Summary
Summary AP MICROECONOMICS exam 2024 MCQ
- Course
- Institution
AP MICROECONOMICS exam 2024 MCQ
[Show more]
Content preview
AP MICROECONOMICS exam 2024 MCQWhich of the following is a defining characteristic of a market economy? - A.
Private ownership of resources
The table above shows the maximum possible output combinations of good X and
Y that Microland can produce by using all of its available resources and
technology. As the production of good X increases, what happens to the
opportunity cost of producing good X? - D. It increases because the production of
good Y decreases by greater amounts.
An increase in the supply of good X results in an increase in the price and quantity
of good Y. It can be concluded that good Y is - E. a complement for good X
Which of the following will shift the supply curve for apples to the right? - D. A
decrease in the rental price for apple harvesting equipment
Which of the following relationships among the price elasticity of demand, change
in price, and change in total revenue is consistent? - E. PED: Inelastic, P: Decrease,
TR: Decrease
Which of the following best describes how a consumer maximizes total utility
from the consumption of a bundle of goods and services? - E. By choosing the
, AP MICROECONOMICS exam 2024 MCQ
combination of goods such that the marginal utility per dollar spent on the last
unit of each good is equal
The marginal benefit of consuming a good is - E. the maximum amount a
consumer is willing to pay for one more unit of the good
The economic concept of total consumer surplus refers to which of the following?
- C. The sum of the differences between the prices that consumers are willing to
pay for a good or service and the price they actually pay
The table below is partially filled in with the different types of costs for a firm.
Based on the information in the table, what is the marginal cost of producing the
second unit? - A. $50
How many units of output should a firm with the cost and demand curves shown
above produce to maximize profit? - D. Q3
Currently, XYZ Corporation can produce 50 units of output using 20 workers and 8
units of capital. Which of the following changes in the number of workers, units of
capital, and quantity of output are consistent with constant returns to scale? - D.
Workers: 10, Capital: 4, Output: 25
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 Ellah1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
81989 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now