Ap econ mcq

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Study with Quizlet and memorize flashcards containing terms like In a mixed economy, what to produce and howmuch to produce are determined by, The major difference between real and nominalgross domestic product (GDP) is that real GDP, Which of the following statements exemplifies theconcept of structural unemployment? and more.AP® Microeconomics 2008 Scoring Guidelines The College Board: Connecting Students to College Success The College Board is a not-for-profit membership association whose mission is to connect students to college success and opportunity. Founded in 1900, the association is composed of more than 5,400 schools, colleges, universities, and otherAP MacroEconomics UNIT 1. 42 terms. michael_gilger. Preview. AP Economics Unit 1 Test (Multiple Choice) 65 terms. DeadExposoure. Preview. Ole Miss Econ 203 Test 2.Visit the College Board on the Web: www.collegeboard.com. AP Central is the official online home for the AP Program: apcentral.collegeboard.com. 10 points (4+1+4+1) 4 points: One point is earned for a correctly labeled graph of the corn market (S, D, PM1, QM1). One point is earned for the graph of the firm with a horizontal demand curve at PM1. 5.0 (1 review) An economy is operating at a point inside its production possibilities curve (PPC). Which of the following will most likely cause the economy to move toward the current PPC in the short run? A A decrease in government spending. B A decrease in inflation. C An increase in human capital. Score Higher on AP Macroeconomics 2024: MCQ Tips from Students. 4 min read. Score Higher on AP Macroeconomics 2024: Tips for FRQ 1. 3 min read. Score Higher on AP Macroeconomics 2024: Tips for FRQ 2 & 3. 5 min read. AP Cram Sessions 2021. Download AP Macroeconomics Cheat Sheet PDF Cram Chart.Quiz yourself with questions and answers for AP 2005 Multiple Choice Exam, MacroExam 2012, AP Macroeconomics MC Test 2000, AP Macro MC 2010, 2008 AP Macro Test, so you can be ready for test day. Explore quizzes and practice tests created by teachers and students or create one from your course material.

1. AP. Microeconomics 2022 Free-Response Questions. Sugar is produced in a perfectly competitive market using inputs from perfectly competitive factor markets. Frank Sugar Co. is a representative firm in the sugar market. (a) Assume Frank Sugar Co. is earning zero economic profit. Subscription Only AP Macro Practice. Shmoop Practice Tests ($14.99 a month for regular subscription) A subscription to Shmoop will get you access to a diagnostic test plus a full AP Macro practice test (including both multiple-choice and free-response questions, although these are of course unofficial). Which of the following is the most likely result of inflation? a) falling employment. b) a dollar will buy more than it did before. c) people are discouraged from holding cash. d) price stability. e) low aggregate output per capita. c) people are discouraged from holding cash. Sample multiple-choice questions from module challenges, etc. Learn ...AP Macroeconomics Course and Exam DescriptionBegin your response to this question at the top of a new page in the separate Free Response booklet and fill in the appropriate circle at the top of each page to indicate the question number. 2. An economy is currently in short-run equilibrium with a recessionary output gap of billion. $600. (a) Draw a single correctly labeled graph with both ...

Which of the following best illustrates an improvement in a country's standard of living? (A) An increase in real per capita gross domestic product. Hyperinflation is typically caused by. (B) continuous expansion of the money supply to finance government budget deficits.Macroeconomics Practice Exam From the 2013 Administration This Practice Exam is provided by the College Board for AP Exam preparation. Teachers are permitted to download the materials and make copies to use with their students in a classr oom setting only. To maintain the security of this exam, teachers should collect all materials after their administration and keep them in a secure location .The economy will be running a deficit, since consumption expenditures exceed personal saving. 2005 AP Macroeconomics Released Exam Excerpt. Section I 33. Country A can produce either 2 tons of cocoa or 4 cars with 10 units of labor. Country B can produce either 5 tons of cocoa or 25 cars with 10 units of labor.Quiz yourself with questions and answers for AP Microeconomics - 2018 International Practice Exam MCQ - 1, so you can be ready for test day. ... 15 Multiple choice questions. ... 1.1 The study of economics exists because people are confronted with the basic problem of. 2.1 The graphs above show Mary's demand for hamburgers and Mark's demand for ...

