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    AP Economics FRQ Review

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    Bilal Qureshi
    This document lists the free response questions that have appeared on past AP Microeconomics and AP Macroeconomics exams. For microeconomics, it groups questions by common topics - production possibilities curves, supply and demand, utility, perfect competition, monopoly, factors markets, externalities, and international trade. For macroeconomics, it similarly organizes questions into groups focused on topics like aggregate supply and demand, monetary policy, exchange rates, and long-run economic growth. The document provides an overview of the key concepts frequently tested on the AP exams in economics.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd

    AP Economics FRQ Review

    Uploaded by

    Bilal Qureshi
    321 views6 pages
    This document lists the free response questions that have appeared on past AP Microeconomics and AP Macroeconomics exams. For microeconomics, it groups questions by common topics - production possibilities curves, supply and demand, utility, perfect competition, monopoly, factors markets, externalities, and international trade. For macroeconomics, it similarly organizes questions into groups focused on topics like aggregate supply and demand, monetary policy, exchange rates, and long-run economic growth. The document provides an overview of the key concepts frequently tested on the AP exams in economics.

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    This document lists the free response questions that have appeared on past AP Microeconomics and AP Macroeconomics exams. For microeconomics, it groups questions by common topics - production possibilities curves, supply and demand, utility, perfect competition, monopoly, factors markets, externalities, and international trade. For macroeconomics, it similarly organizes questions into groups focused on topics like aggregate supply and demand, monetary policy, exchange rates, and long-run economic growth. The document provides an overview of the key concepts frequently tested on the AP exams in economics.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    321 views6 pages

    AP Economics FRQ Review

    Uploaded by

    Bilal Qureshi
    This document lists the free response questions that have appeared on past AP Microeconomics and AP Macroeconomics exams. For microeconomics, it groups questions by common topics - production possibilities curves, supply and demand, utility, perfect competition, monopoly, factors markets, externalities, and international trade. For macroeconomics, it similarly organizes questions into groups focused on topics like aggregate supply and demand, monetary policy, exchange rates, and long-run economic growth. The document provides an overview of the key concepts frequently tested on the AP exams in economics.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 6

    AP Microeconomics Free Response Questions

    Production-possibilities Curve
    1999 #2 Production-possibilities Curve (wheat and cloth, comparative advantage)
    2003 #3 Production-possibilities Curve (absolute/comparative advantage, terms of
    trade)
    2008 #3 Production-possibilities Curve (absolute/comparative advantage, terms of
    trade)
    Supply, Demand, Price Floor, Price Ceiling, Elasticity
    1990 #2
    1996 #2
    1994 #2
    1993 #2
    1998 #1
    2000 #3
    2005 #2

    Inelastic Portion of the Demand Curve


    Supply/Demand (circus, price ceiling)
    Supply/Demand (tax on cigarettes, elasticity of demand)
    Supply/Demand (coffee/cream, supply/demand in product/factors markets)
    Supply/Demand (elasticity, price floor, allocative efficiency)
    Supply/Demand (tariffs, elasticity)
    Supply/Demand (taxes, consumer/producer surplus, deadweight loss)

    Utility
    2002 #3 Utility (apples/oranges, total utility, marginal utility)
    2008 #2 Utility (utility, marginal utility, perfectly inelastic, tax on product)
    Perfect Competition
    1990 #1
    1996 #3
    2001 #1
    1989 #1
    1999 #1
    1993 #1
    2001 #1
    1992 #2
    1991 #2
    2005 #1
    2006 #2

    Perfect Competition (increase in demand)


    Perfect Competition (MC, ATC, AVC)
    Perfect Competition (graphs, AVC shut down, LR)
    Perfect Competition (price ceiling)
    Perfect Competition (price ceiling)
    Perfect Competition (decrease in energy costs, MC, AVC, entry/exit)
    Perfect Competition (graphs, AVC shut down, LR)
    Perfect Competition (price ceiling, increase in wholesale price)
    Perfect Competition (change in marginal and average costs)
    Perfect Competition (demand decrease, shut down rule, long run)
    Perfect Competition (costsfixed costs, marginal cost, profit
    maximization, constant costs, per-unit tax)
    2008 #1 Perfect Competition (graphs, lump-sum subsidy, profit, long run vs. short
    short run)
    Monopoly
    1989 #2
    1992 #1
    1993 #3
    1994 #3
    1998 #3

