_____________ 12. (B) George's opportunity cost for producing one bike is 5 surfboards. Students cultivate their understanding of the principles that apply to the functions of individual economic decision-makers by using principles and models to describe economic situations and predict and explain outcomes with graphs, charts, and data as they explore concepts like scarcity and markets; costs, benefits, and marginal analysis; production choices and behavior; and market inefficiency and public policy. If the prices of X and Y are Px and Py, 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. Market labor supply curve Every economy must find a way to distribute income equally Unit 1 Basic Economic Concepts Problem Set #1. C. Scarcity An increase in unemployment Taxes The course content outlined below is organized into commonly taught units of study that (A) TUx=TUy Higher education professionals play a key role in developing AP courses and exams, setting credit and placement policies, and scoring student work. B. Acting like a debit card, these cards are preloaded with an amount of money and then purchases are deducted from the card balance. Model economic situations using graphs or visual representations. Determine outcomes of specific economic situations. Find colleges that grant credit and/or placement for AP Exam scores in this and other AP courses. \hline \text { Between Groups } & 6.90 & 2 & 3.45 & 5.15 \\ An increase in inflation This is the core document for the course. A business hiring 10,000 workers at a factory This shows that the resources are easily adaptable to making either product. 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. AP Microeconomics Exam Free-Response Questions and Scoring Information Archive Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. D. The absolute advantage (A) Ukraine has absolute advantage in both goods. B. 613 72K views 7 years ago Microeconomics Unit 1: Basic Economic Concepts This is a practice quiz for Microeconomics Unit 1. &\text { ANOVA }\\ E. Enacting a set of laws that protects resources from overuse. Which of the following is true if consuming one unit of a good yields 80 utils and consuming the second unit of the at } \$ 2.75 This video covers all of the key points of Unit 1 from the AP Microeconomics Course Exam Description (CED). 2018 AP MICROECONOMICS FREE-RESPONSE QUESTIONS MICROECONOMICS Section II Total Time1 hour . This is the core document for this course. time = limited supply) Your students can look up credit and placement policies for colleges and universities on theAP Credit Policy Search. <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 792] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> at$2.75\begin{array}{ll} Unit 1: Basic Economic Concepts (12-15% of exam) The foundations of microeconomic thinking, including how to evaluate decisions based on constraints and trade-offs and make rational economic choices. About this unit. a. The marginal utility of the 4th slice is 4 utils 2. C. A decrease in unemployment We'll introduce key concepts like opportunity costs, trade-offs, and production possibilities. (B) A straight-line production possibilities curve has a constant opportunity cost. 1. E. This person would eat 5 slices of pizza, The crucial problem of economics is An increase in inflation 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. \hline \text { Source of Variation } & \text { SS } & \text { df } & \text { MS } & \text { F } \\ (D) the Mountain Dew because it is a drink, as is the Pepsi. (B) The marginal utility of the second unit is 80. Any reserves that exceed the required reserves and can be loaned out. Answer: B, The law of increasing opportunity cost is reflected in the shape of the (E) The total utility of consuming one unit is greater than the total utility of consuming two units. E. The opportunity cost of going to the beach is being better prepared for the exam The first section contains 60 multiple-choice questions. _____________ 6. An increase in unemployment There is constant opportunity cost because the line is straight. A. Our mission is to provide a free, world-class education to anyone, anywhere. Write a brief definition for the terms labor unions, collective bargaining strike, picketing, and job action. What to produce? C. Workers are not affected by free trade since only domestic businesses suffer. _______2. What does a production possibilities graph (PPG) and production possibilities curve (PPC) show, -there are only 2 goods produced AP Microeconomics Unit 1 practice questions MC. B. B. AP Microeconomics 2021 Free-Response Questions . Every economy must determine what to produce and how it produce goods and services endobj Term economists use to describe the self-regulating nature of the marketplace, the ability of an individual, a firm, or a country to produce more of a good or service than competitors, using the same amount of resources, A model that shows the flow of goods and services and the interaction among households, businesses, and banks, system in which the government controls the factors of production and makes all decisions about their use, The ability to produce a good at a lower opportunity cost than another producer. Learn more about the CED in this interactive walk-through. Ukraine can produce either 16 ton of grain or 2 cars. 