From the 2018 Administration m (] CollegeBoard

AP Microeconomics
Practice Exam

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Contents

Exam Instructions

Student Answer Sheet for the Multiple-Choice Section

Section I: Multiple-Choice Questions

Section II: Free-Response Questions

Multiple-Choice Answer Key

Free-Response Scoring Guidelines

Scoring Worksheet

Question Descriptors and Performance Data

---
Note: This publication shows the page numbers that appeared in
the 2017 18 AP Exam Instructions book and in the actual exam.
This publication was not repaginated to begin with page 1.

© 2018 The College Board. College Board, Advanced Placement Program, AP, SAT and the acorn logo are
registered trademarks of the College Board. All other products and services may be trademarks of their
respective owners. Permission to use copyrighted College Board materials may be requested online at:
www.collegeboard.org/request-form.
Exam Instructions

The following contains instructions taken from

the 2017 18 AP Exam Instructions book.
AP Macroeconomics Exam
Regularly Scheduled Exam Date: Wednesday afternoon, May 16, 2018
Late-Testing Exam Date: Friday afternoon, May 25, 2018

AP Microeconomics Exam
Regularly Scheduled Exam Date: Friday morning, May 18, 2018
Late-Testing Exam Date: Wednesday morning, May 23, 2018

Section I Total Time: 1 hour and 10 minutes

Calculator not permitted
Number of Questions: 60
(The number of questions may vary slightly depending on the form of the exam.)
Percent of Total Score: 66.67%
Writing Instrument: Pencil required

Section II Total Time: 1 hour

(10-minute reading period, 50-minute writing period)
Calculator not permitted
Number of Questions: 3 required free-response questions
Percent of Total Score: 33.33%
Writing Instrument: Pen with black or dark blue ink

What Proctors Need to Bring to This Exam

Exam packets Extra No. 2 pencils with erasers
Answer sheets Extra pens with black or dark blue ink
AP Student Packs Lined paper
2017-18 AP Coordinator’s Manual Stapler
This book—2017-18 AP Exam Instructions Watch
AP Exam Seating Chart template Signs for the door to the testing room
School Code and Homeschool/Self-Study Codes – “Exam in Progress”
Pencil sharpener – “Cell phones are prohibited during the test
Container for students’ electronic devices (if needed) administration, including breaks”

75
 Macroeconomics
Before Distributing Exams: Check that the title on exam covers is Macroeconomics,
and is printed in blue on the Section I exam booklet covers. (On any large-type or
photo-enlarged exams, the exam title will be printed in black.) If there are any exam
booklets with a di erent title, contact the AP coordinator immediately.

Microeconomics
Before Distributing Exams: Check that the title on all exam covers is Microeconomics,
and is printed in black. If there are any exam booklets with a di erent title, contact the
AP coordinator immediately.

SECTION I: Multiple Choice

Do not begin the exam instructions below until you have completed the
appropriate General Instructions for your group.

Make sure you begin the exam at the designated time. Remember, you must complete a
seating chart for this exam. See pages 303–304 for a seating chart template and instructions.
See the 2017-18 AP Coordinator’s Manual for exam seating requirements (pages 55–58).

Macroeconomics
If you are giving the regularly scheduled exam, say:
It is Wednesday afternoon, May 16, and you will be taking the
AP Macroeconomics Exam.

If you are giving the alternate exam for late testing, say:
It is Friday afternoon, May 25, and you will be taking the
AP Macroeconomics Exam.

Microeconomics
If you are giving the regularly scheduled exam, say:
It is Friday morning, May 18, and you will be taking the AP Microeconomics Exam.

If you are giving the alternate exam for late testing, say:
It is Wednesday morning, May 23, and you will be taking the
AP Microeconomics Exam.

Macroeconomics
If you are giving a regular format AP Macroeconomics Exam, say:
Look at your exam packet and con rm that the exam title is “AP Macroeconomics,
and is printed in blue on the Section I booklet cover. Raise your hand if your exam
packet contains any title other than “AP Macroeconomics, and I will help you.

If you are giving a large-type or photo-enlarged AP Macroeconomics Exam, say:

Look at your exam packet and con rm that the exam title is “AP Macroeconomics,
and is printed in black. Raise your hand if your exam packet contains any title
other than “AP Macroeconomics, and I will help you.

Microeconomics
Say:
Look at your exam packet and con rm that the exam title is “AP Microeconomics,
and is printed in black. Raise your hand if your exam packet contains any title
other than “AP Microeconomics, and I will help you.

76 AP Economics Exam
 Once you con rm that all students have the correct exam, say: E
In a moment, you will open the exam packet. By opening this packet, you
agree to all of the AP Program’s policies and procedures outlined in the w =
tn
u
2017-18 Bulletin for AP Students and Parents.
·-
E
0
You may now remove the shrinkwrap from your exam packet and take out the
Section I booklet, but do not open the booklet or the shrinkwrapped Section II C
0
materials. Put the white seals aside. . . . u
w
Carefully remove the AP Exam label found near the top left of your exam A.
booklet cover. Place it on page 1 of your answer sheet on the light blue box near cc
the top right corner that reads “AP Exam Label.
If students accidentally place the exam label in the space for the number label or vice
versa, advise them to leave the labels in place. They should not try to remove the label;
their exam can still be processed correctly.

Listen carefully to all my instructions. I will give you time to complete each
step. Please look up after completing each step. Raise your hand if you have
any questions.
Give students enough time to complete each step. Don’t move on until all students are ready.

Read the statements on the front cover of the Section I booklet. . . .

Sign your name and write today’s date. . . .
Now print your full legal name where indicated. . . .
Turn to the back cover of your exam booklet and read it completely. . . .
Are there any questions? . . .
You will now take the multiple-choice portion of the exam. You should have in
front of you the multiple-choice booklet and your answer sheet. You may never
discuss the multiple-choice exam content at any time in any form with anyone,
including your teacher and other students. If you disclose the multiple-choice
exam content through any means, your AP Exam score will be canceled.
Open your answer sheet to page 2. You must complete the answer sheet using a
No. 2 pencil only. Mark all of your responses beginning on page 2 of your answer
sheet, one response per question. Completely ll in the circles. If you need
to erase, do so carefully and completely. No credit will be given for anything
written in the exam booklet. Scratch paper is not allowed, but you may use the
margins or any blank space in the exam booklet for scratch work. Calculators
are not allowed on any part of this exam. Are there any questions? . . .
You have 1 hour and 10 minutes for this section. Open your Section I booklet
and begin.

@ Note Start Time . .

Check that students are marking their answers in pencil on their answer sheets and that
they are not looking at their shrinkwrapped Section II booklets.

After 1 hour, say:

There are 10 minutes remaining.

