Exam (elaborations)
AP Microeconomics Final Exam Review questions with complete solutions
- Course
- Institution
AP Microeconomics Final Exam Review questions with complete solutions
[Show more]
Seller
Follow
Content preview
AP Microeconomics Final Exam Reviewquestions with complete solutions
Opportunity nncost nn- nncorrect nnanswer-The nnnext nnbest nnalternative nngiven nnwhen nna nnchoice nnis nnmade.
PPC/PPF nn- nncorrect nnanswer-Production nnPossibilities nnCurve/Frontier.
On nnthe nncurve nn= nnefficient
Inside nnthe nncurve nn= nninefficient
Outside nnthe nncurve nn= nnunattainable
Can nnmove nnoutward nnby nneither nntrade, nna nnnew nnsource nnof nna nnresource, nnor nntechnology.
The nnLaw nnof nnIncreasing nnOpportunity nnCosts nnmakes nnit nnpossible nnfor nnit nnto nnbe nnbowed nnoutward nnfrom
nnthe nnorigin.
Comparative nnadvantage nn- nncorrect nnanswer-The nnability nnof nnTrading nnNation nnA nnto nnproduce nnsomething
nnat nna nnlower nnopportunity nncost nnthan nnTrading nnNation nnB
Demand nnDeterminants nn- nncorrect nnanswer--Consumer nnIncome
-Consumer nnTastes nn& nnPreferences
-Expectations
-Number nnof nnBuyers nn(Population)
-Price nnof nnRelated nnGoods
Supply nnDeterminants nn- nncorrect nnanswer--Cost nnof nnInputs
-Expectations
-Government nnRegulation
, -Number nnof nnSellers
-Productivity
-Taxes nnand nnSubsidies
-Technology
Ceilings nn- nncorrect nnanswer--Legal nnmaximum nnon nnthe nnprice nnat nnwhich nna nngood nncan nnbe nnsold nnat
-Price nnset nnbelow nnmarket nnequilibrium nnmakes nnit nnbinding
-Causes nna nnshortage
-Common nnfor nngas/apartments
Floors nn- nncorrect nnanswer--Legal nnminimum nnon nnthe nnprice nnat nnwhich nna nngood nncan nnbe nnsold nnat
-Price nnset nnabove nnmarket nnequilibrium nnmakes nnit nnbinding
-Causes nna nnsurplus
-Used nnin nnminimum nnwages
Normal nngood nn- nncorrect nnanswer-A nngood nnfor nnwhich nndemand nnincreases nnwhen nnincome nnincreases
EX: nnsteak
Inferior nngood nn- nncorrect nnanswer-A nngood nnfor nnwhich nndemand nnincreases nnwhen nnincome nndecreases
EX: nnspam
Economic nnProfit nn- nncorrect nnanswer-Calculated nnby:
Total nnRevenue nn- nnExplicit nnCosts nn- nnImplicit nnCosts
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Lectphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78310 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now