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Summary AP MICROECONOMICS exam 2024 MCQ
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AP MICROECONOMICS exam 2024 MCQ
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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
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