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. Use the following list to make sure you are prepared for any topic that may show up on your particular exam! 2021-22, Hesi fundamentals v1 questions with answers and rationales, (Ybaez, Alcy B.) D. Allocating scarce productive resources to satisfy wants Make assertions about economic concepts, principles, models, outcomes, and/or effects, Explain economic concepts, principles, models, outcomes, and/or effects. If Tina can make 1 longboard or 5 scooters and Roger can produce 3 longboards or 6 scooters, which of the The formula sheet is divided up based on the six units of study in the AP Macro course. E. Resources are equally suited for the production of either good A depositary institution established to encourage saving, which can also be a savings and loan association, a credit union, or a savings bank. Answer: D, In which way does a straight-line production possibilities curve differ from a concave Unit 5 Resource Markets & Market Failures Problem Set #5. (D) attainable and productive efficient. (D) George has a comparative advantage in the production of surfboards. The AP Microeconomics framework is organized into six commonly taught units of study that provide one possible sequence for the course. D. The total utility of consuming two tacos is 60 following is true? Scarcity Resource allocation and economic systems The Production Possibilities Curve Comparative advantage and gains from trade Cost-benefit analysis -Change in trade, More butter producing resources or new butter making technology, What could have caused this shift in the PPC, More resources (such as a bigger population) or new manufacturing technology, No, it causes production at an inefficient point inside the curve, absolute: can produce the most output or requires the least inputs Click the card to flip Flashcards Learn Test Match Created by erick_j Terms in this set (50) economic way of thinking 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. 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. When making a decision, the next best alternative is called, Kami Export - Elizabeth Ly - Sumter Student Materials, Kami Export - 120880 ba-0216-4a9c-a39c-c5c6fd9d1063, Justin Nicholson - Projectile Motion Phet, Kami Export - Translated copy of Madeline Cusack - Stage 20 Fortuna Crudelis Comprehension, Kami Export - Copy of Stage 19 Vocabulary Worksheet, 2. Unit 1: Basic Economic Concepts You'll study the foundations of microeconomic thinking, including how to evaluate decisions based on constraints and trade-offs and make rational economic choices. B. An input is defined as any resource used by a firm to create an output. possibilities curve? (D) The total utility of consuming two units is 110. (D) eat half the slice. AP Microeconomics Exam Regularly Scheduled Exam Date: Thursday afternoon, May 17, 2012 Late-Testing Exam Date: Wednesday afternoon, May 23, 2012 Total Time: 1 hour, 10 minutes Number of Questions: 60 Percent of Total Score: 66.6% Writing Instrument: Pencil required Total Time: 1 hour Number of Questions: 3 Percent of Total Score: 33.3% stream State whether each of the following statements is true or false. Which of the following would cause a leftward shift of the production possibilities curve? b. \text { Within Groups } & \underline{12.04} & \frac{18}{20} & 0.67 & \\ B. A depositary institution similar to a savings bank that specializes in loans for the purchase of homes. Answer: D, Copyright 2023 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01. AP Macroeconomics - Unit 1 - Basic Economic Concepts Exam Date: May 4, 2023. 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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) A. Answer: E, A. How to produce it? A) Humans are insufficient B) Resources are unlimited C) Resources are efficient D) Resources are expensive E) Resources have alternative uses Click the card to flip E) Resources have alternative uses. C. Social Security payments The CED was updated in the summer of 2022 to incorporate the change to the calculator policy for the exam. following is true? Why does this happen? AP Microeconomics (HST530) 105 Documents. Credit Card Expenditures. AP Microeconomics is an introductory college-level microeconomics course. The six units of study are as follows: Unit 1: Basic Economic Concepts. D. The total utility decreases at a constant rate respectively, which of the following expressions defines consumer equilibrium? Based Who will consume them? Nederlnsk - Frysk, Which of the following is true for all economies regardless of their economic system? AP Microeconomics Course and Exam Description. human capital: skills and knowledge from education and/or experience. Study the principles of economics that apply to the behavior of individuals within an economic system. A cause and effect relationship in which one variable controls the changes in another variable. C. A straight-line production possibilities curve has an increasing opportunity cost. 8. By opening this packet, you agree to all of the AP Program's policies and . Which of the following would cause an outward or rightward shift in the production possibilities curve? A depositary institution that obtains m0oney mainly through deposits from clients. D. The long-run gains to consumers and some producers exceed the losses to other producers. \text { Actual: } & 145,000 \mathrm{lb} \text {. PDF. Youll learn the basis for understanding how markets work with an introduction to the supply and demand model. AP Microeconomics Unit 1 All Quiz Questions 4.7 (3 reviews) Term 1 / 75 The characteristic from which all economic problems arise is. B. (B) MUx = MUy An example of a capital good is Answer: B, A point outside the production possibilities curve would represent A. _____________ 10. Convertible bonds are also known as callable bonds. (a) Draw a correctly labeled graph for SkyRunner, and show each of the following. _______1. Unit 1: Basic Economic Concepts define resources and the cause (s) of their scarcity 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. _____________ 11. AP Econ Unit 1 Practice Jane Ellingson 1.3K plays 31 questions Copy & Edit Live Session Assign Introducing new Paper mode No student devices needed. E. A decrease in working-age population Review and practice with . _____________ 3. A. endobj c>r$7/y9GoNzMKi\N(=oE:{m f. I also show you the quick and dirty . AP Microeconomics Page 1 of 1 Vocabulary Builder: Demand, Supply, Elasticity, and Consumer Choice Answer Sheet ACROSS 1. A. C. Economic growth is occurring in the economy (D) Choices made in self-interest are not always in the social interest. In which way does a straight-line production possibilities curve differ from a concave production possibilities curve? resources. When one decision is made, the next best alternative not selected is called. Reading Period 10 minutes . Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. Resources are not equally suited for the production of both goods Establishing a fair tax system. A. SkyRunner is earning positive economic profits. Which of the following must be true if an individual, A. The constant amount of a commodity that must be given up to produce each additional unit of another commodity. economists say that Have a test coming up? (B) Japan has an absolute advantage in the production of cars, while Ukraine has a comparative advantage in the -there is full resource use Answer: D, An increase in which of the following would cause an outward shift of the production 3 Questions | 1 Hour (includes a 10-minute reading period) | 33% of Exam Score, Learning Opportunities for AP Coordinators, AP Microeconomics Course and Exam Description. \end{array} What is the result of the law of increasing opportunity cost on a PPC, What is per unit opportunity cost equal to, What is the per unit opportunity cost of going from making 0 cars to 150 cars, allocative: the products produced are most desired by society <> Learn all about the course and exam. productive: products are produced int the least costly way, Where does productive efficiency occur on a PPG, A SPECIFIC point on the curve, this optimal point depends on society's wants, Where does allocative efficiency occur on a PPG, -Change in resource quantity and/or quality (more population, more education, etc.) (B) Roger has absolute and comparative advantage in the production of longboards. Future output once producers become more efficient 408K views 2 years ago Microeconomics Unit 1: Basic Economic Concepts The Micro Unit 1 Summary video is designed to help you understand economics and goes hand-in-hand with my Ultimate. (E) (MUx)(Px) + (MUy)(Py) = 1. A. -fixed technology, E is unattainable, B is efficient, D is inefficient, What is the difference between points E, B, and D, What is the opportunity cost of going from producing 0 cars to 150 cars, Resources are easily adaptable for producing either good. (C) we cannot answer the major economic questions. Determine outcomes of specific economic situations, Model economic situations using graphs or visual representations. c. Which category, groceries or dining out, has a higher population mean annual credit card charge? D. Households are demanders in the resource markets & suppliers in the product markets. Identify one similarity and one difference between revenues and gains. 3 0 obj (D) MUx/Px = MUy/Py AP Microeconomics - Unit 1 - Basic Economic Concepts Exam Date: May 5, 2023 Build a strong foundation in unit 1 of AP Microeconomics. D. A straight-line production possibilities curve does not show opportunity cos B. Which of the following is true of the concept of increasing opportunity costs? The AP Microeconomics Exam includes 60 multiple-choice questions and 3 free-response questions. Khan Academy is a 501(c)(3) nonprofit organization. Unit 1. An efficient use of resources ANOVASourceofVariationBetweenGroupsWithinGroupsTotalSS6.9012.0418.94df22018MS3.450.67F5.15. Production possibilities curve convex to the origin (bowed-in) D. A decrease in consumer demand The AP Higher Education section features information on recruitment and admission, advising and placement, and more. Determine the direct materials price variance, direct materials quantity variance, and total direct materials cost variance. Donate or volunteer today! How should they be produced? If you're using assistive technology and need help accessing the PDFs in this section in another format, contact Services for Students with Disabilities at 212-713-8333 or by email at ssd@info.collegeboard.org. Actual:Standard:145,000lb. Which of the following is true if consuming one unit of a good yields 80 utils and consuming the second unit of the 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 Answer: B, activity? The production possibilities As you produce more of a good, the opportunity costs will increase, because resources are not easily adaptable to producing both goods (going from picking low hanging to high hanging fruit). 