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On the AP Micro exam, you'll be faced with two main parts: the multiple-choice section (MCQs) and the free-response section (FRQs). The multiple-choice section is the most significant section of the test, making up 66% of your score. On the exam, you'll be given 70 minutes (1h10m) to answer 60 questions from all 6 units of the course ...In today’s fast-paced business environment, staying ahead of the competition requires finding innovative ways to streamline operations and increase productivity. One area that ofte...Study with Quizlet and memorize flashcards containing terms like 1. The intersection of the aggregate demand and aggregate supply curve occurs at the economy's equilibrium level of, 2. An increase in consumer spending will most likely cause the price level and real GDP to change in which of the following ways in the short-run?, 3. An decrease in the wages and production cost will most likely ...All AP Microeconomics Multiple Choice Practice Questions. Home / AP Tests / AP Microeconomics Practice Tests. ... AP Microeconomics Test: Government and Public Sector: Market Failure, Rents, Externalities, Public Goods, Efficiency; AP Microeconomics Test: Costs, Production, Supply;Score Higher on AP Macroeconomics 2024: MCQ Tips from Students. 4 min read. Score Higher on AP Macroeconomics 2024: Tips for FRQ 1. ... 🌶️ AP Macro Cram Review: Unit 2: Economic Indicators and the Business Cycle. streamed by Maria Guerra. 🌶️ AP Macro Cram Review: Unit 3: National Income and Price Determination ...Economics. Macroeconomics. AP Macro - Practice Exam 3 MCQ. 5.0 (1 review) An economy is operating at a point inside its production possibilities curve (PPC). Which of …

6 Jan 2017 ... In this video I go over the answers to all 60 of the multiple choice questions on the first practice AP MACRO exam. To get your copy of the ...Unit 1: Basic Economic Concepts. You'll study the foundations of microeconomic thinking, including how to evaluate decisions based on constraints and trade-offs and make rational economic choices. Topics may include: Scarcity. Resource allocation and economic systems. The Production Possibilities Curve. Comparative advantage and gains from trade. AP® Microeconomics. Looking for an AP® Microeconomics score calculator? Click here for this and more tips for your test! Practice questions in Albert's AP® Microeconomics and review how individuals and firms make decisions in various situations of economic pressures. The maximum change in real output is determined by multiplying the spending multiplier by the amount of the change in government spending. The spending multiplier is equal to (1/ (1−MPC=)= 1/ (1-.75)=4 Therefore, real output will increase by a maximum of $100 billion×4=$400 billion. Assume the marginal propensity to consume is 0.75. This is the multiple-choice section of the 2012 AP exam. It includes cover material and other administrative instructions to help familiarize students with the mechanics of the exam. (Note that future exams may differ in look from the following content.) At a Glance. Total Time.Visit the College Board on the Web: www.collegeboard.org. AP Central is the official online home for the AP Program: apcentral.collegeboard.org. 10 points (2+1+2+3+2) 2 points: One point is earned for drawing a correctly labeled graph showing AD, SRAS, Y1 and PL1. One point is earned for drawing a vertical LRAS at Yf to the right of Y1. 1 point:AP Microeconomics - Unit 3 Test ... SophieBulos. Preview. U3 MCQ. 21 terms. stevalii. Preview. Econ 310 Ch 3 quiz. 7 terms. seguiclyde8. Preview. Allowance Type Codes. 10 terms. emmie4521. Preview. AP Micro Unit 4 Test Multiple Choice Practice ... MGT 495 Midterm exam. 50 terms. cbruck22. Preview. Econ Exam 1 . 28 terms. Anselle_Aikin. …The equilibrium price will be indeterminate, and the equilibrium quantity will decrease. Study with Quizlet and memorize flashcards containing terms like Allie is shopping when she finds a pair of running shoes priced at $90. When Allie uses her debit card to pay, it is declined because her balance is insufficient to cover the cost of the ...Which of the following will cause the supply curve for shoes to shift to the right? (A) An increase in the price of socks, assuming that shoes and socks are complements. (B) A decrease in the price of sandals, assuming that shoes and sandals are substitutes. (C) An increase in the wages of shoe workers.One of the best collections of AP Microeconomics practice tests that's available. Great practice questions that are organized by topic. Be sure to review this official practice exam from the College Board. Working through this is a great way to prep for your exam. Includes AP Micro multiple choice and free response.AP® Economics Micro Exam SECTION I: Multiple-Choice Questions DO NOT OPEN THIS BOOKLET UNTIL YOU ARE TOLD TO DO SO. Instructions Section I of this examination contains 60 multiple-choice questions. Fill in only the ovals for numbers 1 through 60 on your answer sheet. Indicate all of your answers to the multiple-choice questions on the answer ...The most effective AP test prep materials. This bundle contains the most comprehensive collection of past AP real test papers with answers. All test papers are authentic, official unreleased papers containing multiple-choice questions (free-response questions can be downloaded from CB website directly) in printable high-quality PDF format.