After 10 minutes, say:

Stop working. Close your booklet and put your answer sheet on your desk,
faceup. Make sure you have your AP number label and an AP Exam label on
page 1 of your answer sheet. Sit quietly while I collect your answer sheets.

AP Economics Exam 77
 Collect an answer sheet from each student. Check that each answer sheet has an
AP number label and an AP Exam label.

After all answer sheets have been collected, say:

Now you must seal your exam booklet using the white seals you set aside
earlier. Remove the white seals from the backing and press one on each area of
your exam booklet cover marked “PLACE SEAL HERE. Fold each seal over the
back cover. When you have nished, place the booklet on your desk, faceup.
I will now collect your Section I booklet. . . .
Collect a Section I booklet from each student. Check that each student has signed the front
cover of the sealed Section I booklet.

There is a 10-minute break between Sections I and II. When all Section I materials
have been collected and accounted for and you are ready for the break, say:
Please listen carefully to these instructions before we take a 10-minute break.
All items you placed under your chair at the beginning of this exam must stay
there, and you are not permitted to open or access them in any way. Leave your
shrinkwrapped Section II packet on your desk during the break. You are not
allowed to consult teachers, other students, notes, or textbooks during the
break. You may not make phone calls, send text messages, check email, use
a social networking site, or access any electronic or communication device.
Remember, you may never discuss the multiple-choice exam content with
anyone, and if you disclose the content through any means, your AP Exam score
will be canceled. Are there any questions? . . .

@ You may begin your break. Testing will resume at .

SECTION II: Free Response

After the break, say:
May I have everyone’s attention? Place your Student Pack on your desk. . . .
You may now remove the shrinkwrap from the Section II packet, but do not open
the exam booklet until you are told to do so. . . .
Read the bulleted statements on the front cover of the exam booklet. Look up
when you have nished. . . .
Now take an AP number label from your Student Pack and place it on the
shaded box. If you don’t have any AP number labels, write your AP number in the
box. Look up when you have nished. . . .
Read the last statement. . . .
Using your pen, print the rst, middle, and last initials of your legal name in the
boxes and print today’s date where indicated. This constitutes your signature and
your agreement to the statements on the front cover. . . .
Turn to the back cover and, using your pen, complete Item 1 under “Important
Identi cation Information. Print the rst two letters of your last name and the
rst letter of your rst name in the boxes. Look up when you have nished. . . .
In Item 2, print your date of birth in the boxes. . . .
In Item 3, write the school code you printed on the front of your Student Pack in
the boxes. . . .
Read Item 4. . . .

78 AP Economics Exam
 Are there any questions? . . . E
If this is your last AP Exam, you may keep your Student Pack. Place it under your
chair for now. Otherwise I will collect all Student Packs. . . .
w =
tn
u
Read the information on the back cover of the exam booklet. Do not open the ·-
E
booklet until you are told to do so. Look up when you have nished. . . . 0
C
Collect the Student Packs. 0
u
Then say: w
A.
Are there any questions? . . . cc
The total Section II time is 1 hour. This includes a 10-minute reading period.
The reading period is designed to provide you with time to develop thoughtful,
well-organized responses. You are advised to take advantage of the reading
period to plan what you will write. You may begin writing your exam responses
before the reading period is over. You may make notes on page 3 and the pages
that contain the exam questions, but your responses must be written on the
designated lined pages. Are there any questions? . . .
You are responsible for pacing yourself and may proceed freely from one
question to the next. You must write your answers in the Section II booklet
using a pen with black or dark blue ink. You are not permitted to use other
colored pens or pencils to draw graphs or diagrams. If you need more paper
to complete your responses, raise your hand. At the top of each extra sheet of
paper you use, write only:
your AP number, and
the question number you are working on.
Make sure to begin your response on the lined page directly following the rst
appearance of the question and continue your response on the additional lined
pages that follow. Remember to write your answers on the lined pages provided
for each question; only responses written on the lined pages will be scored.
You may now open the Section II booklet and begin the 10-minute
reading period.

@ Note Start Time . .

After 10 minutes, say:
The reading period is over. You have 50 minutes remaining to complete Section II.

@ Note Start Time . .

Check that students are using pens and that they are writing their answers in their
exam booklets.

After 40 minutes, say:

There are 10 minutes remaining.

After 10 minutes, say:

Stop working and close your exam booklet. Place it on your desk, faceup. . . .
If any students used extra paper for a question in the free-response section, have those
students staple the extra sheet(s) to the rst page corresponding to that question in
their exam booklets. Complete an Incident Report after the exam (see page 67 of the
2017-18 AP Coordinator’s Manual for complete details).

Then say:
Remain in your seat, without talking, while the exam materials are collected. . . .

AP Economics Exam 79
 Collect a Section II booklet from each student. Check for the following:
Exam booklet front cover: The student placed an AP number label on the shaded box
and printed their initials and today’s date.
Exam booklet back cover: The student completed the Important Identi cation
Information” area.
When all exam materials have been collected and accounted for, return to students any
electronic devices you may have collected before the start of the exam.

If you are giving the regularly scheduled exam, say:

You may not discuss or share the free-response exam content with anyone
unless it is released on the College Board website in about two days. Your
AP Exam score results will be available online in July.

If you are giving the alternate exam for late testing, say:
None of the content in this exam may ever be discussed or shared in any way at
any time. Your AP Exam score results will be available online in July.

If any students completed the AP number card at the beginning of this exam, say:
Please remember to take your AP number card with you. You will need the
information on this card to view your scores and order AP score reporting
services online.

Then say:
You are now dismissed.

After-Exam Tasks
Be sure to give the completed seating chart to the AP coordinator. Schools must retain
seating charts for at least six months (unless the state or district requires that they be
retained for a longer period of time). Schools should not return any seating charts in their
exam shipments unless they are required as part of an Incident Report.
NOTE: If you administered exams to students with accommodations, review the 2017-18 AP
Coordinator’s Manual and the 2017-18 AP SSD Guidelines for information about completing
the NAR form, and returning these exams.
The exam proctor should complete the following tasks if asked to do so by the
AP coordinator. Otherwise, the AP coordinator must complete these tasks:

Complete an Incident Report for any students who used extra paper for the free-response
section. (Incident Report forms are provided in the coordinator packets sent with
the exam shipments.) These forms must be completed with a No. 2 pencil. It is
best to complete a single Incident Report for multiple students per exam subject, per
administration (regular or late testing), as long as all required information is provided.
Include all exam booklets with extra sheets of paper in an Incident Report return
envelope (see page 67 of the 2017-18 AP Coordinator’s Manual for complete details).
Return all exam materials to secure storage until they are shipped back to the
AP Program. (See page 26 of the 2017-18 AP Coordinator’s Manual for more information
about secure storage.) Before storing materials, check the “School Use Only” section on
page 1 of the answer sheet and:
Fill in the appropriate section number circle in order to access a separate
AP Instructional Planning Report (for regularly scheduled exams only) or subject
score roster at the class section or teacher level. See “Post-Exam Activities” in the
2017-18 AP Coordinator’s Manual.
Check your list of students who are eligible for fee reductions and ll in the
appropriate circle on their registration answer sheets.

