Which of the following is a Nash equilibrium? A) Both Art and Zeb will lower prices. A) discrimination In 2011 nominal GDP was $15 billion and the price deflator was 200. B) 0.7 18 terms. The temperature increases by about 12C and then decreases by about 12C. To stay up to date and adjust your study plan accordingly, read our How to Study for Online AP Exams guide. Video tutorials reviewing concepts can be helpful to supplement your learning and review. 28 terms. A list of online resources recommended by your fellow AP Macroeconomics and Microeconomics teachers. In a rapidly changing climate, the decline of animal populations is a very real concern. E) Workers would be worse off, and the employers would be better off. Explain. Correct. This is the core document for this course. Skip to document. xniamhlynch. ECON. kenken165. free time. AP Exams are regularly updated to align with best practices in college-level learning. 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). 46 studiers recently. Both atmospheric CO2 concentration and Antarctic temperature have remained about the same over the past 800,000 years. D) Both Myron and the bank equally gain. 2. What is the firm's profit-maximizing quantity of output? Students cultivate their understanding of the principles that apply to the functions of individual economic decision-makers by using principles and models to describe economic situations and predict and explain outcomes with graphs, charts, and data as they explore concepts like scarcity and markets; costs, benefits, and marginal analysis; production choices and behavior; and market inefficiency and public policy. C) Amy's will charge the same prices, and Sam's will lower prices. By March, more than 110 of the skinny-snouted creatures had been found dead, most along a 30-kilometer (18-mile) stretch of river. A team of ecologists are studying four different ecosystems with varying levels of biodiversity. These materials are part of a College Board program. C) 2013 What type of unemployment describes the situation of factory workers displaced by automation? Section. E) Workers would be worse off, and the employers would be better off. Which of the following best identifies the author's claim? Answer the following questions: a. Get Started . D) The dominant strategy for Zeb's is to charge the same prices. E8.D7.C6 5.B4.D3.B2.C1. C) $10 billion How long will it take for the population to double? 3.8 Multiple Choice Questions. Roger is a graphic artist, so his resume is several pages long and includes an artistic portfolio. U6 MCQ. Even if the five banks provided the same effective annual rate, would a rational investor be indifferent between the banks? illustrates the potentially catastrophic consequences that disruptions to water bodies can have on aquatic species that are close to the brink. 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. j. a), Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. Learning Opportunities for AP Coordinators. D) Firms must lower their product prices to sell additional units. AP Microeconomics - Unit 2 - Supply & Demand. C. Dominos Pizza. nouns-4. D) differences in bargaining power Images. Correct. hire more workers if each worker can produce 3 units per hour. Birds with smaller beaks are better suited for grasses and soft seeds, while birds with larger beaks are better suited for seeds and nuts. Starting with the 2022-23 school year (spring 2023 exam), a four-function calculator is allowed on both sections of the exam. B) The difference between actual and potential GDP. natelewis_ English Vocab Final. E) There is no Nash equilibrium. A defense of multiple-choice tests, explaining how they are good for assessment, good for research, and good for teaching. C) 0.5 . 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. encourage students to take advantage of on their own, on mobile devices or computers. Use the payback method to determine whether Preston should purchase this plant. Natalie_Vissman. B) Nominal GDP uses current prices to measure the value of final output, while real GDP uses constant prices. What is culture, and what are the five key dimensions that can be used to describe it? The first section has 60 multiple-choice questions (MCQs). E) The average total cost decreases throughout the entire effective demand. Ill be adding new videos as often as I can, so check back regularly! I would like to acknowledge the work of Dick Brunelle and Steven Reff from Reffonomics.com whose work inspired many of the review games on this site. This playlist includes 122 videos breaking down many core topics covered on both the AP Macroeconomics and AP Microeconomics exams. C) a diagonal line Five banks offer nominal rates of 6% on deposits; but A pays interest annually; B pays semiannually; C pays quarterly; D pays monthly; and E pays daily. 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. The supply of the currency will increase and the currency will appreciate. Researchers examined the effect of industrialization and increased pollution (soot) in London on the coloration in a single species of moths. A) Myron loses, while the bank gains. Art Lower Prices $300; $400 $600; $200 Check your answers AFTER you finish 20.A19.E18.B17.A.16.E15.B14.D13.C12.B11.B10. Which of the following is true for both stocks Which of the following is an example of a nonrival resource? Download. Explain. 