Unit 1: Basic Economic Concepts. You’ll study the foundations of microeconomic thinking, including how to evaluate decisions based on constraints and trade-offs and make rational economic choices. Topics may include: Scarcity. Resource allocation and economic systems. The Production Possibilities Curve. Comparative advantage and gains from trade.

A nation's unemployment rate is the ratio of the number or unemployed seeking employment to a nation's. An open market operation by a country's central bank to reduce the unemployment rate would be to. Assume that the MPC is 0.75, net exports decline by $10 billion, and government spending increases by $20 billion.by SAT GrandMaster on March 21, 2024. This is a PDF package of the official AP Microeconomics 2021 Full Exam, complete with all sections including: 1. Multiple Choice. 2. Answer Key. You can obtain full PDF package of the official AP Microeconomics 2021 full exam here. Below is a preview of each sections.1. A firm has a patent on a new carbon-capture technology, making it the only producer of that device. The firm is curently earning a positive economic profit and is producing the profit-maximizing level of output. (a) Draw a correctly labeled graph for the firm and show each of the following. The quantity of carbon-capture devices produced by ...AP ® Macroeconomics 2023 Free-Response Questions 3. Assume that in the country of Zeta, the civilian noninstitutional population aged 16 and over is 1,000,000. The labor force participation rate is 70%, the unemployment rate is 9%, and the natural rate of unemployment is 5%. (a) Calculate the number of people in Zeta that are unemployed. Show ...A. Which of the following is true if real GDP in Year 1 is $5,000 and in Year 2 is $5,200? (A) Output has increased by 4 percent. (B) Output has declined by 4 percent. (C) Output change is uncertain. (D) The economy is experiencing 4 percent inflation. (E) The economy is experiencing a recession. A.AP Macroeconomics MCQ 2018, 60 questions. Subject. AP Macroeconomics. 999+Documents. Students shared 1381 documents in this course. Level. AP. School. El …Collect an answer sheet from each student. Check that each answer sheet has an AP number label and an AP Exam label. Then say: Now you must seal your exam booklet. Remove the white seals from the backing and press one on each area of your exam booklet cover marked “PLACE SEAL HERE.”. Fold each seal over the back cover.

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AP® Economics Micro Exam SECTION I: Multiple-Choice Questions DO NOT OPEN THIS BOOKLET UNTIL YOU ARE TOLD TO DO SO. Instructions Section I of this examination contains 60 multiple-choice questions. Fill in only the ovals for numbers 1 through 60 on your answer sheet. Indicate all of your answers to the multiple-choice questions on the answer ...2 points. One point is earned for drawing a correctly labeled graph showing the short-run Phillips curve (SRPC). One point is earned for drawing the long-run Phillips curve (LRPC) showing the short-run equilibrium, labeled as point X, on the SRPC to the right of the LRPC, and for plotting the numbers in the correct places on the graph. 1 point.AP® Microeconomics Syllabus 1 Syllabus 1058788v1 3 on allocative efficiency and consumer and producer surplus, and make comparisons to perfect competition.) Readings: Chapter 15; Chapter 16, pp. 345-361; Chapter 17, pp. 373-380, 385 Assessment: Test with one long-answer question, two short-answer questions, and eight to twelve multiple-choice questionsTerms in this set (158) Study with Quizlet and memorize flashcards containing terms like Scarcity exists because, An opportunity cost is, You have chosen to take a trip during spring break. If you had not gone, you would either have worked at a temporary job or studied for exams. The opportunity cost of your trip is and more.Terms in this set (21) Which of the following is true for both stocks and bonds? They are easily converted to cash. Cash, a house, bonds, and a savings account are all financial assets. Which of the following rankings lists these assets from the least liquid to the most liquid? House, bonds, savings account, cash.AP Microeconomics Exam. Regularly Scheduled Exam Date: Friday morning, May 18, 2018 Late-Testing Exam Date: Wednesday morning, May 23, 2018 Section I Total Time: 1 hour and 10 minutes Calculator not permitted Number of Questions: 60 (The number of questions may vary slightly depending on the form of the exam.)i.) Demand is the relationship between quantity demanded and the price of a good when all other influences on buying plans remain the same. ii.) Demand refers to one quantity at one time. iii.) "Demand" and "quantity demanded" are the same thing. A. i only. B. ii only.Exam Skills. Learn all about the AP Macroeconomics exam! Learn how to manage the multiple choice questions (MCQs) and how to write great FRQs. Brush up on exam logistics, types of questions, how to draw graphs, helpful tips, sample questions, and practice prompts, With these useful strategies and practice, you'll be prepared to knock the exam ... ….

