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AP Micro Unit 2 Review Flashcards | StudBud
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AP Micro Unit 2 Review
AP Micro Unit 2 Review
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AP Micro Unit 2 Review
Flashcards
24 cards
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Questions
24
Answers
1
RANDOM! Which one of the following U.S. states has the smallest population?
Wyoming
Washington D.C.
Rhode Island
Alaska
2
RANDOM! In which U.S. state did Six Flags theme park originate?
California
New Jersey
Texas
Maryland
3
RANDOM! Which one of the following is
NOT
one of the four railroads on a Monopoly game board?
Maryland Railroad
B&O Railroad
Short Line Railroad
Pennsylvania Railroad
4
RANDOM! In what year did Japan attack Pearl Harbor?
1941
1933
1939
1945
5
If supply and demand both increase (shifting curves), what will definitely happen?
Quantity will decrease
Quantity will increase
Price will increase
Price will decrease
6
Bernadine's income elasticity for Blu-Ray discs is 2.3. This means that Blu-Ray discs are...
Substitute Goods
Complementary Goods
Normal Goods
Inferior Goods
7
If demand is elastic, then...
A price change has no impact on revenue
An increase in price causes revenue to increase
The price effect outweighs the quantity effect
A decrease in price causes total revenue to rise
8
Based on the graph that shows a tariff, which one of the following statements is correct?
Area C = tariff revenue
Area B = tariff revenue
Area A = deadweight loss
Area C = deadweight loss
9
Based on the graph that shows a tariff, which one of the following statements is correct?
The tariff has eliminated deadweight loss
The tariff has eliminated all imports
The tariff has increased domestic producer surplus
The tariff has increased consumer surplus
10
Which one of the following products would likely have highest price elasticity of demand?
Medication
Salt
Hershey Chocolate Bar
Gasoline
11
Which statement best corresponds with the following graph...
Relatively elastic
Perfectly inelastic
Perfectly elastic
Relatively inelastic
12
Consumers would bear more of the burden of a tax on a good if...
Demand is inelastic, supply is elastic
Demand is inelastic, supply is inelastic
Demand is elastic, supply is inelastic
Demand is elastic, supply is elastic
13
If the price of tomato sauces increases, what will likely happen in the market for spaghetti?
Demand will increase
Demand will decrease
Supply will increase
Supply will decrease
14
What is the vertical distance between the supply & demand price when a quota has been imposed?
Surplus
Excise Tax
Price Floor
Quota Rent
15
Which of the following scenarios will
INCREASE
the equilibrium price of a good?
Supply increases, demand stays the same
Supply decreases, demand stays the same
Supply increases, demand decreases
Demand decreases, supply stays the same
16
What is a possible consequence if a tariff is imposed on an imported good?
Government tax revenue will decrease
Domestic consumer surplus will decrease
Domestic supply will decrease
Domestic producer surplus will decrease
17
RANDOM! What is the name of the point of no return around the edge of a black hole?
Supernova
Event Horizon
Parallax
Nebula
18
Which of the following is NOT a determinant of demand?
Change in production costs
Change in the price of a substitute good
Change in buyer expectations
Change in consumer tastes
19
When the price of hot dogs rises 3%, the quantity demanded for rolls decreases 6%. So...
The cross price elasticity is -2 (complements)
The cross price elasticity is -.5 (complements)
The cross price elasticity is -2 (substitutes)
The cross price elasticity is -.5 (substitutes)
20
The federal minimum wage is an example of...
A price floor
A quota
A price ceiling
An excise tax
21
Based on the graph, which one of the following statements is correct?
Tax revenue is equal to P1 x Q1
The price of this good is P2
The amount of the tax is P1 - P2
The consumers bear the full burden of the tax in this market
22
The law of demand states that...
When the price goes up, supply goes up
When the price goes up, quantity demanded goes up
When the price goes up, quantity demanded goes down
When the price goes up, supply goes down
23
RANDOM! What is the name of Belle’s father in
Beauty and the Beast
?
Jean
LeFou
Maurice
Pierre
24
What would be the impact of a price floor of $0.80 per gallon in the following market...
A surplus of 200
It would have no impact
A surplus of 1,100
A shortage of 200
