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500 Must-Know AP Microeconomics/Macroeconomics Questions by Brian Reddington

By Brian Reddington

Organized for simple reference and an important perform, insurance of all of the crucial issues awarded as 500 AP-style questions with precise resolution explanations

5 Steps to a five: 500 AP Microeconomics/Macroeconomics inquiries to comprehend by means of attempt Day is adapted to satisfy your learn needs—whether you might have left it to the final minute to organize otherwise you were learning for months. you'll take advantage of going over the questions written to parallel the subject, structure, and measure of trouble of the questions inside the AP examination, observed by way of solutions with accomplished explanations.

Features:

  • 500 AP-style questions and solutions referenced to center AP materials
  • Review factors for correct and incorrect answers
  • Additional on-line practice
  • Close simulations of the true AP exams
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    Sample text

    A monopolistic competition refers to (A) extensive economies of scale and higher cost-efficiency when there is only one firm for the entire demand of a product (B) a few small firms offering a differentiated product with easy entry into the market (C) a market structure with a small number of interdependent large firms producing a standardized product (D) the most competitive market structure (E) the least competitive market structure 84. An oligopoly refers to (A) extensive economies of scale and higher cost-efficiency when there is only one firm for the entire demand of a product (B) the least competitive market structure (C) a market structure with a small number of interdependent large firms producing a standardized product (D) a few small firms offering a differentiated product with easy entry into the market (E) the most competitive market structure 85.

    D) The price falls, and the quantity supplied will decrease. (E) Both the price and the quantity supplied are undetermined. 39. Competition in a market system best helps a society because (A) supply and demand establish the best price for a good or service (B) all opportunity costs are heavily analyzed (C) the total welfare is increased (D) aggregate supply and aggregate demand are balanced (E) within the production possibilities frontier, all resources are maximized and used efficiently 40. If the demand for tennis rackets increases, what prediction can be made regarding tennis balls?

    Peter loves french fries, and his friends dared him to eat nothing but french fries all day long. He greatly enjoyed eating 50 french fries, but when he consumed another 50 fries, he enjoyed them less and less because his stomach began to hurt. What does this scenario represent? (A) Marginal utility (B) Law of diminishing marginal utility (C) MC = MB (D) MB > MC (E) A, B, and D 145. The key difference between accounting profit and economic profit is (A) accounting profit includes the opportunity cost of capital (B) economic profit includes the opportunity cost of capital (C) economic profit is a key component of GDP (D) economic profit is usually higher than accounting profit (E) accounting profit is always higher than economic profit 146.

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