2. Microeconomics 71% (7) 2. C. The person prefers playing volleyball at the beach to study for the exam This is the regularly scheduled date for the AP Microeconomics Exam. The common factors of production are land, labor, and capital, but it also varies. It clearly lays out the course content and describes the exam and AP Program in general. (E) Michelle's opportunity cost for producing one surfboard is 3 bikes. having their customers place their orders at computer kiosks. Reservation wage The AP Microeconomics Exam includes two sections. Learning Opportunities for AP Coordinators. What does this say about the resource used to make these products? 1 0 obj 1 long free-response question (50% of section score). A banking function that provides loans to home and business owners using the home of the business as collateral. (B) attainable, but productive inefficient. (E) possible. Government expenditures opportunity cost of the Pepsi is provide one possible sequence for the course. (E) Michelle's opportunity cost for producing one surfboard is 3 bikes. Providing social goods and services (A) Tina has an absolute advantage in the production of scooters. C. An inefficient use of resources, E. Full employment of resources in the economy 4 0 obj The present value of a bond is the value at which it should sell in the market. D. Minimum wage -labour (effort) They will decide to study for the exam, D. The opportunity cost of going to the beach is all the other thi, 5. A reasoning process that involves considering costs as well as benefits in making decisions. \end{aligned} (B) the Mountain Dew or the bag of chips, whichever the best alternative given up. Points outside the production possibilities frontier (PPF) are Your teacher may choose to organize the course We cover the important vocabulary, fundamental skills, and basic economic concepts you need to master for the exam, such as the production possibilities curve (aka the PPC). Scarcity, Opportunity Cost, Marginal Analysis, Ec. AP Microeconomics 2022-2023: Unit 1 Practice Test Term 1 / 20 Scarcity results from the fact that (A) people's wants exceed the resources available to satisfy them. (C) Ukraine has an absolute advantage in the production of cars and a comparative advantage in the production of (B) It suggests that the use of resources to produce a set of goods and services means that as more of one is, According to the theory of comparative advantages, a good should be produced where. It is more important to reduce global inflation than to reduce domestic unemployment. 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. Could you use a similar model in Chile? . It demonstrates scarcity, trade-offs, opportunity costs, and efficiency. E. Efficiency \end{array} . : an American History (Eric Foner), Educational Research: Competencies for Analysis and Applications (Gay L. R.; Mills Geoffrey E.; Airasian Peter W.), The Methodology of the Social Sciences (Max Weber), Campbell Biology (Jane B. Reece; Lisa A. Urry; Michael L. Cain; Steven A. Wasserman; Peter V. Minorsky), Business Law: Text and Cases (Kenneth W. Clarkson; Roger LeRoy Miller; Frank B. Japan has an absolute advantage in the production of cars, while Ukraine has a comparative advantage in the Always use arrows to point towards the direction of the shift. production of grain. B. A straight-line production possibilities curve has a constant opportunity cost. If the production possibilities curve is concave from the origin (or bowed out), then, B. What goods and services should be produced? For more information, refer to the Exam Overview section in theAP Microeconomics Course and Exam Description(CED). (D) a slice of pizza. What is the 95%95 \%95% confidence interval estimate of the difference between the population means? Answer: D. What methods did employers use in the early years of labor unions to fight the unions? _______3. 18. Encourage your students to visit theAP Microeconomics student pagefor exam information. C. Every economy must find ways to privatize markets to maximize efficiency The first section contains 60 multiple-choice questions. This is the core document for the course. The CED was updated in the summer of 2022 to reflect a change in the calculator policy. If the marginal cost of the next slice of pizza exceeds marginal benefit you will June has enough money to buy either a Mountain Dew, Pepsi, or a bag of chips. endobj E. Saving Already enrolled? If not, how would it have to be altered? C. Substitution effect x[Ks8T">]ITxDI{~"P(PrPh D7'9y]o^l- rLg"r-"pC+iG0&xxx.;ildonwln8n3RlXS~? Answer: E, Which of the following would cause an outward or rightward shift in the production (E) a haircut. If the economy is on the production possibilities frontier (PPF), the economy is. %PDF-1.7 possibilities curve for consumer goods and capital goods? Using a Lorenz Curve, we can see the wealth of certain sections of society within a country. (A) The marginal utility of the first unit is 30. Scarcity is the fundamental economic problem of having limited resources to meet unlimited wants and needs.
