AP Micro-Style Practice 1

A country produces only apples and oranges. If it moves from 100 apples and 0 oranges to 80 apples and 30 oranges, the opportunity cost of the 30 oranges is:

Which of the following will cause a rightward shift of the supply curve for laptops?

Assume the market for coffee is in equilibrium. If the price of tea (a substitute) falls, the equilibrium price of coffee will:

The price elasticity of demand for a good is 2.0. If price rises by 5%, quantity demanded will fall by about:

A binding price floor set above equilibrium results in:

If income rises by 8% and quantity demanded of a good rises by 12%, the good is:

On a PPC, a point outside the curve is:

An increase in the minimum wage to $15 when the equilibrium wage is$12 will most likely cause:

Which pair are complements?

If Qd = 200 - 4P and Qs = 40 + 4P, equilibrium quantity equals: