AP Microeconomics Exam Module 4 Review questions with complete solutions

AP Microeconomics Exam Module 4 Review
questions with complete solutions

Product nnMarket nn- nncorrect nnanswer-the nnmarket nnfor nnfinal nngoods nnand nnservices



Input nn- nncorrect nnanswer-a nngood nnused nnto nnproduce nnanother nngood



Factor nnMarket nn- nncorrect nnanswer-the nnmarket nnfor nnthe nnfactors nnof nnproduction nnlike nnland, nncapital nnand
nnlabor




Circular nnFlow nn- nncorrect nnanswer-a nnmodel nnshowing nnhow nngoods, nnservices, nnresources, nnand nnmoney
nneach nnflow nnthrough nnthe nneconomy nn



http://www.economicsonline.co.uk/Managing%20the%20macro-
economy%20graphs/Circular_flow_income.png



Monopsony nn- nncorrect nnanswer-the nnsingle nnbuyer nnof nnsome nngood nnor nnservice, nntypically nnthe nnsingle
nnbeer nnof nnlabor nnin nnsome nnmarket




Which nnof nnthe nnfollowing nnis nnmost nnlikely nnto nnbe nnpurchased nnin nnthe nnfactor nnmarket? nn



You nnwill nnchoose nntwo nnanswers nnfor nnthis nnquestion.



A) nnShampoo nnand nndog nnfood



B) nnCement nnand nncopper nnwire



C) nnOpera nntickets nnand nnsushi



D) nnAutomobiles nnand nndeodorant

, E) nnDirt nnand nnTimber nn- nncorrect nnanswer-B) nnCement nnand nncopper nnwire

E) nnDirt nnand nnTimber



If nnMark nnsells nncattle nnto nna nnmeat nnpacking nnplant, nnMark nnis nnpart nnof nnthe nn____________market. nn

The nnplant nnis nna nn___________. nn



This nnquestion nnwill nnhave nntwo nncorrect nnanswers.



A) nnresource, nnmonopsony nnbuyer



B) nnresource, nnhousehold



C) nnresource, nnfirm



D) nnproduct, nnfirm



E) nnresource, nnpart nnof nnthe nncircular nnflow nn- nncorrect nnanswer-C) nnresource, nnfirm

E) nnresource, nnpart nnof nnthe nncircular nnflow



In nnthe nncircular nnflow nnmodel, nnhouseholds nntend nnto nnprovide nnwhich nnof nnthe nnfollowing? nn



You nnwill nnchoose nntwo nnanswers nnfor nnthis nnquestion.



A) nnLabor, nnland



B) nnRent, nnwages



C) nnInterest, nncapital