80 AP Economics Exam
Section I: Multiple-Choice Questions

This is the multiple-choice section of the 2018 AP Exam.

It includes cover material and other administrative instructions
to help familiarize students with the mechanics of the exam.
(Note that future exams may differ in look from the following content.)
AP®Microeconomics Exam
SECTION I: Multiple Choice 2018
DONOTOPENTHISBOOKLET
UNTILYOUARETOLDTODOSO.

At a Glance Instructions
Section I of this exam contains 60 multiple-choice questions. Fill in only the circles for
TotalTime numbers 1 through 60 on your answer sheet.
1 hour and 10 minutes
Numberof Questions Indicate all of your answers to the multiple-choice questions on the answer sheet. No
60 credit will be given for anything written in this exam booklet, but you may use the booklet
Percentof TotalScore for notes or scratch work. After you have decided which of the suggested answers is best,
66.67% completely fill in the corresponding circle on the answer sheet. Give only one answer to
WritingInstrument each question. If you change an answer, be sure that the previous mark is erased
Pencil required completely. Here is a sample question and answer.
ElectronicDevice
None allowed Sample Question Sample Answer
Chicago is a @ e @@®
(A) state
(B) city
(C) country
(D) continent
(E) village

Use your time effectively, working as quickly as you can without losing accuracy. Do not
spend too much time on any one question. Go on to other questions and come back to
the ones you have not answered if you have time. It is not expected that everyone will
know the answers to all of the multiple-choice questions.
Your total score on the multiple-choice section is based only on the number of questions
answered correctly. Points are not deducted for incorrect answers or unanswered
questions.

Form I
Form Code 40BP4-S

34
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-2-
 MICROECONOMICS
Section I
Time-1 hour and 10 minutes
60 Questions

Directions: Each of the questions or incomplete statements below is followed by five suggested answers or
completions. Select the one that is best in each case and then fill in the corresponding circle on the answer sheet.

1. The study of economics exists because people are 3. If a hurricane reduced the crab population, the
confronted with the basic problem of price of crabs and quantity sold would change
in which of the following ways?
(A) elasticity
(B) negative externality Price Quantit)'.
(C) scarcity
(A) Increase Increase
(D) overabundance
(B) Increase Decrease
(E) monopoly
(C) Decrease Increase
(D) Decrease Decrease
(E) No change Decrease

4. To determine whether two goods are

Quantity of Pollution complements, one would calculate the
Reduction Total Benefit
(A) price elasticity of demand
(in tons) (in dollars)
(B) price elasticity of supply
0 0 (C) income elasticity of demand
(D) cross-price elasticity of demand
1 300 (E) input-price elasticity of supply
2 550
3 650
4 725
5 775

2. The table above shows the total benefit associated

with reducing different levels of pollution on a
small island. The cost of eliminating one ton of
pollution is $150. Which of the following is the
optimal quantity of pollution to eliminate?
(A) 5 tons
(B) 4 tons
(C) 3 tons
(D) 2 tons
(E) 1 tons

Unauthorized copying or reuse of

any part of this page is illegal.
GO ON TO THE NEXT PAGE.
-3-
 Questions 7-8 are based on the table below, which
shows a firm's average variable cost and average
Supply
total cost.
I J
I i 1K
PE ______ Q1
____
I
:______
JH
I I
Average
Variable
Average
Total
I I
I
I
I
Output Cost Cost
I I
I
I
1 $40 $160
I
I
Demand 2 35 95
0 Q3 Quantity
of Good Y 3 40 80
4 45 75
5. The diagram above depicts the demand and supply
5 50 74
curves for good Y. The perfectly competitive
market is initially in equilibrium, but the 6 55 75
government decides to institute a price floor
program by setting the price of good Y at Pp and
agrees to purchase all unsold units of good Y 7. The average fixed cost of producing four units of
output is equal to
from the producers. The cost of this program to
the government is represented by which of the (A) $120
following areas? (B) $95
(C) $75
(A) 0PpJQ 2 (D) $50
(B) 0PpKQ 3
(E) $30
(C) GIKH 8. In the short run, the lowest price at which the firm
(D) Q1IJQ2 will continue to produce is
(E) Q1IKQ3 (A) $80
(B) $74
6. For a normal good, the income effect of a price (C) $50
change refers to the change in the consumption of (D) $35
the good that occurs because of the change in (E) $30
(A) consumers' purchasing power
(B) the demand for a substitute good
(C) the supply of the good
(D) relative price
(E) marginal utility

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9. Bruce is a talented writer and graphic artist who 14. Which of the following would cause the wage for
enjoys both types of work equally. Instead of computer programmers to increase?
earning $45,000 as a writer, Bruce now earns
(A) A decrease in the amount of physical capital
$25,000 in accounting profits as a graphic artist
per computer programmer
using the same computer equipment he would
(B) An improvement in the education of
have used as a writer. What is Bruce's economic
computer programmers
profit from choosing to work as a graphic artist?
(C) An increase in the social prestige associated
(A) -$45,000 with being a computer programmer
(B) -$20,000 (D) A decrease in the value that computer
(C) $20,000 programmers place on leisure
(D) $45,000 (E) A minimum wage set below the equilibrium
(E) $70,000 wage in the market for computer
programmers
10. Game theory is most useful in describing
outcomes in markets where 15. The socially optimal quantity of a public good
is provided when
(A) firms are price takers
(B) there is only one producer (A) marginal private cost equals marginal private
(C) there are many small producers benefit
(D) products are identical for all firms (B) marginal social cost equals marginal social
(E) there are interdependent firms benefit
(C) total private cost equals total social benefit
11. Which of the following is a characteristic of firms (D) total social cost equals total social benefit
in a perfectly competitive industry? (E) marginal social benefit minus marginal social
cost is at a maximum
(A) Engaging in collusive behavior
(B) Facing significant barriers to entry
16. Command economies differ from capitalist
(C) Setting the market price
economies mainly because of which of the
(D) Producing identical products
following?
(E) Earning positive long-run economic profit
(A) Command economies have higher prices
12. A perfectly competitive firm's short-run supply for oil.
curve is the portion of the marginal cost curve (B) Capitalist economies have higher prices
that is for oil.
(C) Command economies have higher degree
(A) above the average total cost curve
of government ownership of resources.
(B) above the average variable cost curve
(D) Capitalist economies have higher degree
(C) above the minimum average fixed cost curve
of government ownership of resources.
(D) above the demand curve
(E) Command economies rely on prices to
(E) between the average fixed cost curve and the
allocate resources.
average variable cost curve
17. In the rental housing market, what would be the
13. Which of the following is a necessary condition
effect of a rent control that was set at the market
for price discrimination?
equilibrium rental price?
(A) Resale of the product or service is possible.
(A) It would increase the number of housing
(B) Buyers have identical elasticities of demand.
units available, creating a surplus.
(C) The seller can separate consumers according
(B) It would decrease the number of housing
to their elasticities of demand.
units available, creating a shortage.
(D) The seller is a perfectly competitive firm.
(C) It would have no impact on the number of
(E) Buyers are aware of prices charged to other
housing units available.
buyers.
(D) It would increase the consumer surplus and
decrease the producer surplus.
(E) It would decrease the consumer surplus and
increase the producer surplus.

