AP Economics Free Response Review Quiz

What was the purpose of the contest among teachers mentioned by Jacob Clifford?

• To find out who had the highest student scores

• To decide who would lead the next review session

• To see who could teach the best lesson

• To determine who could predict the most questions correctly

In a monopoly graph, where should the ATC curve be positioned to show a loss?

• Above the price level

• Below the marginal revenue

• Below the demand curve

• At the same level as the marginal cost

How does a per-unit subsidy affect a firm's marginal cost?

• It has no effect on marginal cost

• It doubles the marginal cost

• It decreases the marginal cost

• It increases the marginal cost

What happens to the demand for labor if the demand for bottled water increases?

• The demand for labor remains the same

• The demand for labor becomes more elastic

• The demand for labor decreases

• The demand for labor increases

What is the result of setting a price floor below the equilibrium price?

• It increases the equilibrium price

• It has no effect on the market

• It creates a shortage

• It creates a surplus

Why would Rushland export rice according to the supply and demand graph?

• Because the quantity demanded is greater than the quantity supplied

• Because the government imposes an export subsidy

• Because the domestic price is lower than the world price

• Because the domestic price is higher than the world price

In game theory, what is a Nash equilibrium?

• A situation where one player has a dominant strategy

• A situation where one player always wins

• A situation where no player can benefit by changing their strategy unilaterally

• A situation where both players have the same payoff

What is the dominant strategy for Tony's Trinkets if their profit from typical jewelry increases by $6?

• To switch between unique and typical jewelry

• To always produce typical jewelry

• To always produce unique jewelry

• To stop producing jewelry

If two firms cooperate, what is their combined profit in the given scenario?

• $15

• $39

• $19

• $20

What does Jacob Clifford encourage viewers to do at the end of the video?

• Share the video with friends

• Attend the next live session

• Comment on their performance

• Subscribe to his channel