Ap micro unit 3 test

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AP Micro Exam

The AP®  Microeconomics exam will test topics and skills associated with your ability to define economic principles, models, outcomes, and situations using graphs and visual representations.

Check out our AP Microeconomics Guide for what you need to know about the exam:

What's on the AP Microeconomics exam?

The College Board outlines six major units your AP Microeconomics teacher should cover during the course year:

  • Unit 1: Basic Economics Concepts
  • Unit 2: Supply and Demand
  • Unit 3: Production, Cost, and the Perfect Competition Model
  • Unit 4: Imperfect Competition
  • Unit 5: Factor Markets
  • Unit 6:  Market Failure and the Role of Government

AP Microeconomics Exam Question Types

The AP Microeconomics exam takes 2 hours and 10 minutes to complete and is composed of two sections: multiple-choice and free response.

Section                Timing                            Number of Questions                  % of Exam Score      
Section 11 hour 10 minutes60 multiple-choice questions66%
Section 260 minutes3 free response questions33%

Multiple-Choice

AP Macroeconomics multiple-choice questions consist of individual questions that require background knowledge of economics across a range of topics learned throughout the course. These questions will ask you to:

  • Define economic principles and models
  • Explain given economic outcomes
  • Determine the outcomes of specific economic situations

Free Response

There are three free response questions on the AP Macroeconomics exam: 1 long-response question (worth 50% of the section score) and 2 short-response questions (each worth 25% of the section score). To best prepare for this section, you should be able to:

  • Make assertions about economic concepts, principles, models, outcomes, and/or effects
  • Explain economic concepts, principles, models, outcomes, and/or effects
  • Perform numerical analysis and calculations
  • Create graphs or visual representations

For a comprehensive content review, check out our book, AP Economics Prep

What's a Good AP Microeconomics Score?

AP scores are reported from 1 to 5. Here’s how students scored on latest AP Macroeconomics exam in May 2020:

Score          Meaning                                            Percentage of Test Takers       
5Extremely qualified23.3%
4Well qualified29%
3Qualified16.6%
2Possibly qualified14.2%
1No recommendation 16.9%

Source: College Board  

How can I prepare?  

AP classes are great, but for many students they’re not enough! For a thorough review of AP Microeconomics content and strategy, pick the AP prep option that works best for your goals and learning style.


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Ap Econ Unit 4 Quizlet

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AP Microeconomics Unit 3: Production, Cost, and the Perfect Competition Model Practice Test

AP Microeconomics Unit 3: Production, Cost, and the Perfect Competition Model Practice Test

AP Microeconomics Unit 3: Production, Cost, and the Perfect Competition Model Practice Test

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  1. 1. Question
    The table below shows the total output Bart’s Beans produces with differing amounts of labor.

    At what quantity is the marginal product of labor (MP L ) equal to zero?
  2. 2. Question
    The Merchant of Tennis is a firm that produces tennis balls. The only variable input for this firm is labor.
    What would cause the Merchant of Tennis’ total product of labor curve to shift up?
  3. 3. Question
    The table below contains costs incurred by Fantabulous Enterprises, Inc., but some values are missing.

    What is the total cost of producing 4 units?
  4. 4. Question
    Which of the following statements is true about the relationship between marginal cost (MC) and average total cost (ATC)?
  5. 5. Question
    Tuma Unlimited produces noodles in a perfectly competitive market. Its average total costs, marginal costs, and average variable costs have all decreased, but its average fixed costs haven’t changed.
    Which of the following would cause these changes?
  6. 6. Question
    A firm’s long-run average total cost curve is shown in this figure:

    Which quantity is this firm’s minimum efficient scale (MES)?
  7. 7. Question
    Dineo Enterprises is experiencing economies of scale. Which of the following must be true?
  8. 8. Question
    Malinalli is a painter and coder who likes both professions equally. She can earn $80,000 as a painter or $70,000 per year as a coder, and has no other costs associated with either profession.
    What is Malinalli’s economic profit if she chooses to be a coder instead of a painter?
  9. 9. Question
    What must be true if a firm is earning only a normal profit?
  10. 10. Question
    Which of the following best describes a firm’s profit maximization rule?
  11. 11. Question
    Which of the following best describes what happens in the long run when a firm anticipates that the price of their good will always be less than average total cost (ATC)?
  12. 12. Question
    All of the following are characteristics of perfectly competitive markets EXCEPT
  13. 13. Question
    How is the price in a perfectly competitive market determined?
  14. 14. Question
    The market for happy face stickers is perfectly competitive, and the market price for these stickers is greater than the average total cost (ATC) of a typical firm.
    Which of the following is true about this market?
  15. 15. Question
    If a firm in a perfectly competitive market chooses its profit-maximizing quantity, which of the following MUST be true?
  16. 16. Question
    Cheesy crackers are sold in a perfectly competitive market. An increase in the demand for cheesy crackers increased price in the short run, but prices decreased in the long run.
    Which of the following can be concluded based on the information given?
  17. 17. Question
    Rubber eel toys are produced in a perfectly competitive market. The long-run supply curve for these toys is perfectly elastic. Based on this information, which of the following is true for this industry?
  18. 18. Question
    The coffee industry is perfectly competitive. All firms in the coffee industry are producing an allocatively efficient quantity and are productively efficient.
    Which of the following is most likely true based on this information?
  19. 19. Question
    If a firm operates in a perfectly competitive market, what must be true about the firm’s efficiency in the short run and the long run?
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AP Micro Unit 3 Review

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