AP Economics Video Quiz

What does Jacob Clifford encourage students to do after the AP test?

• Participate in a survey

• Join his online course

• Send him an email

• Send items for an unboxing video

What is the correct government intervention to make a monopoly allocatively efficient?

• Apply a lump sum tax

• Introduce a per unit tax

• Set a price ceiling

• Implement a price floor

What happens to the supply curve in the resource market when there is more immigration?

• It becomes vertical

• It remains unchanged

• It shifts to the right

• It shifts to the left

Which country has a comparative advantage in wheat according to the video?

• Both

• Neither

• Southland

• Northland

What is the effect of a lump sum tax on the price and quantity of turnips in the short run?

• Price decreases, quantity increases

• Price and quantity both increase

• No change in price and quantity

• Price increases, quantity decreases

How is the fixed cost calculated in the Cost Cutters example?

• Sum of average total cost and average variable cost

• Sum of total cost and variable cost

• Difference between average total cost and average variable cost

• Difference between total cost and variable cost

In perfect competition, what happens to the price in the long run if firms are making a loss?

• Price increases

• Price decreases

• Price remains the same

• Price fluctuates

What does a positive cross-price elasticity indicate about two goods?

• They are substitutes

• They are inferior goods

• They are complements

• They are unrelated

What is the profit or loss when the average total cost is above the price in perfect competition?

• Loss

• No change

• Break-even

• Profit

What is the market price set at in the Cost Cutters example?

• $10

• $14

• $12

• $16