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AP Microeconomics Unit 2 Practice Test

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About this Exam

Prepare with the AP Microeconomics Unit 2 Practice Test practice quiz. This question bank includes 33 questions covering market, price, firm, company, and monopoly. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

Sample Questions

Question 1
In a command economy
the central government dictates the answers to the fundamental economic questions
The firm should hire more labor so that the MRPL will decrease
the marginal (physical) product of labor and the output price
more resources will be devoted to coffee production.
Explanation:
Correct answer: the central government dictates the answers to the fundamental economic questions
Question 2
Allocative efficiency
Both companies have a dominant strategy and a Nash equilibrium exists.
implies optimal resource deployment.
are interdependent
there must be many buyers and sellers.
Explanation:
Correct answer: implies optimal resource deployment.
Question 3
If the market for corn is competitive, then
works in capitalist societies.
the marginal (physical) product of labor and the output price
there must be many buyers and sellers.
send land, labor, and capital to firms.
Explanation:
Correct answer: there must be many buyers and sellers.
Question 4
Company A and Company B are competing firms that are deciding whether or not to expand their operations. The payoff matrix provided shows the profit to be earned (expressed in thousands) from any decision that is made. Based on the data provided
Enjoying the beauty of a neighbor’s meticulously cared for flowers
are interdependent
more resources will be devoted to coffee production.
Both companies have a dominant strategy and a Nash equilibrium exists.
Explanation:
Correct answer: Both companies have a dominant strategy and a Nash equilibrium exists.
Question 5
A price discriminating monopoly differs from a non-discriminating monopoly because a discriminating monopoly
earns more revenue than a non-discriminating monopoly
more deadweight loss
are interdependent
implies optimal resource deployment.
Explanation:
Correct answer: earns more revenue than a non-discriminating monopoly

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Additional Information

AP Microeconomics Unit 2 Practice Test

This practice set contains 33 questions from the matching question bank and focuses on market, price, firm, company, and monopoly. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Frequently Asked Questions

This quiz contains a total of 33 practice questions carefully selected to test your knowledge on this subject.
Yes, you will have exactly 0 minutes to complete the exam. A countdown timer will be visible once you start.
Yes, you can retake this practice test as many times as you need. The questions and options may be randomized on subsequent attempts to ensure comprehensive learning.

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