AP®︎ Microeconomics: Topic 2.9 Practice Test
Prepare for your quiz, test, or the AP exam with focused practice questions on Topic 2.9 of AP Microeconomics – International Trade and Public Policy.
Questions List
Topic 2.9
Question 1 Easy
This question tests the following: POL-1.B.1
What is the definition of market equilibrium?
What You’re Being Tested On:
Explore the learning objectives taken directly from the College Board’s AP® Microeconomics Curriculum. Ensure you’re prepared for the exact topics covered on the AP® exam, in-class tests, and quizzes, and gain confidence in your mastery of the material.
Topic 2.9: International Trade and Public Policy
Learning Objective: POL-1.B
a. Define tariffs and quotas. b. Explain (using graphs where appropriate) how markets are affected by public policy related to international trade. c. Calculate (using data from a graph or table as appropriate) changes in market outcomes resulting from public policy related to international trade.
Essential Knowledge: POL-1.B.1
Equilibria in competitive markets may be altered by the decision to open an economy to trade with other countries; equilibrium price can be higher or lower than under autarky, and the gap between domestic supply and demand is filled by trade. Opening an economy to trade with other countries affects consumer surplus, producer surplus, and total economic surplus.
Essential Knowledge: POL-1.B.2
Tariffs, which governments sometimes use to influence international trade, affect domestic price, quantity, government revenue, and consumer surplus and total economic surplus.
Essential Knowledge: POL-1.B.3
Quotas can be used to alter quantities produced and therefore affect price, consumer surplus, and total economic surplus. Exclusion: The graphing of quotas is beyond the scope of the course and the AP Exam, but understanding how quotas affect quantities produced is within the scope.