22 terms. E. dividend section. The following graph shows the marginal social cost (MSC), the marginal private cost (MPC), and the marginal social benefit (MSB) of a good. Americans with at Least a Two-Year Degree. . Which of the following is true about gross domestic product (GDP)? AP Psychology Practice Test: Sensation & Perception pdf download. The above payoff matrix illustrates the daily profits for two restaurants. bircanaydn1206. Explain the relationship between marginal cost and marginal product and marginal cost and AVC and ATC. C. dividend payout ratio The Chambal contains nearly 80 percent of all the gharials left on Earth. . Campbell's and the NFL have worked together in advertising and promotional campaigns and by forming the Campbell's Chunky/NFL Tackling Hunger program that provides canned goods to food banks. Images. AP Macroeconomics: Unit 3 Progress Check MCQ. C) The market for factors of production connects spending by firms to household income. Yukai Resort in the famous Gero Onsen hot spring area of Japan is part of a luxury Japanese hotel chain which performs lean hotel . A schedule showing the relationship between inputs and outputs. The table below shows the daily production of clothing or, Include correctly labeled diagrams, if useful or required, in explaining your answers. The two products are. 17 terms. Would you rather start with one penny ($0.01)(\$ 0.01)($0.01) and double your wealth every day or start with one dime ($0.10)(\$ 0.10)($0.10) and double your wealth every five days (assuming you want to. stevalii. D. dividend portion Mortaldragon21. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. Which of the following is definitely true about the economy between January of 2017 and January of 2018? Find the PV and the FV of an investment that pays 8% annually and makes the following end-of-year payments.1,000iftheinterestrateis8, 0123$100$200$400\begin{matrix} search for any question, passage, or stimulus by text or keyword. RowenAntony5. Which of the following is the correct calculation of Real Gross Domestic Product (GDP) ? Not all free-response questions on . AP Microeconomics will include topics from all units (Units 1 through 6). C) The dominant strategy for Zeb's is to lower prices. Which of the following best describes the change in Antarctic temperature from about 440,000 years ago to about 340,000 years ago? Suppose you dont have the $5,000 but need it at the end of 1 year. Based on the graph above, which of the following tree species would be the predominant species found during the intermediate stage of succession? statement. Art Lower Prices $300; $400 $600; $200 E) The bank gains, while Myron remains unaffected. B) This will harm lenders with variable-interest rate loans. Preston, Co., is considering acquiring a manufacturing plant. Hbabar2002. Does a firm's price equal marginal cost in the short run, in the long run, or both? E) Calculations of GDP include the unsold inventories of goods produced within the borders of the country. **AP, Advanced Placement Program, and College Boardare registered trademarks of the College Board, which was not involved in the production of, and does not endorse, this material. One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. . Each owner has the choice to lower prices for early bird customers or keep prices the same. AP Econ Micro Unit 6 Test. 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. D) Both Amy's and Sam's will charge the same prices. You plan to make a series of depositsannually for A, semiannually for B, quarterly for C, monthly for D, and daily for Ewith payments beginning today. Lower Prices Same Prices Which of the following will happen when the actual inflation rate exceeds the expected inflation rate? 15 terms. B) Jan's real wage is $2.50 per hour at the end of the year due to inflation. GMAT scores for selected undergraduate majors are shown Anterior Upper Limbs. Assign topic questions to reveal student misunderstandings and target your lessons. Download free-response questions from past exams along with scoring guidelines, sample responses from exam takers, and scoring distributions. Free-Response Question and Scoring Archive. His prospective employers want hard copies of his resume, so he wants to have 400 copies of his resume printed. A) there are a large number of rival firms producing very similar products Here are some of the key takeaways: We hope youve found this AP Microeconomics review guide helpful. The question bank is a searchable database of real AP questions. B) Sara has been unable to find a job and abandoned her job search. 21 terms. Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? AP Microeconomics can be pretty dry when it comes to content. Based on the information and assuming Amy's and Sam's do not cooperate, which action will each pursue? 27 terms. By mid-January, the dead reptilessome the length of two tall men, lined up end to endnumbered in the dozens. Lower Prices Same Prices Correct. Sign in to access your AP or Pre-AP resources and tools including AP Classroom. Correct. 