Correct. This is the core document for the course. 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. AP US History Set 12-13. Learn more about the CED in this interactive walk-through. Based on the information above, which ecosystem would most likely recover the fastest from a natural disruption? Donna_Luong2. Art Lower Prices $300; $400 $600; $200 Her usual work schedule is 50 hours a week. Early theories focused on widespread pollution. Learning Opportunities for AP Coordinators. List and analyze the differences between the four major market structures. B) ensure that firms produce the allocatively efficient quantity of output E) The average total cost decreases throughout the entire effective demand. A) The dominant strategy for Art's is to lower prices. qui,que, dont. 01$1002$2003$400. create custom quizzes that can be assigned online or on paper. . A) $1.00 Use the payback method to determine whether Preston should purchase this plant. Explain your reasoning. If the price of an apple is $0.50, the marginal utility per dollar spent for the fifth apple is: The marginal utility per dollar spent on the last orange consumed is 75. e. Suppose Californias population is 36.5 million people and its population is expected to grow by 2% annually. Which of the following must be true? A defense of multiple-choice tests, explaining how they are good for assessment, good for research, and good for teaching. Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? The framework also encourages instruction The AP Microeconomics exam includes 60 MCQs and 3 FRQs. E) The difference between the GDP deflator and the consumer price index in a given year. AP Macroeconomics Unit 2 Progress Check: MCQ. Among the largest crocodilians in the world, gharials have long, heavy bodies and relatively small heads with bulging eyes and skinny snouts. B) $7.5 billion C) This will harm lenders with fixed-interest rate loans. 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. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. a. energy prices increase. 18 terms. Question 12. Explain the relationship between marginal cost and marginal product and marginal cost and AVC and ATC. Review past AP Microeconomics Free Response Questions (FRQs). Suppose the consumer price index (CPI) was 100 on January 1st, 2017 and 110 on January 1st, 2018 with no changes in nominal wages. Jan works a 30-hour week for a minimum wage of $10 an hour. AP Microeconomics 95 resources. A team of ecologists are studying four different ecosystems with varying levels of biodiversity. apples would Johnny have to consume before he considers purchasing another orange? Same Prices $100; $700 $400; $500 Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. Americans with at Least a Two-Year Degree. Both atmospheric CO2 concentration and Antarctic temperature have remained about the same over the past 800,000 years. In a rapidly changing climate, the decline of animal populations is a very real concern. D) $3.00 On 4/22 EARTH DAY!! AP Macroeconomics Scoring Guide Unit 6 Progress Check: MCQ E 10. C) a diagonal line 21 terms. C) The dominant strategy for Zeb's is to lower prices. 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.**. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. 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. University of Washington 28 terms. B) Disinflation 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. The percentage of dark colored moths increased in the population and the percentage of light-colored moths decreased in the population. stevalii. AP Macroeconomics Unit 2 Progress Check: MCQ. Which of the following best identifies the author's claim? The above payoff matrix illustrates the daily profit for two restaurant owners, Art and Zeb. Suppose you dont have the $5,000 but need it at the end of 1 year. 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? Curious about when other AP exams are happening in 2022? It will have to be replaced in six years. The second section is the free-response section (FRQs), which includes one long question and two short questions. 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)? illustrates the potentially catastrophic consequences that disruptions to water bodies can have on aquatic species that are close to the brink. so check back regularly! The researchers observed moths on tree trunks and recorded their body color. The AP Microeconomics framework is organized into six commonly taught units of study that provide one possible sequence for the course. B) Myron gains, while the bank remains unaffected. Guest lecturers include: The Faculty Lectures are available on theAP Classroom Course Resources page,under Overview,as well asYouTube. statement. Correct. B) there are a large number of rival firms producing more differentiated products 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! 27 terms. Assume that a profit-maximizing, perfectly competitive firm hires labor in a perfectly competitive labor market. Which of the following is true in imperfectly competitive markets? B) The difference between actual and potential GDP. 12 terms. Sample Multiple Choice. In the absence of externalities, which market structure produces the socially optimal quantity? A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. Lower Prices Same Prices D) The economy is producing above its potential output level. What are the variance and standard deviation for the number of people with at least a two-year college degree? The incorrect answers all use some combination of incorrect values in the numerator or denominator. . Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. The AP Program is unique in its reliance on Development Committees. 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 Which of the following economic consequences to a provisioning ecosystem service will most likely result from increased global warming? 