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AP Microeconomics Unit 5 Practice Test

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About this Exam

Prepare with the AP Microeconomics Unit 5 Practice Test practice quiz. This question bank includes 8 questions covering labor, marginal, hired, product, and firm. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

Sample Questions

Question 1
If for two resources, labor (L) and capital (K), the ratios of their marginal physical products are the firm should:
hire more labor (L) and use less capital until the ratios are equal.
A decrease in supply of the good
pay less and hire fewer workers than a perfectly competitive market
Increase the amount of capital and decrease labor
Explanation:
Correct answer: hire more labor (L) and use less capital until the ratios are equal.
Question 2
Based on the figure, what is the wage and quantity of labor hired for the monopsony?
5
Wage: W1 | Quantity of Labor: Q1
hire more labor (L) and use less capital until the ratios are equal.
pay less and hire fewer workers than a perfectly competitive market
Explanation:
Correct answer: Wage: W1 | Quantity of Labor: Q1
Question 3
An increase in the demand for fidget spinners will likely cause which of the following?
hire more labor (L) and use less capital until the ratios are equal.
Increase the amount of capital and decrease labor
An increase in the demand for the workers who produce fidget spinners
pay less and hire fewer workers than a perfectly competitive market
Explanation:
Correct answer: An increase in the demand for the workers who produce fidget spinners
Question 4
With the data in the table above, how many units of labor would the employer hire?
4
2
6
3
Explanation:
Correct answer: 3
Question 5
Assume the marginal product of robots is 10,000 and the price of a robot is $1,000, while the marginal product of labor is 81 and the price of labor is $9. What should the firm do?
Increase the amount of capital and decrease labor
An increase in the demand for the workers who produce fidget spinners
pay less and hire fewer workers than a perfectly competitive market
A decrease in supply of the good
Explanation:
Correct answer: Increase the amount of capital and decrease labor

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Additional Information

AP Microeconomics Unit 5 Practice Test

This practice set contains 8 questions from the matching question bank and focuses on labor, marginal, hired, product, and firm. 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 8 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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