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AP Microeconomics Exam Module 2 Questions & Answers
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AP Microeconomics Exam Module 2 Questions & Answers
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AP Microeconomics Exam Module 2Questions & Answers
2024-2025
Demand Answer: the relationship between the price of an item and the
quantity demanded
Quantity Demanded Answer: the amount of an item buyers are willing and
able to buy, at a particular price, at a particular moment in time.
5 factors that can cause a shift in demand: Answer: (TRIBE):
Tastes
,Related goods and services
Income
Buyers (# of)
Exceptions of price
If the price of lettuce increases in Tulsa, the quantity of lettuce demanded will
most likely:
A) Increase considerably.
B) Decrease.
C) Not change.
D) Increase, but only slightly.
E) Decrease to zero. Answer: B) Decrease
If consumer tastes for home school education increases over time there will be:
A) An increase in the quantity of home school curricula demanded.
B) A decrease in the demand for home school tutors.
C) A decrease in the price of home school curricula.
,D) An increase in the demand for home school curricula.
E) No change in the demand for home school tutors. Answer: D) An increase
in the demand for home school curricula.
If consumers in Georgia expect the price of new homes to decrease next year, it
could lead to ________________________ this year.
A) A decrease in demand.
B) An increase in demand.
C) A decrease in quantity demanded.
D) An increase in quantity demanded.
E) Higher prices. Answer: A) A decrease in demand.
Which of the following products would most likely have a demand curve with a
very steep slope - one where price changes bring about relatively small changes in
quantity demanded?
A) College textbooks.
B) Cruise ship vacations.
, C) Airline tickets.
D) Perfume.
E) Diamonds Answer: A) College textbooks.
The demand curve for lawn fertilizer has a _______________ slope because of
________________________.
A) negative; the law of supply.
B) positive; incentives to earn profit by suppliers.
C) negative; the law of demand.
D) positive; expectations concerning future prices.
E) constant; the impact of changing consumer tastes. Answer: C) negative; the
law of demand.
Which of the following is NOT a determinant of demand in the market for canoes
in Minnesota?
A) The population of Minnesota.
B) The average income of Minnesota residents.
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