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. What is the firm's profit-maximizing quantity of output? Given the labor market data above, what are the labor-force participation rate (LFPR) and the unemployment rate (UR) ? These committees, made up of an equal number of college faculty and experienced secondary AP teachers from across the country, are essential to the preparation of AP course curricula and exams. Assign topic questions to reveal student misunderstandings and target your lessons. Get FRQs with included sample responses with a license to Alberts AP Microeconomics. g. How will the PV and FV of the annuity in part f change if it is an annuity due? When is the 2022 AP Microeconomics exam? question does this decision answer in a free market economy. AP Psychology Practice Test: Sensation & Perception pdf download. The AP Higher Education section features information on recruitment and admission, advising and placement, and more. AP Macroeconomics Scoring Guide Unit 5 Progress Check: MCQ 1. Unit 5 Progress Check: MCQ. Cells (terms and definitions ) 39 terms. D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. These videos are still very much relevant today. 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. Unit 5 Progress Check: MCQ. 36 terms. 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? The AP Microeconomics framework included in the course and exam description outlines distinct skills that students should practice throughout the yearskills that will help them learn to think and act like economists. Which of the following is an example of a scarce factor of production? C) Immunizations that prevent the spread of diseases, An example of a good that is nonrival and nonexcludable is. 17 terms. Even if the five banks provided the same effective annual rate, would a rational investor be indifferent between the banks? Based on the Understanding by Design (Wiggins and McTighe) model, the course framework provides a clear and detailed description of the course requirements necessary for student success. 27 terms. His prospective employers want hard copies of his resume, so he wants to have 400 copies of his resume printed. E) the horizontal axis, Which of the following Gini coefficients indicates that a country has an equal distribution of income? Which of the following is true in imperfectly competitive markets? A) Both Amy's and Sam's will lower prices. . The demand curve for good Y will shift to the right because the goods are substitutes. Which of the following best identifies the author's claim? AP Microeconomics Unit 4 Progress Check: FRQ 1. Explain. The city council divides a community's residents into three groups: individual young adults, families with children, and older adults. 617 terms. One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. E) $3.50, Antitrust laws are intended to D) 2015 Study Resources. When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. search for any question, passage, or stimulus by text or keyword. The next generation appeared to be advantaged by parental exposure to elevated temperatures. d. What is the rate of return on a security that costs $1,000 and returns$2,000 after 5 years? D) $20 billion When a customer's need for a product is not urgent, demand tends to be. E) Jan's real wage is $8 per hour at the end of the year. The loans annual interest rate is 8%, and it requires four equal end-of-year payments. Suppose that last year is the base year for the Consumer Price Index (CPI). Q. Whats the Format of the AP Microeconomics Exam? Zeb Mortaldragon21. C) Art will charge the same prices, and Zeb will lower prices. A) 1 When the actual inflation rate exceeds the expected inflation rate, lenders will receive lower real interest rates than expected. Birds prey on the moths that are easily visible on trees. Higher education professionals play a key role in developing AP courses and exams, setting credit and placement policies, and scoring student work. A) Deflation The percentage of moths with light colored bodies and the percentage of moths with dark bodies is shown on the graph above. 21 terms. Campbell's and the NFL have worked together in advertising and promotional campaigns and by forming the Campbell's Chunky/NFL Tackling Hunger program that provides canned goods to food banks. This chartshows recommended scores for granting credit, and how much credit should be awarded, for each AP course. Simulate how different MCQ and FRQ scores translate into AP scores. The above payoff matrix illustrates the daily profit for two restaurant owners, Art and Zeb. Which of the following explains the resulting change in the market? Model economic situations using graphs or visual representations. Although their rows of pointy teeth look menacing, they are specialized for catching and holding onto fish, and pose little danger to people. D) mutual interdependence Master supply and demand in these Unit 2 AP Micro resources. 2 years? And dont forget to like and subscribe! AP resources are designed to support all students and teacherswith daily instruction, practice, and feedback to help cover and connect content and skillsin any learning environment. Which of the following best explains why individuals and societies must make choices when presented with. U2 MCQ. Ill be adding new videos as often as I can, so check back regularly! Which of the following terms describes a slowdown in the rate of increase in the consumer price index? C) The economy is producing at its potential output level. 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 ssd@info . D) This will harm borrowers with fixed-interest rate loans. 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 D) The dominant strategy for Zeb's is to charge the same prices. Which statement is true about the circular flow diagram Roger is a graphic artist, so his resume is several pages long and includes an artistic portfolio. [R]esearchers . Correct. Skip to document. 