Already enrolled? B. C. A decrease in unemployment Sign in to access them. E. The opportunity cost of going to the beach is being better prepared for the exam C. A straight-line production possibilities curve has an increasing opportunity cost. The common factors of production are land, labor, and capital, but it also varies. It shows all the alternative ways that an economy can allocate resources. A. Which of the following must be true if an individual, A. Assume you used the multiattribute attitude model and created a fruit-based carbonated drink that was successful in the United States. Microeconomics is a branch of economics that focuses on the behavior of individual economic agents, such as households, firms, and consumers. D. A straight-line production possibilities curve does not show opportunity cos _______4. Taxes B. The CED was updated in the summer of 2022 to reflect a change in the calculator policy. AP Microeconomics Exam. AP Microeconomics Unit 1: Basic Economic Concepts 1.1: Scarcity Economics: the study of scarcity and choice with unlimited wants and limited resources Economic choice: involves the personal choice of choosing one thing over another Scarcity: unlimited wants but limited resources (ex. Market labor supply curve If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. Higher education professionals play a key role in developing AP courses and exams, setting credit and placement policies, and scoring student work. A depositary institution that accepts deposits from individuals and firms, and provides them with loans in addition to a wide variety of other services. 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. This course will cover all material that is required for the Microeconomics AP exam. (A) eat the slice of pizza. Unit 2: Economic Indicators and the Business Cycle. -entrepreneurship (leaders), What are the 4 factors of production (classifications of resources), physical capital: human made resources like tools If Tina can make 1 longboard or 5 scooters and Roger can produce 3 longboards or 6 scooters, which of the E. Resources are equally suited for the production of either good What to produce? About this unit. (A) people's wants exceed the resources available to satisfy them. \hline \text { Source of Variation } & \text { SS } & \text { df } & \text { MS } & \text { F } \\ An increase in unemployment at$2.75. E. Every economy must open free trade with other economies An example of a capital good is Which of the following would cause an outward or rightward shift in the production possibilities curve? Learn all about the course and exam. B. Providing social goods and services The second section is the free-response section, which includes one long question and two short questions. following is true? The formula sheet is divided up based on the six units of study in the AP Macro course. <>/Metadata 256 0 R/ViewerPreferences 257 0 R>> B. E. Upward-sloping production possibilities curve. AP Micro > Unit 1 1.3 Production Possibilities Curve (PPC) 7 min read december 17, 2022 dylan_black_2025 J Jeanne Stansak Summary So Far So far, we've discussed scarcity, opportunity cost, and trade-offs. The AP Microeconomics framework is organized into six commonly taught units of study that provide one possible sequence for the course. at$2.75\begin{array}{ll} Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. Credit Card Expenditures. 1 long free-response question (50% of section score). A depositary institution that obtains m0oney mainly through deposits from clients. _____________ 9. 2. June has enough money to buy either a Mountain Dew, Pepsi, or a bag of chips. 4 0 obj respectively, which of the following expressions defines consumer equilibrium? Reservation wage _____________ 2. economists say that What does a production possibilities graph (PPG) and production possibilities curve (PPC) show, -there are only 2 goods produced x[Ks8T">]ITxDI{~"P(PrPh D7'9y]o^l- rLg"r-"pC+iG0&xxx.;ildonwln8n3RlXS~? 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. Click the card to flip Flashcards Learn Test Match Created by erick_j Terms in this set (50) economic way of thinking (E) Michelle's opportunity cost for producing one surfboard is 3 bikes. D. Minimum wage See the table below: If you are a mobile user, click here: Do AP Microeconomics Practice Questions. What does this say about the resource used to make these products? The market rate is the rate investors demand for loaning funds. By opening this packet, you agree to all of the AP Program's policies and . Who to produce it for? possibilities curve? C. An increase in capital equipment (C) Ukraine has an absolute advantage in the production of cars and a comparative advantage in the production of Reading Period 10 minutes . Basic Economic Concepts: Opportunity Cost, Consumer Preferences . Youll study the foundations of microeconomic thinking, including how to evaluate decisions based on constraints and trade-offs and make rational economic choices. Have a test coming up? (E) Tina has a comparative advantage in the production of longboards. Determine outcomes of specific economic situations. Which of the following would cause a leftward shift of the production possibilities curve? What is the 95%95 \%95% confidence interval estimate of the difference between the population means? D. Every economy must prevent unemployment through government intervention E. Efficiency following is true? This is the regularly scheduled date for the AP Microeconomics Exam. Our resources go over the important vocabulary, fundamental skills, and basic economic concepts you'll need to master for the exam, such as supply, demand, and market equilibrium. A straight-line production possibilities curve has a decreasing opportunity cost. For more information, refer to the Exam Overview section in theAP Microeconomics Course and Exam Description(CED). (E) a haircut. B. Government expenditures a statistical relation between two or more variables such that systematic changes in the value of one variable are accompanied by systematic changes in the other. E. Upward-sloping production possibilities curve D. The total utility decreases at a constant rate Micro Unit 1- Basic Economic Concepts Micro Unit 2- Demand, Supply, and Consumer Choice Micro Unit 3- Costs of Production and Perfect Competition Micro Unit 4- Imperfect Competition Micro Unit 5- The Resource Market About this course $24.99 13 hours of video content Practice Sheets Practice Exams how businesses