    Monopoly
    Monopoly (basic, economic efficiency)
    Monopoly (single airline, fixed costs go up)
    Monopoly (basic, barriers to entry)
    Monopoly (elasticity of demand, price discrimination)

    1997 #2 Monopoly (normal profits, economic efficiency)


    2003 #2 Monopoly (basic, consumer surplus, deadweight loss)
    2006 #1 Monopoly (graph with many questions relating to graph, accounting profits
    allocative efficiency)
    2007 #1 Monopoly (graph, per-unit tax, per-unit subsidy)
    Perfect Competition AND Monopoly (Combined)
    1996 #1 Perfect Competition/Monopoly (dictator to PC, economic efficiency)
    1999 #3 Perfect Competition/Monopoly (graphs, D = MR, D does not = MR)
    2000 #1 Perfect Competition/Monopoly (elasticity, consumer surplus, allocative
    efficiency)
    2008 #3 Perfect Competition/Monopoly (price celing, social efficiency, natural
    monopoly)
    Monopolistic Competition
    2004 #3 Monopolistic Competition Graph
    Oligopoly
    2007 #3 Game Theory (Roadway and Rankin)
    Factors Market
    1997 #1
    2001 #3
    2005 #3
    1998 #2
    2003 #3
    1000 #2
    1991 #1
    2002 #1
    2007#2

    MRP = MFC (Jones T-shirts)


    MRP = MFC (Sparkle Car Wash, wages)
    MRP = MFC (MP, MRP, MFC, how many workers?)
    MRP = MFC (dim. Marginal returns, MP/AP curve, MP vs. AVC)
    MRP = MFC (definition of MRP, side-by-side graph of PC of PC labor
    industry/individual market, increase in tech/productivity)
    MRP = MFC (wages, p.c., profit)
    Perfect Competition in the factors market
    Perfect Competition/Monopoly (monopoly/p.c., PC factors market)
    MRP = MFC (table, graph MRP = MFC, profit-max., increased
    productivity, MRP = MFC)

    MSB = MSC
    2001 #2
    2002 #2
    1997 #3
    1994 #1
    2003 #1

    MSC = MSB (externalities)


    MSC = MSB (both MSC and MSB curves shift)
    Marginal analysis (MC, MSB, MSC, MP/P)
    Perfect Competition (wages, MRP = MFC, Price floor)
    Perfect Competition (smoke alarm, short run/long run profits, positive
    externalities in the market)
    2004 #1 Externality and Monopoly Graph
    2006 #3 Negative externality, positive externality, per-unit subsidy, graphing
    Tariffs and World Trade

    2004 #2 Domestic/World Graph, tariffs

    AP Macroeconomics Free Response Questions


    Production-possibilities Curve
    1999 #2 Production-possibilities Curve (wheat and cloth, comparative advantage)
    2003 #3 Production-possibilities Curve (absolute/comparative advantage, terms of
    trade)
    2008 #3 Production-possibilities Curve (absolute/comparative advantage, terms of
    trade)
    Circular Flow and GDP
    1997 #2 Circular Flow (circular flow/AD/flow of expenditures/flow of earnings)
    1999 #2 GDP (flow of expenditures/flow of earnings, what is included in GDP)
    2007 #3 GDP (what is and is not included)
    Monetary Policy
    1993 #2 Reserve Requirement (T-account)
    1996 #3 Reserve Requirement (MS, simple money multiplier, limitations)
    2001 #3 Reserve Requirement (M1, M2, maximum loans, limitations)
    2004 #3 FED buys bonds, T account, increase in the money supply
    Aggregate Supply and Aggregate Demand (Monetary/Fiscal/LR)
    1989 #1
    1990 #1
    1993 #1
    1996 #1
    1998 #2
    1998 #1
    2000 #1
    2000 #3
    2001 #1
    2002 #1
    2004 #1
    2005 #1