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. C) Myron gains, while the bank loses. In 1984 nominal GDP was $10 billion. Therefore we need to divide the 2011 Nominal GDP by the GDP deflator (in hundredths) to deflate 2011 dollars down to 1984 dollars. The 2022 AP Microeconomics exam will cover topics from across all 6 units from the course and exam description. Fun fact, before Albert, we were called Learnerator. This resource provides a succinct description of the course and exam. Determine outcomes of specific economic situations. Scoring: 2019 Questions 2 and 3 Scoring Sheet, Scoring: 2018 Questions 2 and 3 Scoring Sheet. You'll review elasticity, market equilibrium, and policy. A) a horizontal line Each restaurant has the choice to lower prices for early bird customers or keep prices the same. Correct. Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? 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 Which of the following is true for both stocks Which of the following is an example of an ecosystem service that would provide protection from a hurricane storm surge? 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. Be sure to check your responses against the Scoring Guidelines for feedback. Section. nouns-4. GMAT scores for selected undergraduate majors are shown RowenAntony5. A list of online resources recommended by your fellow AP Macroeconomics and Microeconomics teachers. Which of the following describes a limitation of gross domestic product (GDP) ? C) Jan's real wage is 25% higher because the CPI increased from 100 to 125. E8.D7.C6 5.B4.D3.B2.C1. 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 . 21 terms. D) Real GDP = Nominal GDP + GDP deflator Course Hero is not sponsored or endorsed by any college or university. 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. B) Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. View or download the complete AP exam schedule here. Starting with the 2022-23 school year (spring 2023 exam), a four-function calculator is allowed on both sections of the exam. Which of the following explains why imperfectly competitive markets are inefficient? Based solely on the information given, do you have reason to question the results of the following hypothetical studies? Pollination, decomposition, and water purification. E) The bank gains, while Myron remains unaffected. 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. Epigenetic change refers to chemical modifications in the DNA that signals genes to be switched on or off. hire more workers if each worker can produce 3 units per hour. Dead gharials began washing up on the banks of India's Chambal River in December 2007. Assume that 50 Americans between the ages of 25 and 64 are selected randomly. (a) Using the numerical values above, draw a correctly labeled graph of the. Which of the following best identifies the author's claim? A) There is a recessionary gap. To obtain Real GDP from nominal GDP and the GDP deflator requires the following calculation: Real GDP = Nominal GDP/(GDP deflator in hundredths). 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. Get Started . D) 2015 Which of the following is an example of a nonrival resource? These materials are part of a College Board program. Note that this is strictly a change to the calculator policy and does not affect the exam format (number of sections, number of questions), the type of questions students may see on the exam, or the course skills. Use Albert or a comparable practice tool to check your understanding of the key concepts that will appear on this years test. 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. An island off the coast of Africa contains a larger percentage of specialist species than generalist species. Labor unions negotiated a 3-year contract with employers in the automobile industry. What is the annuitys FV? Check your answers AFTER you finish 20.A19.E18.B17.A.16.E15.B14.D13.C12.B11.B10. Researchers examined the effect of industrialization and increased pollution (soot) in London on the coloration in a single species of moths. AP Microeconomics is an introductory college-level microeconomics course. that prepares students for advanced economics coursework. Disinflation refers to a slowdown in the rate of increase in the consumer price index or inflation. Which of the following is true about Jan's real wage if at the end of this year the CPI is 125 ? The College Board. Explain your reasoning.Based solely on the information given, do you have reason to question the results of the following hypothetical studies? C) reduce monopoly profits U6 MCQ. We cover the important vocabulary, skills, and concepts you need to understand for the exam. D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. D) The dominant strategy for Zeb's is to charge the same prices. B) economies of scale Same Prices $100; $700 $400; $500 E) Neither owner has a dominant strategy. Each owner has the choice to lower prices for early bird customers or keep prices the same. 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 Five banks offer nominal rates of 6% on deposits; but A pays interest annually; B pays semiannually; C pays quarterly; D pays monthly; and E pays daily. Preston, Co., is considering acquiring a manufacturing plant. They exposed juvenile coho salmon to these three different pHpH levels for two weeks. Spanish vocab list 11. below. Explain. Unit 3: Production, Cost, and the Perfect Competition Model, Unit 6: Market Failure and the Role of Government. D) there are a small number of rival firms producing more differentiated products Birds with smaller beaks are better suited for grasses and soft seeds, while birds with larger beaks are better suited for seeds and nuts. 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.