Course Hero is not sponsored or endorsed by any college or university. If you are using assistive technology and need help accessing these PDFs in another format, contact Services for Students with Disabilities at 212-713-8333 or by email at ssd@info . C) 0.5 Test Booklet Name Include . 4. A) there are a large number of rival firms producing very similar products The above payoff matrix illustrates the daily profits for two restaurants. A) a horizontal line Monopoly, Deadweight Loss, Shut Down, Fixed Costs, Marginal Analysis, Consumer Surplus, Cross-Price Elasticity, Supply and Demand, Excise Taxes, Tax Revenue, Producer Surplus, Perfect Competition, Supply and Demand, Price Ceiling, Marginal Analysis, Opportunity Cost, Marginal Cost, Marginal Benefit, Monopoly, Negative Externality, Socially Optimal, Per Unit Tax, Dead Weight Loss, Monopoly, Price Discrimination, Consumer Surplus, Economies of Scale. Based on the information, does either firm have a dominant strategy? A) Both Amy's and Sam's will lower prices. apples would Johnny have to consume before he considers purchasing another orange? For a species that is struggling, the fate of this river will determine its future. What were her average earnings per hour? The above payoff matrix illustrates the daily profits for two restaurants. Tamra Carl, York Community High School, Elmhurst, Ill. Sonia Dalmia, Grand Valley State University, Joyce Jacobsen, Hobart and William Smith Colleges, Gerry Simons, Grand Valley State University, Rebecca Stein, University of Pennsylvania. Mortaldragon21. Which of the following best identifies the author's claim? PBS News Hour reported in 2014 that 39.4%39.4 \%39.4% of Americans between the ages of 25 and 64 have at least a two-year college degree (PBS website). In the absence of externalities, the perfectly competitive market maximizes economic surplus when. How long will it take for the population to double? Use the following links to Alberts AP Microeconomics course to see if you truly understand each of the units: There are two types of FRQs on the AP Micro exam: short answers and long answers. Natalie_Vissman. As always, you have the flexibility to organize the course content as you like. Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. D) Nominal GDP includes sales of used goods while real GDP does not. Which of the following is an example of an ecosystem service that would provide protection from a hurricane storm surge? Natalie_Vissman. Suppose the consumer price index (CPI) was 100 on January 1st, 2017 and 110 on January 1st, 2018 with no changes in nominal wages. Excerpted from the AP Microeconomics Course and Exam Description, the Course at a Glance document outlines the topics and skills covered in the AP Microeconomics course, along with suggestions for sequencing. 27 terms. Use Albert or a comparable practice tool to check your understanding of the key concepts that will appear on this years test. The framework also encourages instruction C) reduce monopoly profits 1: Multiple Choice (MCQs) 60 Questions. Although their rows of pointy teeth look menacing, they are specialized for catching and holding onto fish, and pose little danger to people. In 1984 nominal GDP was $10 billion. C) $10 billion Same Prices $100; $700 $400; $500 AP Macroeconomics Unit 2 Progress Check: MCQ. The demand curve for good Y will shift to the right because the goods are substitutes. D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. They agreed to a 3 percent per year increase in pay over the 3 years. 29 . A) The dominant strategy for Art's is to lower prices. Correct. E) There is no Nash equilibrium. The College Board. The first entry in each cell indicates the profits for Art's, and the second entry in each cell indicates the profits for Zeb's. Verified questions. "When parents are exposed to an increase in water temperature, we found that their offspring improved their performance in these otherwise stressful conditions by selectively modifying their epigenome." xniamhlynch. How would each group be affected by an actual inflation rate of 4% next year? Not all free-response questions on this page reflect the current exam, but the question types and the topics are similar, making them a valuable resource for students. Which of the following economic consequences to a provisioning ecosystem service will most likely result from increased global warming? unit 4 macro. B) Sara has been unable to find a job and abandoned her job search. Determine the branding strategy that Campbell's and the NFL used. Section. e. Suppose Californias population is 36.5 million people and its population is expected to grow by 2% annually. If so, please click the button below to share it on Twitter, or e-mail this link to your friends! Both atmospheric CO2 concentration and Antarctic temperature have remained about the same over the past 800,000 years. Multiple Choice Practice for Production, Cost, and the Perfect Competition Model. Question 12. The loans annual interest rate is 8%, and it requires four equal end-of-year payments. AP Psychology Practice Test: Sensation & Perception pdf download. Finches with larger beaks were more likely to survive in 1980 because they were able to feed primarily on seeds and nuts during the drought. To stay up to date and adjust your study plan accordingly, read our How to Study for Online AP Exams guide. