Economics Micro & Macro (CliffsAP)

Microeconomics Full-Length Practice Test 2

Section I

■ 60 multiple choice questions 70 minutes

Section II

■ 1 long free-response question and

■ 2 short free-response questions 10 minutes for planning

50 minutes for writing

Total Time: 2 Hours and 10 Minutes

Microeconomics Section I: Multiple-Choice Questions

Directions: You have 70 minutes to complete the 60 multiple-choice questions in this section of the exam.

Questions 1 and 2 refer to the following graph.

Q Q* Quantity

P*

P

Price

ATC

MC

AVC

1. The area of the shaded region represents:
   A. Consumer surplus
   B. Producer surplus
   C. Total fixed costs
   D. Total variable costs
   E. Total losses
   2. In the long run, the horizontal line representing
   price, P*, also represents:
   A. Marginal revenue
   B. Marginal cost
   C. Market price
   D. Total revenue
   E. Foregone price