27 terms. Fun fact, before Albert, we were called Learnerator. AP Microeconomics Test. RowenAntony5. 21 terms. Which statement is best supported by the data in the graph? What is the firm's profit-maximizing quantity of output? While this study looked specifically at how an altered sense of smell could affect fishes' response to danger, it's likely that other critical behaviors that depend on smell, such as navigation, reproduction, and hunting for food, would also take a hit if fish aren't able to adequately process smells. In the absence of externalities, the perfectly competitive market maximizes economic surplus when. The loans annual interest rate is 8%, and it requires four equal end-of-year payments. Unit 5 Progress Check: MCQ. A firm with market power engages in price discrimination in order to, For the monopolistically competitive firm represented by the graph above, the allocatively efficient quantity of output is, A monopolistically competitive firm's demand curve will be least elastic if As always, you have the flexibility to organize the course content as you like. B) The difference between actual and potential GDP. Study Resources. A) Both Amy's and Sam's will lower prices. Which of the following is an example of an ecosystem service that would provide protection from a hurricane storm surge? 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. Based on the graph above, which of the following years postdisturbance had the greatest species richness? Simulate how different MCQ and FRQ scores translate into AP scores. C) This will harm lenders with fixed-interest rate loans. 5 Big Religions Unit 2. katelyn-7-AP Macroeconomics Unit 3 Progress Check. Which of the following is true of a natural monopoly? Each restaurant has the choice to lower prices for early bird customers or keep prices the same. Question 12. Ecosystem A, because its low genetic diversity could have resulted from an event that reduced the variation in the gene pool. Images. D) Both Amy's and Sam's will charge the same prices. Basking on the brink: An "unholy" river in India may be the last, best hope for one of the world's largest and most imperiled crocodilians. Disinflation refers to a slowdown in the rate of increase in the consumer price index or inflation. Correct. jferr15. e. Suppose Californias population is 36.5 million people and its population is expected to grow by 2% annually. C) This will harm lenders with fixed-interest rate loans. c. Find the PV of$1,000 due in 5 years if the discount rate is 10%. View SG_Unit2ProgressCheckMCQ.pdf from MAC 2013 at Florida Atlantic University. What are the variance and standard deviation for the number of people with at least a two-year college degree? B) Real GDP = GDP deflator/Nominal GDP Get FRQs with included sample responses with a license to Alberts AP Microeconomics. Explain. Get started for free! Progress Check MCQ MCQ Key. below. 12 terms. The framework also encourages instruction C) The dominant strategy for Zeb's is to lower prices. Early theories focused on widespread pollution. If all of the banks are insured by the government (the FDIC) and thus are equally risky, will they be equally able to attract funds? The College Board. . 27 terms. Looking for the best AP Microeconomics review guide for the 2022 AP exam? C) Art will charge the same prices, and Zeb will lower prices. Wrap up your AP Micro studies with unit 6market failure and role of government! A) Workers would be better off, and the employers would be worse off. Which of the following is classified as a discouraged worker? University of Washington One difference between monopolistic competition and oligopoly is that firms in monopolistic competition are assumed to, B) act independently in setting price and output. AP Microeconomics Final Exam. so check back regularly! 21 terms. An international team of researchers reported new evidence of reef fish adjusting to global warming conditions at the genetic level. Correct. The demand curve for good Y will shift to the right because the goods are substitutes. They agreed to a 3 percent per year increase in pay over the 3 years. E) Jan's real wage is $8 per hour at the end of the year. Explain. D) $3.00 Which of the following best identifies the author's claim? Suppose the consumer price index (CPI) was 100 on January 1st, 2017 and 110 on January 1st, 2018 with no changes in nominal wages. Liza0554. 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. What effective annual rate does each bank pay? Share. E) Neither owner has a dominant strategy. A) Both Amy's and Sam's will lower prices. D) Consumer surplus and deadweight loss will be zero because all the surplus will be transferred to producer surplus. E) Nominal GDP takes into account the size of the population while real GDP does not. Donna_Luong2. Time Limit. Based on the graph above, which of the following years postdisturbance did sweetgum experience the greatest biomass? 