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. IB is a registered trade mark of International Baccalaureate Organization which was also not involved in the production of and does not endorse this material.**. bircanaydn1206. A range of factors, including disease, famine, or in the case of this research, heat stress, can stimulate these subtle changes. C. Dominos Pizza. AP Macroeconomics: Unit 3 Progress Check MCQ, Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, David R. Anderson, Dennis J. Sweeney, James J Cochran, Jeffrey D. Camm, Thomas A. Williams. 2 years? Which of the following is definitely true about the economy between January of 2017 and January of 2018? The above payoff matrix illustrates the daily profit for two restaurant owners, Art and Zeb. Explain. B) Disinflation Explain your reasoning. Art Lower Prices $300; $400 $600; $200 Epigenetic change refers to chemical modifications in the DNA that signals genes to be switched on or off. 5 Big Religions Unit 2. Which of the following is a Nash equilibrium? Based on the Understanding by Design (Wiggins and McTighe) model, the course framework provides a clear and detailed description of the course requirements necessary for student success. Number of Workers Quantity of Output 0 0 1 8 2 15 3 21 4 26 5 30 If the firm sells its product at the market price of $10 per unit, the marginal revenue product of the fourth worker is A) $40 B) $50 C) $65 D . When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. Which of the following is true about Jan's real wage if at the end of this year the CPI is 125 ? AP Macroeconomics Scoring Guide Unit 4 Progress Check: MCQ 1. Birds prey on the moths that are easily visible on trees. Which of the following is true of a natural monopoly? E) This will benefit borrowers with variable-interest rate loans. Sign in to AP Classroomto access AP Daily. Researchers in the Galpagos Islands measured the average beak size in a population of finches from 1976 to 1984, as shown in the graph below. For the following situations identify whether the description is a centralized or decentralized organization. A) There is a recessionary gap. If the government regulates the monopolist to produce the allocatively efficient quantity and provides a subsidy sufficient to maintain zero economic profits for the firm, what price would the government set and what level of output would the firm produce? AP Econ Micro Unit 6 Test. I would also like to thank Francis McMann, James Chasey, and Steven Reff who taught me how to be an effective AP Economics teacher at AP summer institutes; as well as the countless high school teachers, and college professors from the AP readings, economics Facebook groups, and #econtwitter. D) Both Art and Zeb will charge the same prices. If you deposit$5,000 in each bank today, how much will you have in each bank at the end of 1 year? In this post, well go over the latest exam changes, what units are covered, practice resources to review, and wrap up with some AP Micro study tips and things to remember. What Units are on the 2022 AP Microeconomics Exam? When an economy is at the trough of the business cycle, which of the following is then true about the state of the economy? Master supply and demand in these Unit 2 AP Micro resources. Early theories focused on widespread pollution. If you are using assistive technology and need help accessing these PDFs in another format, contact Services for Students with Disabilities at 212-713-8333 or by email at [emailprotected]. B) $2.00 The first entry in each cell indicates the profits for Amy's, and the second entry in each cell indicates the profits for Sam's. The supply of the currency will increase and the currency will appreciate. If not (and the TVM is the only consideration), what nominal rate will cause all of the banks to provide the same effective annual rate as Bank A? Whats the Format of the AP Microeconomics Exam? Which statement is true about the circular flow diagram Unit guides clearly lay out suggested thematic course content and skills and recommend sequencing and pacing for them throughout the year. In a study of obesity among children, researchers monitor the eating and exercise habits of the participating children, carefully recording everything they eat and all their activity. Progress checks help you gauge student knowledge and skills for each unit through: multiple-choice questions with rationales explaining correct and incorrect answers, and; free-response questions with scoring guides to help you evaluate student work. D) Workers would be worse off, and the employers would be unaffected. Physics majors would make the best managers.. E) Real GDP = Nominal GDP - GDP deflator, A) Real GDP = Nominal GDP/GDP deflator AP studentscan also access videos on their own for additional support. Images. The collapse of local fisheries, because of the damage to coral reefs from ocean acidification. 