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18. If the demand for product X is perfect!y elastic 19. All of the following cause a rightward shift in the
and the supply of product X decreases, which of demand schedule for a normal good EXCEPT
the following will occur in the market for X ?
(A) a decrease in the price of the good
(A) Total revenue will increase. (B) a decrease in the price of a complementary
(B) Total revenue will decrease. good
(C) Total revenue will remain the same. (C) an increase in the price of a substitute good
(D) Quantity demanded will exceed quantity (D) an increase in consumers' income
supplied. (E) an increase in consumers' preference for the
(E) Quantity supplied will exceed quantity good
demanded.

Mary's Demand Mark's Demand

$12 $12
$10 $10
$8
$6 ""I"" $8
$6
"- ~
I"-..

""""'
............
$4 $4
"- r------..
$2 $2 ""--..

0 1
"" 2 3 4 5
Quantity
6 7 8 0 1 2 3 4
Quantity
5 6 "
7 8

20. The graphs above show Mary's demand for hamburgers and Mark's demand for hamburgers. Suppose Mary and
Mark are the only two consumers in the market. Which of the following is a point on the market demand curve
for hamburgers?
Price Quantity
(A) $2 12
(B) $4 7
(C) $6 6
(D) $8 4
(E) $10 8

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21. A firm is currently employing a cost-minimizing 24. Monopolistically competitive product markets are
combination of labor and capital for a given level inefficient because
of output. The firm is employing 20 workers, and
(A) price equals the marginal value to the buyer
the marginal product of the last worker is 40 units
of the last item produced
of output. The firm is employing 100 units of
(B) price is greater than marginal cost
capital, and the marginal product of the last unit
(C) excessive competition prevents other firms
of capital is 10 units of output. If the wage rate is
from entering the market
$20 per hour, what is the price of capital?
(D) homogeneous goods are usually overpriced
(A) $2.5 per hour (E) short-run economic profit-making
(B) $5 per hour opportunities exist
(C) $10 per hour
(D) $100 per hour 25. North Springs and South Springs are two firms
(E) $200 per hour that serve the local market for bottled water. Each
firm must choose to either maintain or increase
22. If a firm's production function exhibits its current output. The first entry in each cell in
diminishing marginal product of the variable the payoff matrix below shows the profits for
input in the short run, which of the following North Springs, and the second entry in each cell
about the firm's short-run marginal cost (MC) shows the profits for South Springs.
curve must be true?
(A) As output increases, the MC curve slopes South Springs
upward.
(B) As output increases, the MC curve slopes Maintain Increase
downward and becomes flatter. Output Output
(C) As output increases, the MC curve slopes
downward and becomes steeper. Maintain
$15,$30 $15,$45
(D) The MC curve is horizontal. North Output
(E) The MC curve is vertical. Springs Increase
$30,$26 $27,$28
Output
23. Catering, Inc., which provides catering services
in a perfectly competitive market, was maximizing
If the two firms do not cooperate, which of the
profits at the market price of $22 per meal. The
market price has recently increased to $28 per following represents the payoff North Springs and
meal. Which of the following short-run South Springs receive in the dominant-strategy
adjustments will increase profits for Catering, Inc.? equilibrium and the Nash equilibrium?

(A) Increasing output until the marginal cost Dominant Strategy Nash Equilibrium
equals the new price (A) None ($27, $28)
(B) Increasing output until the average total cost (B) ($27, $28) ($15, $45)
equals the new price (C) ($30, $26) ($15, $45)
(C) Decreasing output because of the increase in (D) ($27, $28) ($27, $28)
market price (E) ($30, $26) ($27, $28)
(D) Increasing the wage rate paid to its workers
(E) Increasing advertising to increase demand for
the meals

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26. A monopolist's demand curve is necessarily Questions 30-31 refer to the following diagram,
(A) the same as the market demand curve which shows the marginal social cost (MSC), the
(B) the same as its marginal revenue curve marginal private cost (MPC), and the marginal
(C) upward sloping social benefit (MSB) associated with the
(D) perfectly elastic production of a good in a market.
(E) perfectly inelastic

27. A profit-maximizing, perfectly competitive firm

is currently in long-run equilibrium. It is earning
$15,000 of total revenue from a sale of 1,000
units. Its total fixed cost of production is $2,500.
Which of the following can correctly be inferred
from the information provided?
(A) Its marginal cost is $12.50, and its average
total cost is $12.50.
(B) Its marginal cost is $12.50, and its average
variable cost is $12.50.
(C) Its marginal cost is $15.00, and its average
total cost is $12.50.
(D) Its marginal cost is $15.00, and its average
Quantity
variable cost is $12.50.
(E) Its marginal cost is $15.00, and its average
fixed cost is $12.50.

28. When the demand for new homes decreases, the 30. Which of the following describes the type of
demand for construction workers who build extemality generated by the unregulated private
homes decreases. This relationship illustrates market and the resulting deadweight loss?
the concept of Type of Deadweight
(A) derived demand Extemality Loss
(B) diminishing marginal productivity of labor (A) Positive egh
(C) substitution in production (B) Positive ehf
(D) supply shock (C) Negative ehf
(E) property rights (D) Negative egh
(E) Negative P4 ghP2
29. Which of the following is likely to shift an
industry's labor supply curve to the left? 31. The government can attempt to correct the
extemality by setting a
(A) A decrease in immigration restrictions
(B) A decrease in the cost of child care (A) per-unit tax equal to (P4 P 1)
(C) An increase in the number of (B) per-unit tax equalto (P4 P2)
remote-working jobs
(C) per-unit subsidy equal to (P4 P2)
(D) An increase in preference for leisure
(E) An increase in wages (D) per-unit subsidy equal to (P3 P2)
(E) price ceiling at P2