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. Lower Prices Same Prices AP Macroeconomics Scoring Guide Unit 5 Progress Check: MCQ 1. The image shows two different islands and the relative distance to the nearest mainland. A) Both Amy's and Sam's will lower prices. D) The dominant strategy for Zeb's is to charge the same prices. The above payoff matrix illustrates the daily profits for two restaurants. The research team set up tanks of salt water with three different pHpH levels: today's current average Puget Sound pHpH, the predicted average 5050 years from now, and the predicted average 100100 years in the future. A The supply of the currency will increase and the currency will depreciate. A) The dominant strategy for Art's is to lower prices. AP US History Set 12-13. TESTS. Click on the question, try it out, then watch the review video to walk you through it! E) positive economic profit in the long run. B) economies of scale get rich)? government regulation increases. 16 terms. Same Prices $100; $700 $400; $500 The die-off . A) a large number of firms D) Equating marginal private benefit and marginal private cost must have resulted in inefficiencies in the market. The short-run aggregate supply curve will shift to the right when. 17 terms. 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. The next generation appeared to be advantaged by parental exposure to elevated temperatures. Which of the following is a Nash equilibrium? Test. Zeb When the actual inflation rate exceeds the expected inflation rate, lenders will receive lower real interest rates than expected. A) a horizontal line D) Both Art and Zeb will charge the same prices. free-response questions with scoring guides to help you evaluate student work. Criticize the following AP Microeconomics - Unit 6 - Market Failure & the Role of Government. Correct. Why do you think the government considers as unemployed only those who are without employment but are looking for work? Your students can look up credit and placement policies for colleges and universities on theAP Credit Policy Search. Learn more about the CED in this interactive walk-through. C) Workers and employers would be equally well off. In order to regulate the monopoly to produce the largest possible output without a loss, government regulators would establish a price of Which of the following is an example of a scarce factor of production? AP Macroeconomics Scoring Guide Unit 6 Progress Check: MCQ E 10. B) $2.00 D) mutual interdependence If the price of an apple is $0.50, the marginal utility per dollar spent for the fifth apple is: (A) 20 (B) 30 (C) 40 (D) 60 (E) 100 AP MICROECONOMICS Scoring Guide Unit 1 Progress Check: MCQ 2. Zeb Which of the following is true of a natural monopoly? Test Booklet Name Include . 1 / 21. D) Jan's real wages are equal to the nominal wages. A) Real GDP = Nominal GDP/GDP deflator Which statement is true about the circular flow diagram of an economy? 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. 3. AP Microeconomics Course and Exam Description. The output gap is measured by which of the following? As competition for resources increases, the population size of the island's specialist species will decrease. Which of the following describes the most immediate effect if an invasive generalist species is introduced to the island? For more examples of previous FRQs, check out the College Board archive for AP Microeconomics. B) a vertical line What operations strategies are important at Girlfriend Collective? E) Stagflation. Art Lower Prices $300; $400 $600; $200 Master supply and demand in these Unit 2 AP Micro resources. 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. And dont forget to like and subscribe! B. dividend yield National park camping sites that can be reserved by anyone, Farmland that can be used to grow corn or soybeans, A power company decides to use wind turbines to provide electricity instead of coal. How large must the payments be to each bank? Assume that 50 Americans between the ages of 25 and 64 are selected randomly. Each restaurant has the choice to lower prices for early bird customers or keep prices the same. Jan's real wage is $8 per hour =Nominal wage/(CPI in hundredths)=$10/(125/100) at the end of the year. Spanish vocab list 11. \end{matrix} A) There is a recessionary gap. RowenAntony5. The CED was updated in the summer of 2022 to reflect a change in the calculator policy. The concentration of CO2 fluctuated between 150ppm and 250ppm until recently, when the concentration rose exponentially. Correct. Be sure to check your responses against the Scoring Guidelines for feedback. Therefore we need to divide the 2011 Nominal GDP by the GDP deflator (in hundredths) to deflate 2011 dollars down to 1984 dollars. Terms in this set (17) An increase in the price of good X causes buyers to want to buy more of good Y. the process of confirming members of the president's Cabinet can lead to conflict with members of the Senate. AP Micro Unit 3 Progress . E) Real GDP = Nominal GDP - GDP deflator, A) Real GDP = Nominal GDP/GDP deflator Sets found in the same folder. 1: Multiple Choice (MCQs) 60 Questions. Same Prices $100; $700 $400; $500 A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. C) reduce monopoly profits 2 years? D) The difference between the actual rate of unemployment and the natural rate of unemployment. To obtain Real GDP from nominal GDP and the GDP deflator requires the following calculation: Real GDP = Nominal GDP/(GDP deflator in hundredths). The following table summarizes how much each group is willing to pay for each playground. 