Summary: The Best AP® Microeconomics Review Guide of 202 4. We've covered a lot in this review guide for the AP® Microeconomics exam. Here are some of the key takeaways: The AP® Microeconomics exam includes 60 MCQs and 3 FRQs. AP® Microeconomics will include topics from all units (Units 1 through 6).1. As the only gas station in a small town, FillUp has a local monopoly on the sale of gasoline. FillUp is currently earning positive economic profit. (a) Draw a correctly labeled graph for FillUp and show each of the following. (i) FillUp's profit-maximizing quantity, labeled QF. (ii) FillUp's profit-maximizing price, labeled PF.AP Microeconomics Practice Test: Imperfect Competition: Monopolistic Competition, Oligopoly. This test contains 5 AP microeconomics practice questions with detailed explanations, to be completed in 6 minutes.Collect an answer sheet from each student. Check that each answer sheet has an AP number label and an AP Exam label. Then say: Now you must seal your exam booklet. Remove the white seals from the backing and press one on each area of your exam booklet cover marked "PLACE SEAL HERE.". Fold each seal over the back cover.Student Answer Sheet for the Multiple-Choice Section. Section I: Multiple-Choice Questions. Section II: Free-Response Questions. Multiple-Choice Answer Key. Free-Response Scoring Guidelines. Scoring Worksheet. Note: This publication shows the page numbers that appeared in the 201 3− 14 AP Exam Instructions book and in the actual exam.Overview of the AP Macroeconomics Exam; 10 Hardest AP Macroeconomics Questions; Final Tips The AP Macroeconomics Exam is fairly tricky compared to other AP exams, with 63.3% of students receiving a score of 3 or higher in 2020 but only 19.7% of students receiving a 5. The exam requires students to complete …2014 AP Microeconomics Practice Exam MCQ Multiple Choice Questions with Answers Advanced Placement 1-28. AP past paper. Course. Economics of Innovation (ECON 126) 7 Documents. Students shared 7 documents in this course. University University of California, Merced. Academic year: 2014/2015. Uploaded by:Visit the College Board on the Web: www.collegeboard.org. Section I: At a Glance Section II: At a Glance. AP® Microeconomics Exam. Regularly Scheduled Exam Date: Thursday afternoon, May 17, 2012 Late-Testing Exam Date: Wednesday afternoon, May 23, 2012. Total Time: 1hour,10minutes. Number of Questions:Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. 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 [email protected]. The ... Ap econ mcq, AP Microeconomics Unit 4 Practice MCQ. 311 terms. Advay_R. Preview. econ chapter 6 test. 11 terms. Thompson_Marren. Preview. Macro Module 1 study set. 16 terms. egelb1. Preview. Micro Exam 2. 45 terms. Blake_Bethune5. Preview. intermicro lesson 3. 21 terms. bubblepies242. Preview. Unit 3 Econ Quiz. 57 terms. Bruh_Moment9696. Preview. BUSERV ..., Terms in this set (25) $750. What is the value of GDP? $650. What is the value of disposable income? Income. The $750 of wages, profit, interest, and rent shown by the red arrow pointing into the factor markets box below illustrates the calculation of GDP using which approach? $14,100. What is the value of GDP?, Exam Skills. Learn all about the AP Macroeconomics exam! Learn how to manage the multiple choice questions (MCQs) and how to write great FRQs. Brush up on exam logistics, types of questions, how to draw graphs, helpful tips, sample questions, and practice prompts, With these useful strategies and practice, you'll be prepared to knock the exam ..., Exam Skills. Learn all about the AP Macroeconomics exam! Learn how to manage the multiple choice questions (MCQs) and how to write great FRQs. Brush up on exam logistics, types of questions, how to draw graphs, helpful tips, sample questions, and practice prompts, With these useful strategies and practice, you'll be prepared to knock the exam ..., The AP® Macroeconomics Exam includes two sections. The first section has 60 multiple-choice questions (MCQs). The second section is the free-response section (FRQs), which includes one long question and two short questions. Section. # of Questions. Time Limit. % of Overall Score. 