By Brian Reddington
Organized for simple reference and an important perform, assurance of all of the crucial subject matters provided as 500 AP-style questions with certain resolution explanations
5 Steps to a five: 500 AP Microeconomics/Macroeconomics inquiries to understand by way of try out Day is customized to fulfill your learn needs—whether you've got left it to the final minute to organize otherwise you were learning for months. you'll reap the benefits of going over the questions written to parallel the subject, structure, and measure of trouble of the questions inside the AP examination, observed by way of solutions with accomplished explanations.
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Extra info for 500 Must-Know AP Microeconomics/Macroeconomics Questions
Mr. Ray is a business owner of a competitive firm. He is trying to decide whether to shut down his firm in the short run. Which factors should Mr. Ray analyze to help in his decision? (A) Average variable cost and marginal revenue (B) Total revenue and total cost (C) Total fixed cost and total revenue (D) Price and average total cost (E) Price and marginal benefit 116. All of the following are part of a monopolistic competition market structure EXCEPT (A) differentiated products (B) dead weight loss (C) profits in the short run (D) patents (E) all of the above are part of a monopolistic competition market structure 117.
D) The marginal benefit of the second hour is less than the marginal benefit of the additional hour. (E) The marginal cost of the second hour is greater than the marginal cost of the additional hour. Brooks Industries is a leading producer of guitars and stereos. Use the following production possibilities curve for questions 4 and 5. 4. Which two points would best represent economic growth? (A) From A to D (B) From D to C (C) From A to B (D) From E to C (E) From E to B 5. The concave shape of the production possibilities curve implies the notion of (A) opportunity costs (B) comparative advantage (C) marginal analysis (D) allocation of limited resources with unlimited material wants (E) MB = MC 6.
D) The price of the good will remain the same. (E) The price of the good will decrease, and the quantity demanded will increase. 164. Measuring efficiency through allocation of resources is best expressed in which formula? (A) P = MC (B) P = AR (C) MB > MC (D) MB = MC (E) P = ATC 165. For a perfectly competitive firm, what are usually the long-term profits? (A) Less than the price equilibrium (B) More than the price equilibrium (C) Zero (D) More than AVC (E) Less than TFC and AVC 166. If a cartel comes into existence, the most likely outcome would be that (A) economic profits will be balanced among all cartel members (B) each cartel member would attempt to cheat by producing more (C) there is allocative efficiency (D) prices will be established through the market forces of supply and demand (E) advertising will push consumers to one firm or the other 167.