E) 2017. As competition for resources increases, the population size of the island's specialist species will decrease. j. D) differences in bargaining power D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. Therefore we need to divide the 2011 Nominal GDP by the GDP deflator (in hundredths) to deflate 2011 dollars down to 1984 dollars. Share. D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. 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. unit 4 macro. encourage students to take advantage of on their own, on mobile devices or computers. B) Jan's real wage is $2.50 per hour at the end of the year due to inflation. 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. Last year, Myron purchased a $10,000 certificate of deposit with a 3% rate of interest from his bank. The relatively healthy breeding population on the Chambal is precisely why the massive 2008 die-off here caused such alarm. If unregulated, the monopolist operates to maximize its profit. C) there are a small number of rival firms producing very similar products List and analyze the differences between the four major market structures. C) The dominant strategy for Zeb's is to lower prices. D) there are a small number of rival firms producing more differentiated products E) Jan's real wage is $8 per hour at the end of the year. D) Consumer surplus equals area (a+b), producer surplus equals area (c+d), and deadweight loss equals area (e). Dead gharials began washing up on the banks of India's Chambal River in December 2007. Acidic water affects the salmon's ability to sense danger from attacking predators by their sense of smell. Unit 5 Progress Check: MCQ. Multiple Choice Practice for Production, Cost, and the Perfect Competition Model. The following graph shows the marginal social cost (MSC), the marginal private cost (MPC), and the marginal social benefit (MSB) of a good. A) there are a large number of rival firms producing very similar products The percentage of dark colored moths increased in the population and the percentage of light-colored moths decreased in the population. 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. have found that reef fish can inherit from their parents the genetic tools to adjust to ocean warming. His local print shop charges $91.50 for the first 200 copies and$420 for every 100 additional copies. Be sure to check your responses against the Scoring Guidelines for feedback. TB_Unit1Test_61e95568a99678.61e95569b805c6.90955585.pdf, SG_Unit1Test_61e955cf8b9125.61e955d0ceda35.78977713.pdf, I would gladly die to please you but I draw the line at carrying that lazy, effectiveness analysis the relative costs of different adaptation options that, aaaaassssssssssssaaaaauuuuuullllltttttteeeeeddddd wwwwwaaaaassssss, The plaintiffs vulnerability and dependence on the defendant to protect it, 148 the right of nations to do themselves justice 149 The use of armed force by, He boasts of his mansion fleet of cars poultry and a dairy farm etc The police, Ethnicity is a classification of people based on national origin Matching Match, Non standard bases in tRNA are important for which of the following I Binding of, im plem en t it for th e first tim e If th e tool is n ot w elcom ed at th e, Students will learn the purpose of career day Then students will be divided into, Very untrue Untrue Neutral True Very true 2 I have bought a certain brand of, versus advantage of direct deliveryerection onto foundations Delivery of, Jeff said that his schedule was different from when he was in high school and he, Introduction to Economics Final Revision 2022.pdf, The table below shows the marginal utilities in utils that Sarah derives from consuming two goods, snacks, and movies. C) 0.5 Which of the following is a Nash equilibrium? The first section has 60 multiple-choice questions (MCQs). The concentration of CO2 fluctuated between 150ppm and 250ppm until recently, when the concentration rose exponentially. AP Micro Unit 3 Progress . Basking on the brink: An "unholy" river in India may be the last, best hope for one of the world's largest and most imperiled crocodilians. . Higher education professionals play a key role in developing AP courses and exams, setting credit and placement policies, and scoring student work. Which of the following is true of a natural monopoly? Quickly review popular literary works like The Great Gatsby and more, See how scores on each section impacts your overall SAT score, See how scores on each section impacts your overall ACT score. Uni 3 Progress Check: MCQ. In order to regulate the monopoly to produce the largest possible output without a loss, government regulators would establish a price of Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. 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. Determine the branding strategy that Campbell's and the NFL used. 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. 28 terms. h. What will the FV and the PV be for$1,000 due in 5 years if the interest rate is 10%, semiannual compounding? AP Microeconomics Final Exam. AP Microeconomics Course and Exam Description. What will the payments be if this is an annuity due? unit 4 macro. E) $30 billion. Explain your reasoning.Based solely on the information given, do you have reason to question the results of the following hypothetical studies? AP Psychology Downloads. View Answer Key Unit 4 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. B) Disinflation The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. B) differences in working conditions A) Myron loses, while the bank gains. 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 the tendency towards break-even in the long-run in perfect competition. When a customer's need for a product is not urgent, demand tends to be. \text{ } & \text{\$ 100} & \text{\$ 200} & \text{\$ 400}\\ Test. Which statement is best supported by the data in the graph?