    AS/AD (economy less than full employment, fiscal/monetary, LR)


    AS/AD (economy is ideal, fiscal, monetary, LR)
    AS/AD (economy is perfect, fiscal messes it up, monetary corrects it)
    AS/AD (high inflation, fiscal, monetary, limitations of these policies)
    Sell Bonds (interest rates, investment, AD, PL, Q)
    AS/AD (economy is perfect, fiscal policy messes it up, monetary policy,
    debt, deficit, supply-side tax policy, LR, AS, PP curve)
    AS/AD (deep recession, monetary, fiscal, I, long run AS)
    Money Market Graph (interest rates, components of AD, AD/AS, PL, Q)
    AS/AD (less than full employment, fiscal, money demand, interest rates,
    corporate taxes, AD/AS, PL, Q)
    AS/AD (economy has high unemployment, fiscal, monetary, interest rates)
    AS/AD, state of economy, FED, flexible wages and prices
    AS/AD, (economy is perfect, goes into recession, FED policies, real interest

    International Market AND Exchange Rates


    1996 #2 Exchange Rates (Yen, Franc, Mark, $, X, M, international value of $)
    1998 #3 International value of the currency (change in labor productivity)
    2000 #2 Exchange Rates (demand for French goods, increase in interest rate,
    international value of $)
    2001 #2 Exchange Rates (international value of $, X, M)
    2002 #3 International Value of $ (interest rates, X, M)

    2003 #2 Inflation (effects on fixed interest account, fixed interest loan, how fiscal
    and monetary policy can correct inflation, affect of inflation on
    nominal rates, affect of inflation on international value of $)
    2004 #2 Loanable funds and exchange market
    2005 #2 Loanable funds, deficit spending, investment, international value of $
    2008 #2 Balance of Payments, current vs. capital account, currency exchange
    market)
    Aggregate Supply and Aggregate Demand (Monetary/Fiscal/LR/International)
    1992 #2
    1994 #3
    1997 #3
    1999 #1

    AS/AD (increase in AD, monetary, fiscal, international value of $, X, M)


    Increase Productivity (AS, P, Q, X, international value of $)
    AS/AD (recession, fiscal, monetary, X, M, international value of $)
    AS/AD (increase in relative interest rates, value of $, X, M, I, AD, AS,
    fiscal, monetary)
    2003 #1 AS/AD (severe recession, fiscal, monetary, value of $, X, M)
    2006 #1 AS/AD (current state, energy costs rise, AS/AD, international value of $)
    2007 #1 AS/AD (money market demand, AS/AD, international value of $)
    Aggregate Supply Shift
    1991 #1 AS/AD (supply shock, fiscal, monetary, X, M)
    1994 #1 AS/AD (stagflation, fiscal, monetary)
    1994 #2 Long Run Growth (short-term interest rates, aggregate expenditures,
    GDP)
    1999 #3 AS/AD (increase in investment, AD, Capital Stock, LR, AS, Q, PP curve)
    2002 #2 AS/Long-run effect (decrease in labor participation, increase in gov. deficit,
    decrease in quantity of inputs required to produce,
    increase in quality of education, increase in savings
    rate)
    Difficult OR Misc. Questions
    1997 #1 Interest rate/Money demand sensitivity
    1993 #3 Nominal Wages Rise Faster than Labor Productivity (what happens to
    the general price level, X, international value of the $)
    2005 #3 Phillips curve (short run and long run)
    2006 #2 Loanable funds market, money market, real interest, nominal interest
    2006 #3 Unemployment, natural rate of unemployment, part-time employees and
    unemployment rate, Phillips curve.
    2007 #2 Federal funds rate, multiplier, nominal interest rate, real interest rate
    2008 #1 Phillips Curve, recession, spending multiplier, tax multiplier, loanable
    loanable funds

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