AP Microeconomics National Exam Review

Quiz
•
Social Studies
•
11th - 12th Grade
•
Hard

Patricia White
FREE Resource
14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following would cause an increase in the quantity demanded of tea?
an increase in the supply of coffee, a substitute
a decrease in the price of coffee, a substitute
a decrease in the price of tea
a decrease in the supply of sugar, a complement
an increase in the price of sugar, a complement
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following would occur in the market for grapefruits if an increase in popularity caused the price of grapefruits to rise?
a shift of the demand curve to the left
a shift of the supply curve to the right
a movement down along the supply curve
a movement up along the supply curve
a movement down along the demand curve
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A new price ceiling set below the equilibrium price in a competitive market with relatively elastic supply and demand would result in which of the following?
an increase in the quantity demanded and an increase in the quantity supplied
an increase in the quantity demanded and no change in the quantity supplied
an increase in the quantity demanded and a decrease in the quantity supplied
a decrease in the quantity demanded and an increase in the quantity supplied
a decrease in the quantity demanded and no change in the quantity supplied
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
For what type of good does a decrease in income lead to an increase in demand?
a normal good
an inferior good
a good with price-elastic demand
a good with price-inelastic demand
a good with price-unit-elastic demand
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following curves always falls as output increases?
the marginal cost curve
the average variable cost curve
the average total cost curve
the average fixed cost curve
the total fixed cost curve
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is necessarily true about a perfectly competitive market?
In the long run, economic profits are positive.
In the short run, there are no fixed costs.
Productive efficiency will be achieved in the short run.
Allocative efficiency is not achieved in the short run.
Productive efficiency will be achieved in the long run.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which two market structures are characterized by free entry into and exit from the industry in the long run?
monopolistic competition and monopoly
monopolistic competition and perfect competition
monopolistic competition and oligopoly
oligopoly and perfect competition
monopoly perfect competition
Create a free account and access millions of resources
Similar Resources on Wayground
14 questions
AP Microeconomics Review

Quiz
•
11th - 12th Grade
11 questions
Marginal Utility and Marginal Cost

Quiz
•
10th - 12th Grade
15 questions
Determinants of Demand

Quiz
•
9th - 12th Grade
12 questions
ECON Common Quiz 1 (Ch. 1-4)

Quiz
•
12th Grade
10 questions
AP Macro unit 1

Quiz
•
12th Grade
18 questions
Supply & Market Equilibrium

Quiz
•
12th Grade
17 questions
Supply

Quiz
•
12th Grade
17 questions
Demand, Supply

Quiz
•
12th Grade
Popular Resources on Wayground
15 questions
Hersheys' Travels Quiz (AM)

Quiz
•
6th - 8th Grade
20 questions
PBIS-HGMS

Quiz
•
6th - 8th Grade
30 questions
Lufkin Road Middle School Student Handbook & Policies Assessment

Quiz
•
7th Grade
20 questions
Multiplication Facts

Quiz
•
3rd Grade
17 questions
MIXED Factoring Review

Quiz
•
KG - University
10 questions
Laws of Exponents

Quiz
•
9th Grade
10 questions
Characterization

Quiz
•
3rd - 7th Grade
10 questions
Multiply Fractions

Quiz
•
6th Grade