Quiz
AP Microeconomics
Fragen in diesem Quiz (10)
1At the birthday party of your best friend, you see Skylar help himself to a second piece of cake. For this individual, it must be the case that
- AAt the birthday party of your best friend, you see Skylar help himself to a second piece of cake. For this individual, it must be the case that
- Bthe marginal benefit of the second piece of cake is less than the marginal cost
- Cthe total benefit received from eating cake is falling
- Dthe marginal benefit of the second piece of cake is greater than the marginal cost
- ESkylar is irrationally consuming too much cake
2Nancy has the choice to spend one hour studying for an exam, mowing the lawn for one hour at a wage of $6, or babysitting her niece for one hour at a wage of $8. If we know that Nancy has chosen to study for the exam, which of the following is true?
- AThe benefit received from studying is greater than the opportunity cost of $8
- BThe opportunity cost of studying is $14, which is less than the benefit received from studying
- CNancy is indifferent between studying and mowing the lawn
- DNancy's behavior is irrational since babysitting was clearly superior to all other options
- ENancy is indifferent between babysitting and mowing the lawn
3Assuming no government involvement in this market, if the current price were at the level of 0A, we would expect
- Aa surplus in the market to be eliminated by rising prices
- Ba shortage in the market to be eliminated by falling prices
- Ca surplus in the market to be eliminated by falling prices
- Da shortage in the market to be eliminated by rising prices
- Ea decrease in quantity supplied and an increase in quantity demanded s the price rises
4If the market is initially in equilibrium, which of the following would create a new equilibrium at point H?
- AA decrease in consumer income if this good is normal
- BAn increase in the price of a substitute for this good
- CA decrease in the cost of a production input for this good
- DAn increase in the number of consumers of this good
- EAn increase in consumer income if this good is normal
5Using the diagram, which of the following might have caused the outward movement of the production possibility frontier?
- AA decrease in the availability of fertile farmland
- BA plague of destructive grasshoppers
- CAn increase in the productivity of the labor force
- DA severe and long-lasting drought
- EA decline in the rate of technological improvements
6If Matt's total utility from consuming bratwurst increased at a constant rate, no matter how many bratwurst Matt consumed, what would Matt's demand curve for bratwurst look like?
- AVertical
- BHorizontal
- CDownward sloping
- DUpward sloping
- Efirst upward, but eventually downward sloping
7Which is true of monopolistic competition?
- AFirms earn long-run
- BFirms spend money to differentiate and advertise their products
- CP= MR = MC = ATC
- DIn the long run the market is allocatively efficient
- EExcess capacity is eliminated in the long run
8Dead weight loss is equal to which of the following areas?
- Aabcd
- Bcdfg
- C0abQ1
- DQ1Q2gh
- Ebdgh
9Which of the following is an example of a longrun adjustment for the owners of a small café?
- AThe owners switch from whole wheat to sourdough bread
- BThe owners hire several part-time workers to cover the dinner shifts
- CThe owners work overtime on a busy weekend
- DThe owners install more energy-efficient light bulbs in all of the light fixtures
- EThe owners buy the office next door and this doubles the customer seating
10Which of the following is true in the long run in perfect competition?
- AP=MR=MC=ATC
- BP=MR=MC>ATC
- CP>MR=MC=ATC
- DP=MR>MC=ATC
- EP>MR=MC>ATC
Informationen
- Beschreibung
- Practice Quiz for all those AP Microeconomic students
- Autor
- fitzsik194
- Sprache
- English
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- 763
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