The native species on Madagascar are more likely to survive because the island is larger and provides a greater diversity of habitats and resources. Zeb "When parents are exposed to an increase in water temperature, we found that their offspring improved their performance in these otherwise stressful conditions by selectively modifying their epigenome." 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. View Answer Key Unit 5 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. Ecosystem A, because its low genetic diversity could have resulted from an event that reduced the variation in the gene pool. Pollination, decomposition, and water purification. E) There is no Nash equilibrium. D) Firms must lower their product prices to sell additional units. Which statement is true about the circular flow diagram of an economy? The table below shows the daily production of clothing or, Include correctly labeled diagrams, if useful or required, in explaining your answers. get rich)? While this study looked specifically at how an altered sense of smell could affect fishes' response to danger, it's likely that other critical behaviors that depend on smell, such as navigation, reproduction, and hunting for food, would also take a hit if fish aren't able to adequately process smells. This is the core document for this course. As always, you have the flexibility to organize the course content as you like. The percentage of moths with light colored bodies and the percentage of moths with dark bodies is shown on the graph above. Free-Response Question and Scoring Archive. so check back regularly! A) Jan's real wage at the end of this year is $10 an hour because the base year equals 100. RowenAntony5. E) positive economic profit in the long run. Among the largest crocodilians in the world, gharials have long, heavy bodies and relatively small heads with bulging eyes and skinny snouts. Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? 617 terms. For more examples of previous FRQs, check out the College Board archive for AP Microeconomics. If the number of sets of 100 resumes is represented by x, express the cost of the resumes, r(x), as a piecewise function of x. If unregulated, the monopolist operates to maximize its profit. The above payoff matrix illustrates the daily profit for two restaurant owners, Art and Zeb. C) 2013 B) ensure that firms produce the allocatively efficient quantity of output Which of the following is true of a natural monopoly? Sample Multiple Choice. What is the firm's profit-maximizing quantity of output? E) Real GDP = Nominal GDP - GDP deflator, A) Real GDP = Nominal GDP/GDP deflator B) Disinflation By mid-January, the dead reptilessome the length of two tall men, lined up end to endnumbered in the dozens. 1 / 21. Which of the following is true about Jan's real wage if at the end of this year the CPI is 125 ? When the actual inflation rate exceeds the expected inflation rate, lenders will receive lower real interest rates than expected. # of Questions. The graph shows the cost and revenue curves for a monopoly that produces teddy bears. Which of the following is classified as a discouraged worker? Here are some of the key takeaways: We hope youve found this AP Microeconomics review guide helpful. If, The graph above shows the cost and revenue curves for a natural monopoly that provides electrical power to the town of Fanaland. If the market wage is $12 per hour and the price of the product is $3 per unit, the firm will: answer choices. For the following situations identify whether the description is a centralized or decentralized organization. You plan to make a series of depositsannually for A, semiannually for B, quarterly for C, monthly for D, and daily for Ewith payments beginning today. The economy of Fisherland is at full employment for which year in the above diagram? What type of unemployment describes the situation of factory workers displaced by automation? Excerpted from the AP Microeconomics Course and Exam Description, the Course at a Glance document outlines the topics and skills covered in the AP Microeconomics course, along with suggestions for sequencing. Master supply and demand in these Unit 2 AP Micro resources. the process of confirming members of the president's Cabinet can lead to conflict with members of the Senate. The Graduate Management Admission Test (GMAT) is used by many graduate schools of business as one of their admission criteria. A) prevent the entry of firms into imperfectly competitive markets Q. A) Nominal GDP uses constant prices to measure the value of final output, while real GDP uses current prices. jferr15. It will have to be replaced in six years. A range of factors, including disease, famine, or in the case of this research, heat stress, can stimulate these subtle changes. AP studentscan also access videos on their own for additional support. Curious about when other AP exams are happening in 2022? 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. 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. D) mutual interdependence A) there are a large number of rival firms producing very similar products Suppose you dont have the $5,000 but need it at the end of 1 year. Ill be adding new videos as often as I can, so check back regularly! If so, please click the button below to share it on Twitter, or e-mail this link to your friends! Which of the following describes a difference between nominal gross domestic product (GDP) and real GDP? Video tutorials reviewing concepts can be helpful to supplement your learning and review. C) Hyperinflation RowenAntony5. E) The expenditure approach to calculating GDP sums consumption spending, investment spending, government spending, and net exports. C) 0.5 The question bank is a searchable database of real AP questions. AP Microeconomics Exam Free-Response Questions and Scoring Information Archive. Last year, Myron purchased a $10,000 certificate of deposit with a 3% rate of interest from his bank. Images. 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.**. Which of the following best identifies the author's claim? stevalii. i. Videos are availablein AP Classroom, on your Course Resources page. Its low habitat diversity indicates that Ecosystem C most likely has a low number of specialist species and few species that utilize large territories. Correct. Sign in to AP Classroomto access AP Daily. A) $5 billion 13 terms. An island 30 hectares in size that is 10 kilometers off the coast of the mainland. Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? The short-run aggregate supply curve will shift to the right when. B) 0.7 : Complete Unit 2 Progress Check MCQ . Zeb Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. Natalie_Vissman. 27 terms. free-response questions with scoring guides to help you evaluate student work. Which of the following terms describes a slowdown in the rate of increase in the consumer price index? Guest lecturers include: The Faculty Lectures are available on theAP Classroom Course Resources page,under Overview,as well asYouTube. AP Microeconomics is an introductory college-level microeconomics course. When you feel confident, use past FRQs to practice your free-response answers. Lower Prices Same Prices Correct. 2. Would you rather start with one penny ($0.01)(\$ 0.01)($0.01) and double your wealth every day or start with one dime ($0.10)(\$ 0.10)($0.10) and double your wealth every five days (assuming you want to. A) discrimination duck_425299. 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. B) Workers would be better off, and the employers would be unaffected. government regulation increases. In years with less rainfall, there are fewer grasses to feed on and the finches rely more on seeds for food. AP Exams are regularly updated to align with best practices in college-level learning. 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 Year Question CED Topics Video Question/Rubric; 2019 Set1 #1: Unit 4: Monopoly, Deadweight Loss, Shut Down, Fixed Costs: Question/Rubric: 2019 Set1 #2: Unit 2: Marginal Analysis, Consumer Surplus, Cross-Price Elasticity : Question/Rubric: 2019 Set1 #3 . 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)? c. Find the PV of$1,000 due in 5 years if the discount rate is 10%. course to see if you truly understand each of the units: Examples of Short Free-Response Questions, For more examples of previous FRQs, check out the College Board archive for, Get FRQs with included sample responses with a license to, To stay up to date and adjust your study plan accordingly, read our.