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32. Both Amy and Brad produce and consume apple 34. Assume that the supply of com is relatively price
pie and ice cream. In one hour, Brad makes inelastic, while the demand for com is relatively
five apple pies or ten gallons of ice cream while price elastic. If the government imposes a per-unit
Amy makes fifteen apple pies or fifteen gallons of excise tax on the production of com, the incidence
ice cream. Based on the above information, one of the tax will fall
can correctly conclude that
(A) entirely on buyers
(A) Brad has an absolute advantage in making ice (B) more on buyers than on sellers
cream and will sell ice cream to Amy (C) entirely on sellers
(B) Brad has a comparative advantage in making (D) more on sellers than on buyers
ice cream and will sell ice cream to Amy (E) equally on both buyers and sellers
(C) Brad does not have a comparative advantage
in making either good and will not trade 35. Assume the following utility schedule for
with Amy Aaliyah's ice cream consumption. If she
(D) Brad has an absolute advantage in making consumes 6 units, what is the value of her
apple pies but a comparative advantage total utility from consuming ice cream?
in making ice cream
Quantity_Consumed Marginal Utility_
(E) Brad's opportunity cost of making
ice cream is higher than Amy's 1 8
2 6
33. If the government imposes a per-unit tax on
personal computers, consumer surplus in the 3 4
personal computer market will
4 2
(A) decrease, because the price paid by
5 0
consumers for personal computers will have
increased 6 -2
(B) decrease, because there will be more personal
computers on the market (A) 22
(C) increase, because personal computer
(B) 20
manufacturers will pass the tax on to (C) 18
consumers (D) 0
(D) increase, because consumers will buy more (E) -2
imported personal computers
(E) not change because the demand is unit elastic

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36. Economies of scale can be illustrated by 39. There are four firms in an oligopolistic industry.
The four firms agree to collude and act like
(A) an increasing short-run marginal cost curve
a monopoly. If one of the firms violates the
as a firm produces more output
agreement and charges a lower price or sells
(B) a decreasing short-run average total cost
a larger quantity than what was agreed to, what
curve as a firm produces more output
will happen in the short run?
(C) a downward-sloping long-run supply curve
for an industry (A) The firm that cheats will earn higher profits,
(D) a decreasing long-run average total cost curve and industry profits will be lower.
as a firm produces more output (B) The firm that cheats will earn higher profits,
(E) an increasing long-run average total cost and industry profits will be higher.
curve as a firm produces more output (C) The firm that cheats will earn lower profits,
and industry profits will be lower.
37. In a monopsonistic labor market, a firm will (D) The firm that cheats will earn lower profits,
continue to hire workers until the marginal and industry profits will be higher.
revenue product of labor (E) The firms that do not cheat will earn higher
profits.
(A) equals marginal factor (resource) cost,
resulting in more workers being hired
40. Which of the following can give a firm market
at a lower wage compared with a perfectly
power?
competitive labor market
(B) equals marginal factor (resource) cost, (A) Having access to common information
resulting in fewer workers being hired (B) Producing a standardized or homogeneous
at a lower wage compared with a perfectly product
competitive labor market (C) Lacking barriers to entry or exit
(C) equals marginal factor (resource) cost, (D) Having a large number of competitors in
resulting in fewer workers being hired the market
at a higher wage compared with a perfectly (E) Having economies of scale in production
competitive labor market over the range of market output
(D) is less than marginal factor (resource) cost,
resulting in more workers being hired at a 41. In monopolistic competition, a goal of
lower wage compared with a perfectly advertising is to
competitive labor market
(A) reduce a firm's short-run average total cost
(E) is less than marginal factor (resource) cost,
(B) minimize a firm's long-run average total cost
resulting in fewer workers being hired at a
(C) make a firm's demand curve more elastic
lower wage compared with a perfectly
(D) make a firm's demand curve less elastic
competitive labor market
(E) shift a firm's demand curve to the left
38. Assume that a monopolistically competitive firm
is currently maximizing profit with an output of
100 units and a price of $50. Which of the
following is true?
(A) Total revenue is maximized when the firm
produces 100 units of output.
(B) Marginal revenue equals $50 when the firm
produces 100 units of output.
(C) Marginal cost is greater than marginal
revenue when the firm produces 150 units
of output.
(D) Marginal cost is minimized when the firm
produces 100 units of output.
(E) Average total cost is minimized when the
firm produces 100 units of output.

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Questions 42-43 are based on the following output 44. In a perfectly competitive market for a good with
and total revenue for a monopolist in the product a downward sloping demand curve and an upward
market. sloping supply curve, the marginal social benefit
is greater than the marginal social cost at the
Output Total market equilibrium quantity. The government
imposition of a new per-unit tax on the production
Quantity Revenue of the good would
(units) ($)
(A) have no effect on the price of the good
0 0 (B) increase consumer surplus
(C) increase the deadweight loss
1 11
(D) increase producer surplus
2 20 (E) increase the quantity sold of the good
3 27
4 32
5 35
6 36
7 35

The marginal product of labor is constant at 1 unit

for every additional unit of labor. The monopolist
hires labor in a perfectly competitive market at the
wage rate of $5 per hour.

42. What is the marginal revenue product of labor

when the firm produces the third unit of output?
(A) $3
(B) $7
(C) $9
(D) $20
(E) $27

43. How many units of labor should the firm employ

to maximize profits?
(A) 1
(B) 2
(C) 4
(D) 5
(E) 6

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 8100 47. Assume that the market for beef is perfectly
0
(.) competitive and in equilibrium. Which of the
c::
...... following would most likely result in an increase
'o
.... 80 in both the equilibrium price and the equilibrium
c::
(l) quantity of beef?
~
o... 60 (A) An increase in the supply of chicken,
a substitute good
(B) A decrease in consumers' income, assuming
40 that beef is a normal good
(C) An increase in the supply of potatoes,
a complementary good
20 (D) An increase in the price of com, an input
in the production of beef
(E) An announcement by the medical community
that consumption of beef increases the risk
0
20 40 60 80 100 of heart disease
Percent of Familie s
48. Assume that more corn is used to produce
45. The Lorenz curves in the graph above show the ethanol. Simultaneously, more effective control of
effects of a tax system on income inequality. pests and weeds occurs in farming. Which of the
Which of the following statements must be true? following will definitely occur in the corn
(A) Before the tax, 20% of families lived market?
below the poverty level, and after the tax, (A) The price of corn will increase.
none did. (B) The quantity of corn will decrease.
(B) The tax redistributed income only from the (C) The price of com will decrease.
top 20% of families to the lowest 20%. (D) The quantity of corn will increase.
(C) The tax system is proportional. (E) The supply of com will decrease.
(D) The tax system is regressive.
(E) The tax system is progressive. 49. The absolute value of the price elasticity of
demand for a good increases when
46. Movement along a production possibilities curve
shows which of the following? (A) the good has fewer substitutes
(B) the good becomes a necessity
(A) The trade-offs society faces (C) consumers spend greater portion of their
(B) The total amount of available resources budget on the good
(C) The combination of inputs required for (D) the price of an input used to produce the good
a given output increases
(D) The relationship between the price of (E) the good must be purchased immediately
an input and the quantity demanded
(E) The decrease in efficiency

