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AP Microeconomics Final Exam Review questions with complete solutions
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AP Microeconomics Final Exam Review questions with complete solutions
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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
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