By Brian Reddington
Organized for simple reference and an important perform, assurance of the entire crucial subject matters awarded as 500 AP-style questions with special resolution explanations
5 Steps to a five: 500 AP Microeconomics/Macroeconomics inquiries to be aware of through try Day is adapted to fulfill your learn needs—whether you've gotten left it to the final minute to organize otherwise you were learning for months. you are going to make the most of going over the questions written to parallel the subject, layout, and measure of trouble of the questions inside the AP examination, followed via solutions with complete explanations.
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Extra resources for 500 Must-Know AP Microeconomics/Macroeconomics Questions
Which factor contributes to price elasticity of supply? (A) Time (B) Inflexibility of sellers (C) Consumer expectations regarding future prices (D) Producer tastes and preferences (E) The availability of a producer surplus 56. Consumer surplus is measured by (A) the area to the right of the supply curve but below the price equilibrium (B) the sum of buyer and seller surplus (C) the area above the supply curve but below the price equilibrium (D) the quotient of percentage change in quantity supplied and percentage change in price (E) the quotient of percentage change in quantity demanded and percentage change in price 57.
The market for smartphones may be considered a monopolistic competition rather than a perfect competition because (A) there is product differentiation (B) there is no product differentiation (C) profits in the long run decrease as more firms enter the market (D) they are price takers (E) all of the above 134. If the quantity supplied equals the quantity demanded for a good or service, it is said that (A) there is a surplus for a perfectly competitive market (B) the market is in equilibrium for a perfect competition (C) the market is in equilibrium for an oligopoly (D) the market is in equilibrium for a monopoly (E) all of the above 135.
If you calculate the elasticity of a good to be less than 0, you are correct to assume (A) it is a normal good (B) it is a luxury good (C) people will buy the good regardless of the price (D) the good has few substitutes (E) the good has few complements 76. What percentage of the business firms in the United States are sole proprietorships? (A) 5% (B) 15% (C) 25% (D) 55% (E) 75% 77. The difference between the interests of owners and managers in a firm would be considered what kind of problem? (A) principal-agent problem (B) free-rider problem (C) limited liability problem (D) marginal utility problem (E) rationing problem 78.
500 Must-Know AP Microeconomics/Macroeconomics Questions by Brian Reddington