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50. Mickey has a $20 gift card that she is planning 52. The table below shows a competitive firm's total
to use to download 10 songs and 5 games. The variable cost (TVC) and total fixed cost (TFC) at
download price for each song is $1 and the various units of output.
download price for each game is $2. Her marginal
utility from the tenth song is 30, and her marginal Output TVC TFC
utility from the fifth game is 70. Based on this 0 0 9
information, which of the following statements
is true? 1 3 9

(A) Mickey's plan will maximize her utility. 2 8 9

(B) Mickey can increase utility by buying more 3 15 9
songs and fewer games.
(C) Mickey can increase utility by buying more 4 26 9
games and fewer songs.
5 38 9
(D) Since games are twice as expensive as songs,
Mickey should buy twice as many songs.
(E) Since games are twice as expensive as songs, When output is 3 units, which of the following is
Mickey should buy twice as many games. correct?
Average
51. Max Company produces electronic gadgets using Variable Marginal
labor and capital. If Max increases labor and Cost Cost
decreases capital to produce the same quantity of
gadgets, what will happen to the marginal product (A) 5 6
(MP) of labor and the MP of capital? (B) 5 7
(C) 6 5
(D) 7 7
MP of Labor MP of Canital
(E) 7 6
(A) Decrease Increase
(B) Decrease No change
(C) Increase Increase
(D) Increase Decrease
(E) No change Increase

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Questions 53-54 refer to the graph of a profit- 55. Which of the following is true of a
maximizing firm below. monopolistically competitive firm in
long-run equilibrium?
(A) It produces where price equals marginal
cost, and it earns zero economic profits.
(B) It produces where marginal revenue exceeds
Average marginal cost, and it earns positive
Total Cost economic profits.
(C) It produces where marginal cost equals
marginal revenue, and the price is equal to
average total cost.
(D) It produces at the minimum average total
cost, and it utilizes all excess capacity.
(E) It produces more than the allocatively
efficient quantity, and the price is greater
than marginal cost.

56. Assume that barber shops operate in perfectly

competitive product and factor markets. Which
53. The firm's total revenue is equal to of the following will happen to working barbers if
the price of haircuts decreases?
(A) area P 1P2KL (A) The marginal product of the last barber hired
(B) area P 1P3JL will not change.
(B) The marginal product of the last barber hired
(C) area OP3JQ 1 will decrease.
(D) area OP2KQ 1 (C) The marginal revenue product curve will shift
to the right.
(E) areaJLM (D) The marginal revenue product curve will shift
to the left.
54. The firm's economic profit is equal to (E) There will be a movement upward along
the marginal revenue curve.
(A) area OP3JQ1
(B) area OP2KQ1 57. In a market with two firms, a firm that has a
(C) area P2 P3JK dominant strategy will do which of the following?
(D) area P1 P3JL (A) Maintain that strategy independent of the
(E) zero strategies chosen by its competitor.
(B) Adjust its strategies based on the strategies
chosen by its competitor.
(C) Make the first move, and wait to see whether
its competitor responds to the move.
(D) Keep its competitor guessing about its
next move.
(E) Collude with its competitor to reduce
uncertainty.

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58. Antitrust policies are put in place to limit which 60. One major difference between public goods and
of the following? private goods is that
(A) Income inequality (A) public goods exclude nonpaying consumers,
(B) Monopoly power while private goods are available to all
(C) Double taxation of corporations (B) public goods are inferior goods, while private
(D) Price ceilings goods are normal goods
(E) The provision of public goods (C) public goods generate negative externalities,
while private goods generate positive
59. If the government regulates a natural monopolist externalities
to produce the allocatively efficient level of (D) it is difficult to charge customers directly for
output, it will require the monopolist to set a price the provision of public goods
that is (E) it is impossible for private firms to produce
public goods
(A) equal to its marginal cost and grant a subsidy
to cover the loss
(B) equal to its average total cost and levy a tax
on the excess profit
(C) greater than its marginal cost and levy a tax
on the excess profit
(D) greater than its marginal cost but that
minimizes the deadweight loss
(E) greater than its average total cost but that
minimizes the deadweight loss

END OF SECTION I

IF YOU FINISH BEFORE TIME IS CALLED, YOU MAY

CHECK YOUR WORK ON THIS SECTION.

DO NOT GO ON TO SECTION II UNTIL YOU ARE TOLD TO DO SO.

MAKE SURE YOU HAVE DONE THE FOLLOWING.

• PLACED YOUR AP NUMBER LABEL ON YOUR ANSWER SHEET

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ANSWER SHEET

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AND PLACED IT ON YOUR ANSWER SHEET

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Section II: Free-Response Questions

This is the free-response section of the 2018 AP Exam.

It includes cover material and other administrative instructions
to help familiarize students with the mechanics of the exam.
(Note that future exams may differ in look from the following content.)
AP®Microeconomics Exam
( SECTION II: Free Response ) 2018
DONOTOPENTHISBOOKLET
UNTILYOUARETOLDTODOSO.

r
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Time
10 minutes. Use this
time to read the Instructions
questions and plan your
answers.You may begin The questions for Section II are printed in this booklet. You may use page 3 and the pages
writing your responses the questions are printed on to organize your answers and for scratch work, but you must
before the reading
period is over. write your answers on the lined pages provided for each question.

Writing Period _ The proctor will announce the beginning and end of the reading period. You are advised
to spend the 10-minute period reading all the questions and planning your answers. You
Time may begin writing your responses before the reading period is over.
50 minutes
Write clearly and legibly. Do not skip lines. Cross out any errors you make; crossed-out
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work will not be scored.
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'\.. ~

Form I
Form Code 40BP4-S

34
 MICROECONOMICS
Section II
Total Time-1 hour
Reading Period-10 minutes
Writing Period-SO minutes

Directions: You are advised to spend the first 10 minutes reading all of the questions and planning your
answers. You will then have 50 minutes to answer all three of the following questions. You may begin
writing your responses before the reading period is over. It is suggested that you spend approximately half
your time on the first question and divide the remaining time equally between the next two questions.
Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled
diagram must have all axes and curves clearly labeled and must show directional changes. Use a pen with
black or dark blue ink.

Question 1 begins on page 4.

