answer choices. E) The average total cost decreases throughout the entire effective demand. The loans annual interest rate is 8%, and it requires four equal end-of-year payments. AP Psychology Downloads. 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 . 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) economies of scale Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? An island 30 hectares in size that is 10 kilometers off the coast of the mainland. Explain. 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)? The native species on Madagascar are more likely to survive because the island is larger and provides a greater diversity of habitats and resources. Based on the graph above, which of the following years postdisturbance did sweetgum experience the greatest biomass? How long will it take for the population to double? D) $3.00 The following graph shows the marginal social cost (MSC), the marginal private cost (MPC), and the marginal social benefit (MSB) of a good. Which of the following economic consequences to a provisioning ecosystem service will most likely result from increased global warming? Share. U2 MCQ. AP Psychology Practice Test: Sensation & Perception pdf download. Art Lower Prices $300; $400 $600; $200 Test Booklet Name Include . 21 terms. E) Stagflation. AP studentscan also access videos on their own for additional support. Correct. The marginal utility per dollar spent on the last orange consumed is 75. D) the vertical axis Free-Response Question and Scoring Archive. Get FRQs with included sample responses with a license to Alberts AP Microeconomics. Which of the following is classified as a discouraged worker? When a customer's need for a product is not urgent, demand tends to be. Lower Prices Same Prices Among the largest crocodilians in the world, gharials have long, heavy bodies and relatively small heads with bulging eyes and skinny snouts. Does a firm's price equal marginal cost in the short run, in the long run, or both? Same Prices $100; $700 $400; $500 The graph shows the cost and revenue curves for a monopoly that produces teddy bears. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. On 4/22 EARTH DAY!! GMAT scores for selected undergraduate majors are shown At the trough of a business cycle, there is a recessionary gap because, at the trough, actual output is below potential output. 29 . Sets found in the same folder. After two weeks, the team ran a series of tests to see whether the fishes' sense of smell was affected. Why do you think the government considers as unemployed only those who are without employment but are looking for work? The relatively healthy breeding population on the Chambal is precisely why the massive 2008 die-off here caused such alarm. C) Myron gains, while the bank loses. B) Disinflation : They dont currently have anything for Macroeconomics, but this site features chapter outlines from Barrons review book. A list of online resources recommended by your fellow AP Macroeconomics and Microeconomics teachers. $k. D) 2015 Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. E) 2017. D) Equating marginal private benefit and marginal private cost must have resulted in inefficiencies in the market. In 1977, 1980, and 1982, there were droughts, and the area experienced significantly less rainfall than average. natelewis_ English Vocab Final. D) mutual interdependence 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. 1: Multiple Choice (MCQs) 60 Questions. B) $7.5 billion Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. AP Macroeconomics Unit 2 Progress Check: MCQ. B) ensure that firms produce the allocatively efficient quantity of output How would each group be affected by an actual inflation rate of 4% next year? Roger is a graphic artist, so his resume is several pages long and includes an artistic portfolio. Explain. The College Board. Art Lower Prices $300; $400 $600; $200 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? D. dividend portion 27 terms. As competition for resources increases, the population size of the island's specialist species will decrease. Which statement is true about the circular flow diagram of an economy? The letters in the graph represent the enclosed areas. 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. 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} The Graduate Management Admission Test (GMAT) is used by many graduate schools of business as one of their admission criteria. D) there are a small number of rival firms producing more differentiated products