16 terms. C) there are a small number of rival firms producing very similar products duck_425299. TB_Unit4ProgressCheckFRQ_608911f1c66486.608911f1cef141.88921253.pdf - AP Microeconomics Unit 4 Progress Check: FRQ 1. C) Amy's will charge the same prices, and Sam's will lower prices. 20 terms. D) Both Amy's and Sam's will charge the same prices. Assume that a profit-maximizing, perfectly competitive firm hires labor in a perfectly competitive labor market. AP Microeconomics - Unit 6 - Market Failure & the Role of Government. practice questions for hw ap microeconomics unit supply, demand and consumer choice practice questions the demand curve for normal good slopes down for which of. AP Microeconomics is an introductory college-level microeconomics course. E) Nominal GDP takes into account the size of the population while real GDP does not. The output gap is measured by the difference between actual and potential GDP. A) prevent the entry of firms into imperfectly competitive markets B) Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. What will the payments be if this is an annuity due? The 2022 AP Microeconomics exam will be given in person using paper-and-pencil tests. Which of the following best describes the change in Antarctic temperature from about 440,000 years ago to about 340,000 years ago? A The supply of the currency will increase and the currency will depreciate. Recent flashcard sets. Myron is better off because the dollars that Myron will receive back from the bank when the certificate of deposit matures will buy more goods and services than when Myron purchased the certificate of deposit. Fish were placed in a holding tank and exposed to the smell of salmon-skin extract, which indicates a predator attack and usually prompts the fish to hide or swim away. c. Which is more important in determining how fast exponential growth occurs: the doubling time or the initial amount? The first section has 60 multiple-choice questions (MCQs). E) positive economic profit in the long run. Which of the following describes a limitation of gross domestic product (GDP) ? Nominal GDP = Real GDP GDP Deflator, Suppose Miguel wants to know the value of real gross domestic product (GDP) for 2011 in terms of the base year 1984 dollars. Which of the following best describes the pattern in the atmospheric CO2 concentration data over the past 200,000 years? 120 seconds. One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. Course & Exam Pages . Art Lower Prices $300; $400 $600; $200 B. dividend yield Your students can look up credit and placement policies for colleges and universities on theAP Credit Policy Search. E) $3.50, Antitrust laws are intended to C) on-the-job training a. Why do you think the government considers as unemployed only those who are without employment but are looking for work? What is the annuitys FV? D) Jan's real wages are equal to the nominal wages. E) Jan's real wage is $8 per hour at the end of the year. below. Explain the relationship between marginal cost and marginal product and marginal cost and AVC and ATC. The ability to smell is critical for salmon. In the absence of externalities, which market structure produces the socially optimal quantity? A) there are a large number of rival firms producing very similar products 1. C) Real GDP = Nominal GDP GDP deflator The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. In 1977, 1980, and 1982, there were droughts, and the area experienced significantly less rainfall than average. A) Real GDP = Nominal GDP/GDP deflator 62 terms. View SG_Unit2ProgressCheckMCQ.pdf from MAC 2013 at Florida Atlantic University. An island off the coast of Africa contains a larger percentage of specialist species than generalist species. Use the payback method to determine whether Preston should purchase this plant. A) Both Art and Zeb will lower prices. ap macro unit 3. D) mutual interdependence C) Amy's will charge the same prices, and Sam's will lower prices. Expert Help. Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? In 2011 nominal GDP was $15 billion and the price deflator was 200. Which of the following is an example of a scarce factor of production? g. How will the PV and FV of the annuity in part f change if it is an annuity due? Liza0554. illustrates the potentially catastrophic consequences that disruptions to water bodies can have on aquatic species that are close to the brink. His prospective employers want hard copies of his resume, so he wants to have 400 copies of his resume printed. Lexie_Vanderloo. Recent flashcard sets . . christianchiffon. Higher education professionals play a key role in developing AP courses and exams, setting credit and placement policies, and scoring student work. We cover the important vocabulary, skills, and concepts you need to understand and master. Ready to practice for you next free response exam? Correct. Disinflation refers to a slowdown in the rate of increase in the consumer price index or inflation. Which of the following ecosystem services is categorized as regulating? In a rapidly changing climate, the decline of animal populations is a very real concern. Same Prices $100; $700 $400; $500 Its low habitat diversity indicates that Ecosystem C most likely has a low number of specialist species and few species that utilize large territories. What is the investments FV at rates of 0%, 5%, and 20% after 0, 1, 2, 3, 4, and 5 years? A) There is a recessionary gap. Unit 5 Progress Check: MCQ. Correct. E) differences in human capital, AP Macroeconomics Unit 2 Progress Check: MCQ, AP Macroeconomics: Unit 3 Progress Check MCQ, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Alexander Holmes, Barbara Illowsky, Susan Dean, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, MEMORY- factors effecting EWT :misleading inf. AP Microeconomics can be pretty dry when it comes to content. D) there are a small number of rival firms producing more differentiated products Learn more about the CED in this interactive walk-through. B) The difference between actual and potential GDP. Images. Jan works a 30-hour week for a minimum wage of $10 an hour. How large must the payments be to each bank? University of Washington 18 terms. Terms in this set (17) An increase in the price of good X causes buyers to want to buy more of good Y. 15 terms. List and analyze the differences between the four major market structures. You can: Learn how to get started in AP Classroom. C) 2013 When you feel confident, use past FRQs to practice your free-response answers. Test Your Understanding: AP Microeconomics Multiple Choice Practice Questions, 2022 AP Microeconomics Exam FRQ Practice, More Practice FRQs for AP Microeconomics, AP Microeconomics Tips and Review Resources, Summary: The Best AP Microeconomics Review Guide of 2022, AP Microeconomics Course and Exam Description, Quickly review popular literary works like, 1 Hour (includes a 10-minute reading period), explain (using graphs where appropriate) why resource allocation in perfectly competitive markets is socially efficient, explain (using graphs where appropriate) how private incentives can lead to actions by rational agents that are socially undesirable (inefficient) market outcomes, explain equilibrium allocations in imperfect markets relative to efficient allocations (using graphs where appropriate) and why these markets are inefficient, calculate (using graphs where appropriate) the deadweight loss resulting from the production of a non-efficient quantity, explain (using graphs where appropriate) how in the presence of externalities, private markets do not take into consideration social costs or social benefits, explain (using graphs where appropriate) how public policies address positive or negative externalities, define whether goods are rival and/or excludable, explain how the nature of rival and/ or excludable goods influences the behavior of individuals and groups, define government policy interventions in imperfect markets, explain (using graphs where appropriate) how government policies can alter market outcomes in perfectly and imperfectly competitive markets, calculate (using data from a graph or table as appropriate) changes in market outcomes resulting from government policies in perfectly competitive and imperfectly competitive markets, define measures of economic inequality in income and wealth, explain sources of income and wealth inequality, Read through the information for Units 1-6 in the. Retrieved August 30, 2018 from:https://www.biographic.com/posts/sto/basking-on-the-brink D) Firms must lower their product prices to sell additional units. If unregulated, the monopolist operates to maximize its profit. At the trough of a business cycle, there is a recessionary gap because, at the trough, actual output is below potential output. Study with Quizlet and memorize flashcards containing terms like The table shows the short-run production of a firm that produces