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 When a manufacturer of pain medication reduced the price of the medication by 30%, profits declined by almost exactly 30%. 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) Myron gains, while the bank remains unaffected. E) The average total cost decreases throughout the entire effective demand. A) Jan's real wage at the end of this year is $10 an hour because the base year equals 100. Click to share this on Twitter & help others! Lower Prices Same Prices 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. Guest lecturers include: The Faculty Lectures are available on theAP Classroom Course Resources page,under Overview,as well asYouTube. What Units are on the 2022 AP Microeconomics Exam? 22 terms. The economy of Fisherland is at full employment for which year in the above diagram? . AP Microeconomics 95 resources. duck_425299. "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. This resource provides a succinct description of the course and exam. Q. Zeb Which of the following is true in imperfectly competitive markets? Share. The incorrect answers all use some combination of incorrect values in the numerator or denominator. Expert Help. Unit 5 Progress Check: MCQ. ea1104. For a species that is struggling, the fate of this river will determine its future. C) standardized products A) Deflation A) there are a large number of rival firms producing very similar products C) standardized products The above payoff matrix illustrates the daily profit for two restaurant owners, Art and Zeb. . . AP studentscan also access videos on their own for additional support. Art Lower Prices $300; $400 $600; $200 stevalii. Would you rather start with one penny ($0.01)(\$ 0.01)($0.01) and double your wealth every day or start with $1000\$ 1000$1000 and double your wealth every two days (assuming you want to get rich in the long run)? B) there are a large number of rival firms producing more differentiated products Videos are availablein AP Classroom, on your Course Resources page. On 4/22 EARTH DAY!! answer choices. Then youve come to the right place! What is the annuitys FV? The ecologists categorize the different levels of biodiversity for the four ecosystems as shown in the table below. A) $1.00 Welcome to Unit 3 AP Macroeconomics Multiple Choice Questions . D) Nominal GDP includes sales of used goods while real GDP does not. Zeb Powered by Create your own unique website with customizable templates. Which of the following best identifies the author's claim? Each owner has the choice to lower prices for early bird customers or keep prices the same. A) a large number of firms 13 terms. A) This will benefit lenders with fixed-interest rate loans. C) It does not account for the distribution of income in a nation or income inequality. \text{0} & \text{1} & \text{2} & \text{3}\\ Determine the branding strategy that Campbell's and the NFL used. D) Workers would be worse off, and the employers would be unaffected. Retrieved August 30, 2018 from:https://www.biographic.com/posts/sto/basking-on-the-brink . energy prices increase. The above payoff matrix illustrates the daily profit for two restaurants, Amy's and Sam's. Learning Opportunities for AP Coordinators. Anthropogenic disruptions to Earth's resources can have sudden and severe negative consequences to the health of native species, specifically those whose populations are already threatened. Quantity of Snacks Marginal Utility of Snacks Quantity of Movies Marginal, Two countries, Marland and Teckana, can produce either clothing or food using all their available resources at constant opportunity cost. For the following situations identify whether the description is a centralized or decentralized organization. PDF. You'll review elasticity, market equilibrium, and policy. C) Real GDP = Nominal GDP GDP deflator Based on the information, does either firm have a dominant strategy? : Complete Unit 2 Progress Check MCQ . b. assign alongside topic questions to address misunderstandings. B) $7.5 billion 36 terms. D) control monopolies and maintain a competitive market environment h. What will the FV and the PV be for$1,000 due in 5 years if the interest rate is 10%, semiannual compounding? Matt Pedlow, Chelsea High School, Chelsea, Mich. Stephanie Vanderford, Providence Day School, Charlotte, N.C. Carl Coates, Carl Sandburg High School, Orland Park, Ill. Lynda Motiram, Dulaney High School, Timonium, Md. D) 0.2 In the absence of externalities, which market structure produces the socially optimal quantity? The city council divides a community's residents into three groups: individual young adults, families with children, and older adults. Set up an amortization schedule that shows the annual payments, interest payments, principal repayments, and beginning and ending loan balances. Suppose that last year is the base year for the Consumer Price Index (CPI). 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.
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