1: Multiple Choice (MCQs) 60 Questions., Assuming that labor is the only input, mutually beneficial exchange can take place between Aga and Kaza if. A) Aga exchanges 1/2 unit of good X for 1 unit of good Y. B) Aga exchanges 1 1/2 units of good X for 1 unit of good Y. C) Aga exchanges 2 1/2 units of good X for 1 unit of good Y., May 10, 2024 · About the Exam. The AP Macroeconomics Exam will test your understanding of the economic concepts covered in the course, as well as your ability to define economic principles and models; explain given economic outcomes; determine outcomes of specific economic situations; and model economic situations using graphs or visual representations. , AP Microeconomics Free-Response Practice Test 3: The Discipline of Economics. AP Microeconomics Free-Response Practice Test 4: Economic Systems. AP Microeconomics Free-Response Practice Test 5: Demand and Supply: The Basics. AP Microeconomics Free-Response Practice Test 6: Elasticity, Taxation, and Consumer Choice., AP® Microeconomics 2023 Free-Response Questions MICROECONOMICS SECTION II Total Time—1 hour Reading Period—10 minutes . Writing Period—50 minutes . 3 Questions Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your answers. You will then have 50 minutes to answer all three of the following questions., Microeconomics Practice Exam From the 2013 Administration This Practice Exam is provided by the College Board for AP Exam preparation. Teachers are permitted to download the materials and make copies to use with their students in a classr oom setting only. To maintain the security of this exam, teachers should collect all materials after their administration and keep them in a secure location ., 5 points. Calculate the total net benefit of placing three advertisements as $2,200 and show your work: Total net benefit = $3,000 - $800 = $2,200. 1 point. (b) Calculate the marginal net benefit of the third advertisement as $500 and show your work: Marginal net benefit = ($3,000 - $2,200) - ($800 - $500) = $800 - $300 = $500., Ap Econ unit 1 progress check: mcq. 17 terms. julie_wyman. Preview. AP Macroeconomics Unit 1 Collegeboard Test. 31 terms. travis_leung8. Preview. Test #3 chapter 7-9. 21 terms. los18los. Preview. Eco Chapter 6. 11 terms. kenlonelykem. Preview. AP MarcoEconomic Unit 1 Test Review. 20 terms. JohnLucero123456789. Preview. AP Mac Unit 2 Progress …, The AP Microeconomics exam contains two sections. The first section is composed of 60 multiple-choice questions which students have 70 minutes to answer. These questions assess how well students can define economic principles, anticipate outcomes of specified economic situations, and explain those outcomes., Exam Skills. Learn all about the AP Macroeconomics exam! Learn how to manage the multiple choice questions (MCQs) and how to write great FRQs. Brush up on exam logistics, types of questions, how to draw graphs, helpful tips, sample questions, and practice prompts, With these useful strategies and practice, you'll be prepared to knock the exam ..., Real GDP=Nominal GDP/GDP Deflator. Suppose Miguel wants to know the value of real gross domestic product for 2011 in terms of the base year 1984 dollars. In 1984 nominal was $10 billion. In 2011 nominal was $15 billion and the price deflator was 200. Real in 1984 dollars would be equal to which of the., About the Exam. The AP Macroeconomics Exam will test your understanding of the economic concepts covered in the course, as well as your ability to define economic principles and models; explain given economic outcomes; determine outcomes of specific economic situations; and model economic situations using graphs or visual representations., Contents Exam Instructions Student Answer Sheet for the Multiple-Choice Section Section I: Multiple-Choice Questions Section II: Free-Response Questions Multiple-Choice Answer Key Free-Response Scoring Guidelines Scoring Worksheet Note: This publication shows the page numbers that appeared in the 2011−12 AP Exam Instructions book and in the ..., May 10, 2024 · About the Exam. The AP Macroeconomics Exam will test your understanding of the economic concepts covered in the course, as well as your ability to define economic principles and models; explain given economic outcomes; determine outcomes of specific economic situations; and model economic situations using graphs or visual representations. , An ice cream street vendor shows his Cuban pesos in Havana, Cuba, Monday, April 20, 2024. (AP Photo/Ariel Ley) Fonseca is one of an increasing number of …, AP® Microeconomics 2021 Scoring Guidelines . Question 1: Long 10 points (a) Draw a correctly labeled graph for SkyRunner Airlines showing downward sloping demand (D) and marginal revenue (MR) curves with the MR curve below the demand curve. 