By Brian Reddington
Organized for simple reference and an important perform, insurance of the entire crucial subject matters awarded as 500 AP-style questions with certain resolution explanations
5 Steps to a five: 500 AP Microeconomics/Macroeconomics inquiries to be aware of through attempt Day is customized to fulfill your examine needs—whether you will have left it to the final minute to arrange otherwise you were learning for months. you'll take advantage of going over the questions written to parallel the subject, layout, and measure of trouble of the questions inside the AP examination, observed through solutions with entire explanations.
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Additional info for 500 Must-Know AP Microeconomics/Macroeconomics Questions
The services of natural gas, water, and electricity brought into the household are best consigned to which market structure? (A) Monopolistic competition (B) Oligopoly (C) Perfect competition (D) Natural monopoly (E) Monopoly Use the following diagram to answer questions 90 and 91. 90. The preceding diagram represents which type of market structure? (A) Monopolistic competition (B) Perfect competition (C) Natural monopoly (D) Monopoly (E) Oligopoly 91. At which point is the graph showing profit maximization?
The shaded area represents (A) surplus (B) shortage (C) profit (D) price ceiling (E) price floor 152. In the long run, monopolistic competitive firms break even due to (A) government regulations (B) price ceilings (C) entry of new firms into the market (D) exit of firms from the market (E) non-price competition 153. Game theory fits best with which market structure? (A) Monopolistic competition (B) Perfect competition (C) Monopoly (D) Oligopoly (E) Natural monopoly 154. The government establishes a price ceiling on Good X above the equilibrium price.
All of the following are long-run production decisions EXCEPT (A) an auto-repair shop decides to increase the size of its garage (B) a school decides to hire more teaching assistants due to an increase in the school population (C) a firm increases the number of its plants (D) a school decides to add more classrooms and a new performing arts center (E) a firm decides to close 5% of its plants 128. More firms entering a market, a decrease in price, and a decrease in long-run profits are a result of (A) several firms earning an economic profit on a good or service (B) the characteristics of monopolistic competition (C) the characteristics of an oligopoly (D) several firms not earning an economic profit on a good or service in the short run (E) the prisoner’s dilemma 129.
500 Must-Know AP Microeconomics/Macroeconomics Questions by Brian Reddington