Question 2 begins on page 10.
Question 3 begins on page 14.

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1. Assume that pencils are manufactured in a perfectly competitive market that is in long-run equilibrium.
(a) Draw correctly labeled side-by-side graphs for the pencil market and for a representative firm and show
each of the following.
(i) The market price and quantity, labeled PM and QM, respectively
(ii) The firm's profit-maximizing price and quantity, labeled Pp and Qp, respectively
(b) What is the relationship between PM and Pp? Explain.
(c) Rent on the factory building is an important fixed cost in the production of pencils, and the industry
experiences significant increases in rent.
(i) What will happen to the firm's profit-maximizing quantity in the short run? Explain.
(ii) On your graph in part (a), show the impact of the rent increase and completely shade the area
representing the firm's profit or loss in the short run.
(d) As a result of the rent increase, what will happen to each of the following in the long run?
(i) The number of firms in the market. Explain.
(ii) The market equilibrium quantity relative to QM and the market equilibrium price
relative to PM. Explain.

THIS PAGE MAY BE USED FOR TAKING NOTES AND PLANNING YOUR ANSWERS.
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ANSWER PAGE FOR QUESTION 1

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Question 1 is reprinted for your convenience.

1. Assume that pencils are manufactured in a perfectly competitive market that is in long-run equilibrium.
(a) Draw correctly labeled side-by-side graphs for the pencil market and for a representative firm and show
each of the following.
(i) The market price and quantity, labeled PM and QM, respectively
(ii) The firm's profit-maximizing price and quantity, labeled Pp and Qp, respectively
(b) What is the relationship between PM and Pp? Explain.
(c) Rent on the factory building is an important fixed cost in the production of pencils, and the industry
experiences significant increases in rent.
(i) What will happen to the firm's profit-maximizing quantity in the short run? Explain.
(ii) On your graph in part (a), show the impact of the rent increase and completely shade the area
representing the firm's profit or loss in the short run.
(d) As a result of the rent increase, what will happen to each of the following in the long run?
(i) The number of firms in the market. Explain.
(ii) The market equilibrium quantity relative to QM and the market equilibrium price
relative to PM. Explain.

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2. The graph below depicts the market conditions Zhao, Inc., faces in the zizzles market, where D = demand,
MSB = marginal social benefit, MR = marginal revenue, MSC = marginal social cost, and MPC = marginal
private cost.

601-------~---~---~---~---~---~

401---~---"'t,.~------=,!"'-----i--------t------t---------1
35
301-----~---+------""i,,.---------,._,;L---+-----f------+-----------j
27.5

101---~-- -+---+--~'k-----+-----+----- -- ----+--------I

600 Quantity

(a) What two potential sources of market failure exist in the market for Zhao's zizzles? Explain each
potential source of market failure using the information in the graph.
(b) Using numerical values from the graph, identify Zhao's profit-maximizing quantity and price.
(c) Assume a $15 per-unit tax is imposed on the zizzles market. Using numerical values from the graph,
identify Zhao' s profit-maximizing quantity and price.
(d) Zhao opposes the $15 per-unit tax analyzed above in part (c) and instead proposes a policy of no
government intervention. If economic advisers are only interested in maximizing social welfare, would they
support the policy of no government intervention? Explain.

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ANSWER PAGE FOR QUESTION 2

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3. Assume milk is produced and sold in a perfectly competitive market. To help milk producers, the government
imposes an effective price floor on milk. Assume milk producers continue to sell milk only to households after
the imposition of the price floor.
(a) Draw a correctly labeled graph for the milk market and show the price floor, labeled Pp, and the quantity of
milk purchased by households, labeled Qp.
(b) Is the market for milk allocatively efficient after the price floor is imposed? Explain.
(c) On your graph from part (a), shade the area that represents total producer surplus after the price floor is
imposed.
(d) Assume the absolute value of price elasticity of demand for milk is 2 throughout the price range. Would total
consumer spending on milk increase, decrease, not change, or be indeterminate after the imposition of the
price floor? Explain.
(e) Assume the price floor in the milk market caused the equilibrium price of eggs, a related consumption good,
to increase.
(i) Draw a correctly labeled graph of the egg market, and show the effect of the price floor in the milk
market on the egg market.
(ii) What economic term describes the relationship between milk and egg?

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 STOP

END OF EXAM

THE FOLLOWING INSTRUCTIONS APPLY TO THE COVERS OF THE

SECTION II BOOKLET.

• MAKE SURE YOU HAVE COMPLETED THE IDENTIFICATION

INFORMATION AS REQUESTED ON THE FRONT AND BACK
COVERS OF THE SECTION II BOOKLET.

• CHECK TO SEE THAT YOUR AP NUMBER LABEL APPEARS IN

THE BOX ON THE FRONT COVER.

• MAKESUREYOUHAVEUSEDTHESAMESETOFAP
NUMBER LABELS ON ALL AP EXAMS YOU HAVE TAKEN
THIS YEAR.

-18-
Multiple-Choice Answer Key

The following contains the answers to

the multiple-choice questions in this exam.
 Answer Key for AP Microeconomics
Practice Exam, Section I

Question 1: C Question 31: B

Question 2: D Question 32: B
Question 3: B Question 33: A
Question 4: D Question 34: D
Question 5: E Question 35: C
Question 6: A Question 36: D
Question 7: E Question 37: B
Question 8: D Question 38: C
Question 9: B Question 39: A
Question 10: E Question 40: E
Question 11: D Question 41: D
Question 12: B Question 42: B
Question 13: C Question 43: C
Question 14: B Question 44: C
Question 15: B Question 45: E
Question 16: C Question 46: A
Question 17: C Question 47: C
Question 18: B Question 48: D
Question 19: A Question 49: C
Question 20: B Question 50: C
Question 21: B Question 51: A
Question 22: A Question 52: B
Question 23: A Question 53: C
Question 24: B Question 54: C
Question 25: D Question 55: C
Question 26: A Question 56: D
Question 27: D Question 57: A
Question 28: A Question 58: B
Question 29: D Question 59: A
Question 30: D Question 60: D
Free-Response Scoring Guidelines

The following contains the scoring guidelines

for the free-response questions in this exam.
 AP® MICROECONOMICS
2018 SCORING GUIDELINES

Question 1

9 points (4,1,2,2)

MARKET FlRM
MC
s

Quantity Q Quantity

(a) 4 points:
One point is earned for drawing a correctly labeled graph for the market with a downward sloping
demand curve and an upward sloping supply curve, and for labeling PM and QM.
One point is earned for drawing a horizontal marginal revenue curve for the firm, at PF.
One point is earned for showing the profit-maximizing quantity at MC=MR, labeled QF.
One point is earned for showing the ATC curve tangent to the MR curve at QF where ATC is at its
minimum.

