stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
AP Micro Final Exam Review Flashcards | StudBud
Explore
/
AP Micro Final Exam Review
AP Micro Final Exam Review
30 terms
·
StudBud Administration
·
810 plays
AP Micro Final Exam Review + Random Trivia
Flashcards
30 cards
F
Practice quiz
P
Host live
L
Questions
30
Answers
1
A perfectly competitive firm should shut down when:
Price goes below minimum ATC
MR = ATC
Price goes below minimum AVC
MC = MR
2
The popular “Keep Calm and Carry On” slogan originates from which context?
It was created during the American Revolutionary War
It was created in the US after 9/11
It was created by the British government during WWII
It appeared on social media in 2008 & went viral
3
The area above the equilibrium price and below the demand curve on a graph shows:
Economic Profit
Producer Surplus
Deadweight Loss
Consumer Surplus
4
The value of the next best alternative when a choice is made =
Scarcity
Marginal Revenue
Marginal Product
Opportunity Cost
5
What trendy electronic toy released in 1998 is pictured below?
Furby
Robot Pal
Tekno
Cabbage Patch Troll
6
Which one of the following statements is true for a firm in a perfectly competitive industry?
Marginal revenue is always negative
Marginal revenue is always decreasing
Marginal revenue is always increasing
The market price of the good equals marginal revenue
7
What happens to the market graph for cell phones when cell phone production costs decrease?
Both Supply & Demand Decrease
Both Supply & Demand Increase
Supply Increases
Demand Increases
8
Which economic system features the use of government to answer the basic economic questions?
Command
Capitalism
Market
Traditional
9
When comparing a perfectly competitive factor market and a monopsony, which one is true?
A minimum wage has no impact in either
Employment levels are lower in the competitive market
Wages are lower in the competitive market
Wages & employment levels are lower in monopsony
10
Pictured below is the flag of what country?
Colombia
Brazil
Argentina
Chile
11
Which one of the following is NOT a characteristic of a monopolistically competitive market?
Short Run Economic Profit
Many Firms
High Barriers to Entry
Differentiated Products
12
If you are standing in the capital city of Vienna, what country are you in?
Austria
Germany
Netherlands
Hungary
13
Frank's demand for steak increases 20% when the price of steak decreases 10%. Therefore...
His demand is inelastic
Frank's demand is elastic
Frank is cray-cray
Frank's demand is unit elastic
14
Which number comes the closest to the population size of Lancaster County, PA?
250,000
450,000
1,000,000
535,000
15
Which statement corresponds to a perfectly competitive market in the LONG-RUN?
Price = Marginal Cost
Deadweight Loss
Economic Profits
Small Number of Firms
16
A maximum price set by government that may create a shortage if set below the equilibrium =
Minimum Wage
Floor
Ceiling
Quota Rent
17
A market with high barriers to entry and a few large firms engaging in tacit collusion =
Oligopoly
Monopoly
Perfect Competition
Monopolistic Competition
18
If the government uses "fair return" price regulation of a monopoly, it sets the price...
= to Marginal Cost
Where MC = MR
Where ATC crosses the demand curve
Where the monoply will incur a loss
19
Based on the table below, which statement is correct?
Jane should specialize in cakes
Sandy has the absolute advantage in both goods
Jane should specialize in cookies
Jane should produce both goods
20
Ozzy Osborne was the lead singer of what hard rock band in the 1970s?
The Ramones
Iron Maiden
Pink Floyd
Black Sabbath
21
What is the date September 17, 1787 famous for?
The Declaration of Independence was signed
England surrendered the American Revolutionary War
The Civil War ended
The US Constitution was approved by the Convention
22
What is the optimal output rule for a firm in the product market? Produce where...
Marginal Cost = Marginal Revenue
Marginal Cost = Total Revenue
Quantity = Max Revenue
Quantity = Minimum Marginal Cost
23
In "Back to the Future," what speed does the DeLorean time machine need to reach to work?
88
65
60
45
24
What type of good has a negative relationship between consumer income and quantity demanded?
Inferior Good
Substitute Good
Normal Good
Complementary Good
25
Which one of the following likely has the most ELASTIC demand?
Gasoline
Medicine
Milk
Brand-name running shoes
26
What is the basic concern of economics?
To study choices made when faced with scarcity
To satsify limited wants with unlimited resources
To minimize economic profits
To track the supply of money
27
Which of the following statements is true when a firm is able to price discriminate?
Economic profits decrease
More inelastic consumers pay higher prices
The demand curve becomes horizontal
Consumer surplus increases
28
Russell is an 8-year-old Wilderness Explorer who goes on an adventure in what Pixar movie?
Planes
WALL-E
Ratatouille
Up
29
The product sells for $3 and each worker's wage is $8.00. How many workers should you hire?
2
4
3
5
30
One of the top Billboard songs in 2005 was "Boulevard of Broken Dreams" by:
Green Day
Coldplay
Killers
Nickelback