produce goods and services the efficient use of scarce resources An increase in inflation D. Consumer spending (E) More information is needed to answer the question. _____________ 1. time = limited supply) (a) Draw a correctly labeled graph for SkyRunner, and show each of the following. D. An oven for a family of four (A) George has an absolute advantage in the production of surfboards. (C) The marginal utility of the second unit is 30. Answer: D. 8. D. An increase in the resources to produce capital goods A document issued by federal or state government that gives a commercial bank the right to exist. The CED was updated in the summer of 2022 to reflect a change in the calculator policy. -there is full resource use D. The absolute advantage Convertible bonds are also known as callable bonds. Semiannual interest on bonds is equal to the face value times the stated rate times 6/12. Find colleges that grant credit and/or placement for AP Exam scores in this and other AP courses. It will cover this material through a mix of intuitive explanations, real-world applications, and graphical and mathematical supplements that explore the content in more depth. (B) attainable, but productive inefficient. ?2_p5NtDq{6MQEE7%Bv]0Y9-`O>FI>Ap;:;Nd(\Oq|iY$b|r,%%}zN-'E;'%|QZm7qN]h Japan has an absolute advantage in the production of cars, while Ukraine has a comparative advantage in the Unit 3: National Income and Price Determination. The marginal utility of the 4th slice is 4 utils -Change in technology (new manufacturing robots, etc.) (C) an iPad. \text { Total } & 18.94 & & Establishing a fair tax system. Answer: D, Which of the following is true according to the circular flow model? (D) Ukraine has an absolute advantage in the production of grain, while Japan has a comparative advantage in the The AP Microeconomics Exam includes 60 multiple-choice questions and 3 free-response questions. (B) Roger has absolute and comparative advantage in the production of longboards. Market equilibrium and consumer and producer surplus, Disequilibrium and changes in equilibrium, The effects of government interventions in markets, Firms Short-run Decisions to Produce and Long-Run Decisions to Enter or Exit a Market, Profit-maximizing behavior in perfectly competitive factor markets, Socially efficient and inefficient market outcomes, The effects of government intervention in different market structures, See how our course content aligns with AP Microeconomics standards. An efficient use of resources 2 0 obj a. For example, a pizza parlor uses tomatoes, yeast, and flour. Your students can look up credit and placement policies for colleges and universities on theAP Credit Policy Search. D. The total utility of consuming two tacos is 60 The constant amount of a commodity that must be given up to produce each additional unit of another commodity. The opportunity costs is seeing their friends at the beach C. Scarcity Every economy must determine what to produce and how it produce goods and services In this video I cover the basics: scarcity, opportunity cost, the economic systems, the production possibilities curve, comparative advatage, and utility maximization. D. The opportunity cost of going to the beach is all the other things they could have done 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. This is the core document for this course. It is more important to reduce global inflation than to reduce domestic unemployment. Write a brief definition for the terms labor unions, collective bargaining strike, picketing, and job action. AP Microeconomics Vocab Unit 1 Term 1 / 50 economic way of thinking Click the card to flip Definition 1 / 50 A reasoning process that involves considering costs as well as benefits in making decisions. at } \$ 2.75 _____________ 12. Every economy must find a way to distribute income equally, C. Every economy must find ways to privatize markets to maximize ef, D. Every economy must prevent unemployment through government intervention, E. Every economy must open free trade with other economies, 4. A cause and effect relationship in which one variable controls the changes in another variable. Ukraine can produce either 16 ton of grain or 2 cars. It demonstrates scarcity, trade-offs, opportunity costs, and efficiency. Unit 1 Basic Economic Concepts Problem Set #1. 2 short free-response questions (each worth 25% of section score). Determine outcomes of specific economic situations, Model economic situations using graphs or visual representations. Unit 1: Basic Economic Concepts 0/900 Mastery points Scarcity Resource Allocation and Economic Systems Production possibilities curve (PPC) Answer: E, If the production possibilities curve is concave from the origin (or bowed out), then In economics, production refers to the process by which a producer takes inputs, or factors of production, and creates an output. In a moment, you will open the packet that contains your exam materials. A. AP Microeconomics can lead to a wide range of careers and college majors, Comparative advantage and gains from trade, Unit 3: Production, Cost, and the Perfect Competition Model, Unit 6: Market Failure and the Role of Government, Market equilibrium, disequilibrium, and changes in equilibrium, The effects of government intervention in markets, Changes in factor demand and factor supply, Profit-maximizing behavior in perfectly competitive factor markets, Socially efficient and inefficient market outcomes, The effects of government intervention in different market structures. AP Microeconomics: Unit 1 Review 4.0 (1 review) Social science concerned with the efficient use of scarce resources to achieve maximum satisfaction of economic wants Click the card to flip What's economics Click the card to flip 1 / 47 Flashcards Learn Test Match Created by calexiev Terms in this set (47) B. beach is studying for an economics exam? C. The person prefers playing volleyball at the beach to study for the exam This is the core document for the course. A. The questions are designed for AP and college introductory. Bank of America's Consumer Spending Survey collected data on annual credit card charges in seven different categories of expenditures: transportation, groceries, dining out, household expenses, home furnishings, apparel, and entertainment. Using the difference data, the sample mean difference was d=$850\bar{d}=\$ 850d=$850, and the sample standard deviation was sd=$1123s_d=\$ 1123sd=$1123.
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