and sells its product in a perfectly competitive market. What operations strategies are important at Girlfriend Collective? Based on the information, does either firm have a dominant strategy? The Graduate Management Admission Test (GMAT) is used by many graduate schools of business as one of their admission criteria. If the market wage is $12 per hour and the price of the product is $3 per unit, the firm will: answer choices. that prepares students for advanced economics coursework. As competition for resources increases, the population size of the island's specialist species will decrease. assign to students before or after class to maximize time for discussion. search for any question, passage, or stimulus by text or keyword. D) Consumer surplus equals area (a+b), producer surplus equals area (c+d), and deadweight loss equals area (e). Lower Prices Same Prices The purchase price is $1,100,000. View Answer Key Unit 5 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. 27 terms. C) The dominant strategy for Zeb's is to lower prices. D) Both Amy's and Sam's will charge the same prices. AP Macroeconomics: Unit 3 Progress Check MCQ. Correct. Unit 1 Progress Check - AP Macro. E) a monopolistically competitive firm's demand curve is perfectly elastic, D) there are a small number of rival firms producing more differentiated products, Monopolistically competitive markets are characterized by Sample Free Response. Lower Prices Same Prices D) The difference between the actual rate of unemployment and the natural rate of unemployment. 21 terms. On February 13, 2016, following the death of Supreme Court Justice Antonin Scalia, Senate Majority Leader Mitch McConnell issued a statement that the Supreme Court vacancy should be . E8.D7.C6 5.B4.D3.B2.C1. track to see which students are watching each video in each class. D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. unit 4 macro. . E) 2017. C) $2.50 What is culture, and what are the five key dimensions that can be used to describe it? Ecosystem A, because its low genetic diversity could have resulted from an event that reduced the variation in the gene pool. View or download the complete AP exam schedule here. Which of the following will happen when the actual inflation rate exceeds the expected inflation rate? A defense of multiple-choice tests, explaining how they are good for assessment, good for research, and good for teaching. A) Both Amy's and Sam's will lower prices. Below are some of my favorite Free Response Questions from past AP Macroeconomics Exams. The letters in the graph represent the enclosed areas. 22 terms. What effective annual rate does each bank pay? Share. A) discrimination Which of the following explains why imperfectly competitive markets are inefficient? The next generation appeared to be advantaged by parental exposure to elevated temperatures. Correct. Suppose you dont have the $5,000 but need it at the end of 1 year. B) ensure that firms produce the allocatively efficient quantity of output "Reef fish inherit tolerance to warming oceans: Thanks to mom and dad, baby reef fish may have to what it takes to adjust to hotter oceans," Ryu Taewoo, ScienceDaily, April 30, 2018. kenken165. D) The dominant strategy for Zeb's is to charge the same prices. "We reared spiny chromis damselfish . Unit Test #3 OBJECTIVES. B) Amy's will lower prices, and Sam's will charge the same prices. find topic questions and practice exam questions, indexed by content and skills. 12 terms. E) the horizontal axis, Which of the following Gini coefficients indicates that a country has an equal distribution of income? Which of the following best identifies the author's claim? For more examples of previous FRQs, check out the College Board archive for AP Microeconomics. free-response questions with scoring guides to help you evaluate student work. AP Psychology Downloads. Cells (terms and definitions ) 39 terms. The following table summarizes how much each group is willing to pay for each playground. Determine outcomes of specific economic situations. Explain. AP Psychology Practice Test: States of Consciousness pdf download. Which of the following best explains why individuals and societies must make choices when presented with. C) Workers and employers would be equally well off. D) there are a small number of rival firms producing more differentiated products D) The dominant strategy for Zeb's is to charge the same prices. Spanish vocab list 11. Study Resources. View Answer Key Unit 4 Progress Check MCQ.pdf from ECON 1302 at The Woodlands High School. Unit 5 Progress Check: MCQ. Free-Response Question and Scoring Archive. B) a vertical line Each restaurant has the choice to lower prices for early bird customers or keep prices the same. Get Started . Therefore we need to divide the 2011 Nominal GDP by the GDP deflator (in hundredths) to deflate 2011 dollars down to 1984 dollars. The AP Microeconomics Exam includes two sections. AP Macroeconomics: Unit 3 Progress Check MCQ. C) It does not account for the distribution of income in a nation or income inequality. 