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AP Micro Unit 4 Review Flashcards | StudBud
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AP Micro Unit 4 Review
AP Micro Unit 4 Review
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Review quiz of unit 4, plus random trivia.
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
Random! How many dots are there on a pair (2) of dice?
36
42
48
21
2
A price set by a profit-maximizing, non-price discriminating monopoly will be:
Less Than MR
Greater Than MR
Equal to TR
Equal to MR
3
Random! What is the largest land-locked (no border-access to the open OCEAN) country in the world?
Rwanda
Mongolia
Kazakhstan
Afghanistan
4
Random! This is the state flag of...
Maryland
New Jersey
Delaware
Pennsylvania
5
Regulating a monopoly using fair return pricing means...
Positive economic profit for the firm
The monopoly will shut down
The monopoly will break even
Price will equal marginal cost
6
Random! According to Box Office Mojo, what is the highest grossing film of all time (worldwide)?
Jurassic World
Titanic
Avatar
Star Wars Episode VII
7
Cooperating at first, then retaliating in the next round if necessary refers to:
Nash Equilibrium
Dominant Strategy
Collusion
Tit-for-Tat Strategy
8
In the long run, a monopolistically competitive firm will make:
Zero Economic Profit
Less Economic Profit Than a Perfectly Competitive Firm
More Profit Than an Oligopoly
More Economic Profit Than a Monopoly
9
Random! What is the longest running US prime-time TV series in history?
The Simpsons
Law & Order
NCIS
South Park
10
What could the government do to effectively regulate a natural monopoly? (ex. water company)
Impose a price floor
Break it up into smaller firms
Impose a price ceiling
Ban production of the good or service
11
Random! This is the state flag of...
Arizona
New Mexico
Utah
California
12
What market structure features many firms with differentiated products?
Oligopoly
Perfect Competition
Monopoly
Monopolistic Competition
13
Random! What is Lady Gaga's real name?
Claire Davis
Stefani Germanotta
Rea Pearlman
Laura Gaga
14
Cartels are more likely to be found in what type of market structure?
Monopoly
Oligopoly
Perfect Competition
Monopolistic Competition
15
If the government uses socially optimal price regulation, the price will be:
P4
P3
P2
P1
16
___________ refers to when the firm's level of output is less than the level that minimizes average total cost
Elasticity
Allocative Efficiency
Excess Capacity
Perfect Competition
17
Which statement best matches the graph shown?
All firms in this market are producing a standardized product
This market is in long run equilibrium
This monopoly is incurring an economic loss
The monopolistically competitive firm is earning short run economic profit
18
This occurs in a market when the price is equal to marginal cost.
Maximum Revenue
Productive Efficiency
Allocative Efficiency
Minimum Cost Output
19
Random! What forest is home to Robin Hood and his band of Merry Men?
Hundred Acre Wood
Bandit Forest
The Enchanted Woods
Sherwood Forest
20
Where should a profit maximizing firm operate?
Minimum ATC
MC = MR
Maximum Revenue
Minimum MC
21
Random! Thaddeus Stevens, the famous abolitionist who resided in Lancaster County, was also:
Vice President
a member of the U.S. House of Representatives
U.S. Secretary of State
Ambassador to France
22
What market structure features a few large firms & high barriers to entry?
Perfect Competition
Oligopoly
Monopoly
Monopolistic Competition
23
An option that will lead to a better payoff, regardless of other player's choice:
Collusion
Tit-for-Tat
Tacit Collusion
Dominant Strategy
24
Which of the following industries is most likely to be monopolistically competitive?
Tomatoes
Public Utilities
Steel Production
Restaurants
25
Allocative and productive efficiency are only possible in which market structure?
Monopoly
Perfect Competition
Perfect Oligopoly
Monopolistic Competition
26
What is David's dominant strategy in the following payoff matrix?
Give Joshua a hug...
Attack
He does not have one
Stand Down
27
Random! This is the state flag of...
Arkansas
Alabama
Kansas
Alaska
28
Charging different prices for the same product to different customers (ex. coupon users), is:
Price Discrimination
Non Price Competition
Marginal Revenue
Allocative Efficiency
29
Random! This is the state flag of...
Tennessee
Maine
Montana
Georgia
30
Random! What is the name of the queen in Frozen?
Anna
Annie
Ellie
Elsa
