By Deaton A., Muellbauer J.
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Each question has a detailed answer explanation. These questions will give you valuable independent practice to supplement your regular textbook and the groundwork you are already doing in your AP classroom. This and the other books in this series were written by expert AP teachers who know your exam inside out and can identify the crucial exam information as well as questions that are most likely to appear on the exam. You might be the kind of student who takes several AP courses and needs to study extra questions a few weeks before the exam for a final review.
C) The economy is operating below maximum efficiency and output. (D) The law of decreasing marginal utility does not apply. (E) Marginal benefit is less than marginal cost. 17. A country is said to have a comparative advantage over another country when (A) it can produce a good at a lower opportunity cost than another country (B) it can produce a good using fewer resources per unit of output than another country (C) there is a higher degree of specialization and division of labor compared to another country (D) when comparing each country’s production possibilities frontiers, one country is operating at maximum efficiency and output (E) one country’s production possibilities frontier is shifted farther to the right compared to another country’s production possibilities frontier 18.
D) Fruit takes up less of a consumer’s budget. (E) All of the above 127. All of the following are long-run production decisions EXCEPT (A) an auto-repair shop decides to increase the size of its garage (B) a school decides to hire more teaching assistants due to an increase in the school population (C) a firm increases the number of its plants (D) a school decides to add more classrooms and a new performing arts center (E) a firm decides to close 5% of its plants 128. More firms entering a market, a decrease in price, and a decrease in long-run profits are a result of (A) several firms earning an economic profit on a good or service (B) the characteristics of monopolistic competition (C) the characteristics of an oligopoly (D) several firms not earning an economic profit on a good or service in the short run (E) the prisoner’s dilemma 129.