18 terms. C) standardized products AP Psychology Practice Test: Biological Bases of Behavior pdf download. The following graph shows the marginal social cost (MSC), the marginal private cost (MPC), and the marginal social benefit (MSB) of a good. Labor unions negotiated a 3-year contract with employers in the automobile industry. E) eliminate negative externalities, D) control monopolies and maintain a competitive market environment, The closer income distribution moves toward complete equality, the closer the Lorenz curve moves to What will the annual payments be for an ordinary annuity for 10 years with a PV of 1,000iftheinterestrateis81,000 if the interest rate is 8%? Which of the following terms describes a slowdown in the rate of increase in the consumer price index? i. Based on the theory of island biogeography, which of the following islands would most likely have the highest number of species living on it? Test. In years with less rainfall, there are fewer grasses to feed on and the finches rely more on seeds for food. B) a good is nonexcludable in consumption. An increase in the price of cameras results in a decrease in the demand for film. The 2022 AP Microeconomics exam will take place on: Friday, May 6, 2022 at 12pm (noon) local time. B) $7.5 billion answer choices. E) 0, The higher wages college graduates receive are primarily due to Which of the following must be true? 4 min read december 12, 2021. A) This will benefit lenders with fixed-interest rate loans. 60 seconds. In order to regulate the monopoly to produce the largest possible output without a loss, government regulators would establish a price of A) 1 E. dividend section. Which of the following best identifies the author's claim? E) The average total cost decreases throughout the entire effective demand. define resources and the cause(s) of their scarcity, define how resource allocation is influenced by the economic system adopted by society, define (using graphs as appropriate) the production possibilities curve (PPC) and related terms, explain (using graphs as appropriate) how the production possibilities curve (PPC) illustrates opportunity costs, trade-offs, inefficiency, efficiency, and economic growth or contraction under various conditions, calculate (using data from PPCs or tables as appropriate) opportunity cost, define absolute advantage and comparative advantage, determine (using data from PPCs or tables as appropriate) absolute and comparative advantage, explain (using data from PPCs or tables as appropriate) how specialization according to comparative advantage with appropriate terms of trade can lead to gains from trade, calculate (using data from PPCs or tables as appropriate) mutually beneficial terms of trade, define opportunity cost and explain or calculate the opportunity costs associated with choices, explain a decision by comparing total benefits and total costs (using a table or a graph when appropriate), calculate total benefits and total costs (using a table or graph where appropriate), define the key assumptions of consumer choice theory, explain (using a table or graph as appropriate) how a rational consumers decision making involves the use of marginal benefits and marginal costs, calculate (using a table or a graph when appropriate) how a rational consumers decision making involves the use of marginal benefits and marginal costs, define marginal analysis and related terms, explain a decision using marginal analysis (using a table or a graph when appropriate), define (using graphs as appropriate) key terms and factors related to consumer decision making and the law of demand, explain (using graphs as appropriate) the relationship between price and quantity demanded and how buyers respond to incentives and constraints, explain (using graphs as appropriate) buyers responses to changes in incentives and constraints, define (using graphs as appropriate) the law of supply, explain (using graphs as appropriate) the relationship between price and quantity supplied, explain (using graphs as appropriate) producers (sellers) responses to changes in incentives and technology, explain (using graphs where appropriate) measures of elasticity and the impact of a given price change on total revenue or total expenditure, calculate (using data from a graph or a table as appropriate) measures of elasticity, define (using graphs as appropriate) market equilibrium, consumer surplus, and producer surplus, explain (using graphs as appropriate) how equilibrium price, quantity, consumer surplus, and