(b) 1 points:
One point is earned for stating that PM=PF, and for explaining that the firm is a price taker OR the
firm accepts the market equilibrium price as given.

(c) 2 points:

One point is earned for stating that the firm’s output will not change in the short run, and for
explaining that a change in a fixed cost will not affect the firm’s marginal cost OR that rent is not a
variable cost AND will not affect the firm’s marginal cost.
One point is earned for showing an upward shift of the ATC curve and the area representing the
firm’s loss, completely shaded.

(d) 2 points:
One point is earned for stating the number of firms in the market will decrease, and for explaining
that some firms will exit the market as a result of the losses incurred in the short run.
One point is earned for stating that the new market equilibrium quantity will decrease relative to QM
and the new market equilibrium price will increase relative to PM and for explaining that the market
supply will shift to the left.

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 AP® MICROECONOMICS
2018 SCORING GUIDELINES

Question 2

5 points (2,1,1,1)

(a) 2 points:

One point is earned for stating one source of market failure is related to negative externality and
for explaining that MSC>MPC.

One point is earned for stating one source of market failure is related to monopoly and for
explaining that P>MR.

(b) 1 point:

One point is earned for correctly identifying the profit-maximizing quantity is 150 units and the
profit-maximizing price is $35.

(c) 1 point:

One point is earned for correctly identifying that with the tax the profit-maximizing quantity is
100 units and the profit-maximizing price is $40.

(d) 1 point:

One point is earned for stating that economic advisors would support no government
intervention and for explaining using one of the following:

o without intervention the firm would produce the socially efficient (optimal) quantity of
150 units.

o without intervention the firm would produce a quantity of 150 units where the DWL is
zero.

o without intervention the firm would produce a quantity of 150 units where MSB=MSC.

o with the tax intervention the firm would produce a quantity of 100 units where
MSB>MSC.

© 2018 The College Board.

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 AP® MICROECONOMICS
2018 SCORING GUIDELINES

Question 3

7 points (2,1,1,1,2)
d)
CJ
·;:: s
0..

PF t---.-------,..--

pl

Quantity

(a) 2 points:

One point is earned for drawing a correctly labeled graph of the market for milk with an upward
sloping supply curve and a downward sloping demand curve.

One point is earned for drawing an effective price floor, labeled PF, above the equilibrium price
and for identifying the new quantity of milk, labeled QF, from the demand curve.

(b) 1 point:

One point is earned for stating the market is not allocatively efficient after the price floor is
imposed and for explaining that marginal benefit is greater than marginal cost (MB > MC).

(c) 1 point:

One point is earned for completely shading the area representing the producer surplus.

(d) 1 point:

One point is earned for stating that total consumer spending on milk will decrease, and for
explaining the demand is elastic or that the percentage increase in the price of milk will be less
than the percentage decrease in the quantity demanded.

© 2018 The College Board.

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 AP® MICROECONOMICS
2018 SCORING GUIDELINES

Question 3 (continued)

(e) 2 points:

One point is earned for drawing a correctly labeled graph for the egg market with an upward
sloping supply curve and a downward sloping demand curve, and for showing a rightward shift
in the demand curve for eggs.

One point is earned for stating that the two goods are substitutes.

© 2018 The College Board.

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Scoring Worksheet

The following provides a scoring worksheet and conversion table

used for calculating a composite score of the exam.
 2018 AP Microeconomics Scoring Worksheet

Section I: Multiple Choice

1.0000 =
Number Correct Weighted Section I Score
(out of 60) (Do not round)

Section II: Free Response

Question 1 1.6666 =
(out of 9) (Do not round)

Question 2 1.5000 =
(out of 5) (Do not round)

Question 3 1.0714 =
(out of 7) (Do not round)

Sum =
Weighted
Section II
Score
(Do not round)

Composite Score

+ =
Weighted Weighted Composite Score
Section I Score Section II Score (Round to nearest
whole number)

AP Score Conversion Chart

Microeconomics
Composite
Score Range AP Score
70-90 5
55-69 4
45-54 3
34-44 2
0-33 1
Question Descriptors and Performance Data

The following contains tables showing the content assessed,

the correct answer, and how AP students performed on each question.
 2018 AP Microeconomics
Question Descriptors and Performance Data

Multiple-Choice Questions

Question Topic Key % Correct

1 Basic economic concepts C 94

2 Basic economic concepts D 58
3 The nature and functions of product markets B 96
4 The nature and functions of product markets D 79
5 The nature and functions of product markets E 37
6 The nature and functions of product markets A 79
7 The nature and functions of product markets E 83
8 The nature and functions of product markets D 42
9 The nature and functions of product markets B 86
10 The nature and functions of product markets E 70
11 The nature and functions of product markets D 83
12 The nature and functions of product markets B 42
13 The nature and functions of product markets C 82
14 Factor markets B 60
15 Market Failure and the Role of government B 76
16 Basic economic concepts C 81
17 The nature and functions of product markets C 74
18 The nature and functions of product markets B 64
19 The nature and functions of product markets A 60
20 The nature and functions of product markets B 61
21 The nature and functions of product markets B 49
22 The nature and functions of product markets A 69
23 The nature and functions of product markets A 55
24 The nature and functions of product markets B 54
25 The nature and functions of product markets D 58
26 The nature and functions of product markets A 67
27 The nature and functions of product markets D 46
28 Factor markets A 81
29 Factor markets D 59
30 Market Failure and the Role of government D 48
31 Market Failure and the Role of government B 56
32 Basic economic concepts B 73
33 The nature and functions of product markets A 85
34 The nature and functions of product markets D 58
35 The nature and functions of product markets C 80
36 The nature and functions of product markets D 52
37 Factor markets B 33
38 The nature and functions of product markets C 40
39 The nature and functions of product markets A 78
 2018 AP Microeconomics
Question Descriptors and Performance Data

Question Topic Key % Correct

40 The nature and functions of product markets E 72

41 The nature and functions of product markets D 61

42 Factor markets B 74
43 Factor markets C 59
44 Market Failure and the Role of government C 61
45 Market Failure and the Role of government E 64
46 Basic economic concepts A 64
47 The nature and functions of product markets C 71
48 The nature and functions of product markets D 63
49 The nature and functions of product markets C 29
50 The nature and functions of product markets C 73
51 The nature and functions of product markets A 50
52 The nature and functions of product markets B 67
53 The nature and functions of product markets C 65
54 The nature and functions of product markets C 74
55 The nature and functions of product markets C 50
56 Factor markets D 48
57 The nature and functions of product markets A 75
58 Market Failure and the Role of government B 85
59 Market Failure and the Role of government A 53
60 Market Failure and the Role of government D 67
 AP Microeconomics

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