1 point : For the second point, the graph must show the marginal cost (MC) curve and the profit- ..., 1. The graph below shows the demand curve (D), marginal revenue curve (MR), marginal cost curve (MC), average total cost curve (ATC), and long-run average total cost curve (LRATC) for a monopolist. Using the numbers given in the graph, identify each of the following for the profit-maximizing monopolist. The quantity produced. (ii) The price., In this video, we'll unpack sample multiple-choice questions.Download questions here: https://tinyurl.com/2ceujyeaStay motivated and keep preparing for AP Ex..., AP® MICROECONOMICS 2007 SCORING GUIDELINES Question 1 12 points (4 + 3 + 3 + 2) (a) 4 points: • One point is earned for correctly labeled axes and an MR curve below a downward-sloping demand curve. • One point is earned for showing profit-maximizing Q at MC=MR. • One point is earned for identifying P on the demand curve above Q., One of the best collections of AP Microeconomics practice tests that's available. Great practice questions that are organized by topic. Be sure to review this official practice exam from the College Board. Working through this is a great way to prep for your exam. Includes AP Micro multiple choice and free response., Collect an answer sheet from each student. Check that each answer sheet has an AP number label and an AP Exam label. Then say: Now you must seal your exam booklet. Remove the white seals from the backing and press one on each area of your exam booklet cover marked “PLACE SEAL HERE.”. Fold each seal over the back cover., 1. Economies of Scale. 2. High Start-up Costs. 3. Ownership of Raw Materials. Game Theory. the study of how people behave in strategic situations. Study with Quizlet and memorize flashcards containing terms like 5 Characteristics of a Monopoly, Single Seller (1), "Price Maker" (3) and more., e) 6. 5. Refer to the graph below. If marginal revenue is equal to P1, all of the following statements are true EXCEPT: a) Total revenue will equal total costs. b) The firm will produce Q1 units of output. c) The firm will produce the efficient level of output. d) The firm will earn a normal profit., AP Macroeconomics Practice Exam F rom the 2 014 Administration This Practic e Exa m is provided by the Colleg e Boar d fo r AP Exam preparation . Teacher s ar e permitted to download the material s an d mak e copies to use wit h thei r student s in a classroo m settin g onl y. T o maintai n th e securit y of this exam , teacher s shoul d collec t al l material s afte r thei r administratio n ..., On the AP Micro exam, you'll be faced with two main parts: the multiple-choice section (MCQs) and the free-response section (FRQs). The multiple-choice section is the most significant section of the test, making up 66% of your score. On the exam, you'll be given 70 minutes (1h10m) to answer 60 questions from all 6 units of the course ..., AP Macroeconomics Course and Exam Description. This is the core document for the course. It clearly lays out the course content and describes the exam and AP Program in general. The CED was updated in the summer of 2022 to incorporate new monetary policy content and the updated calculator policy. PDF., AP Econ Unit 3 practice multiple choice. True statements about the theory of the firm in the short run and long run include which of the following? Click the card to flip 👆. - all input quantities are variable in the long run. - at least one input quantity is fixed in the short run. Click the card to flip 👆. 1 / 10., Visit the College Board on the Web: www.collegeboard.org. Section I: At a Glance Section II: At a Glance. AP® Microeconomics Exam. Regularly Scheduled Exam Date: Thursday afternoon, May 17, 2012 Late-Testing Exam Date: Wednesday afternoon, May 23, 2012. Total Time: 1hour,10minutes. Number of Questions:, Show the effect of the wage increase on the graph, labeling the initial quantity of labor hired QL1 and the new quantity of labor hired QL2. 3. Assume that the market for good X is perfectly competitive and that the production of good X creates a negative externality. (a) Draw a correctly labeled graph of the market for good X and show each of ...