producer surplus for a good or service are determined, calculate (using data from a graph or table as appropriate) areas of consumer surplus and producer surplus at equilibrium, explain (using graphs where appropriate) how changes in underlying conditions and shocks to a competitive market can alter price, quantity, consumer surplus, and producer surplus, calculate (using data from a graph or table as appropriate) changes in price, quantity, consumer surplus, and producer surplus in response to changes in market conditions or market disequilibrium, define forms of government price and quantity intervention, explain (using graphs where appropriate) how government policies alter consumer and producer behaviors that influence incentives and therefore affect outcomes, calculate (using data from a graph or table where appropriate) changes in market outcomes resulting from government policies, explain (using graphs where appropriate) how markets are affected by public policy related to international trade, calculate (using data from a graph or table as appropriate) changes in market outcomes resulting from public policy related to international trade, Unit 3: Production, Cost, and the Perfect Competition Model, define (using graphs where appropriate) key terms and concepts relating to production and cost, explain (using graphs where appropriate) how production and cost are related in the short run and long run, calculate (using data from a graph or table as appropriate) the various measures of productivity and short-run and long-run costs, explain how firms respond to profit opportunities, define (using graphs or data as appropriate) the profit-maximizing rule, explain (using a graph or data as appropriate) the profit-maximizing level of production, explain (using graphs or data where appropriate) firms short-run decisions to produce positive output levels, or long-run decisions to enter or exit a market in response to profit-making opportunities, define (using graphs as appropriate) the characteristics of perfectly competitive markets and efficiency, explain (using graphs where appropriate) equilibrium and firm decision making in perfectly competitive markets and how prices in perfectly competitive markets lead to efficient outcomes, calculate (using data from a graph or table as appropriate) economic profit (loss) in perfectly competitive markets, define (using graphs where appropriate) the characteristics of imperfectly competitive markets and inefficiency, explain (using graphs where appropriate) equilibrium, firm decision making, consumer surplus, producer surplus, profit (loss), and deadweight loss in imperfectly competitive markets and why prices in imperfectly competitive markets cannot be relied on to coordinate the actions of all possible market participants and can lead to inefficient outputs, calculate (using data from a graph or table as appropriate) areas of consumer surplus, producer surplus, profit (loss), and deadweight loss in imperfectly competitive markets, define (using tables as appropriate) key terms, strategies, and concepts relating to oligopolies and simple games, explain (using tables as appropriate) strategies and equilibria in simple games and the connections to theoretical behaviors in various oligopoly market and non-market settings, calculate (using tables as appropriate) the incentive sufficient to alter a players dominant strategy, define (using graphs where appropriate) key terms and concepts relating to factor markets, explain (using graphs where appropriate) the relationship between factors of production, firms, and factor prices, calculate (using data from a graph or table where appropriate) the marginal revenue product and marginal resource cost, explain (using graphs where appropriate) firms and factors responses to changes in incentives and constraints, define (using graphs as appropriate) the characteristics of perfectly competitive factor markets, explain (using graphs where appropriate) the profit-maximizing behavior of firms buying labor (with other inputs fixed) in perfectly competitive markets, calculate (using data from a graph or table where appropriate) measures representing the profit-maximizing behavior of firms buying labor (with other inputs fixed) in perfectly competitive markets, define (using graphs as appropriate) the characteristics of monopsonistic markets, explain (using graphs where appropriate) the profit-maximizing behavior of firms buying labor (with other inputs fixed) in monopsonistic markets, calculate (using data from a graph or table where appropriate) measures representing the profit maximizing behavior of firms buying labor (with other inputs fixed) in monopsonistic markets, Unit 6: Market Failure and the Role of Government.

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