How to Prepare for the AP Micro/Macro Economics Advance Placement Examinations,9780764111648

How to Prepare for the AP Micro/Macro Economics Advance Placement Examinations

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ISBN13: 9780764111648
ISBN10: 0764111647
Format: Paperback
Pub. Date: 2001-04-01
Publisher(s): Barrons Test Prep
List Price: $16.95

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Summary

This brand new test prep manual offers a full-length model examination with answers explained plus a wealth of material explaining and illustrating important concepts in micro and macro economics. Just a few among the major topics covered include perfect and imperfect competition, monopoly, costs, production, supply, the public sector, resource markets, and much more. In addition to the model exam, students will find sample questions and short tests both within chapters and at their conclusions.

Table of Contents

Introduction 1(2)
Preparing for the Advanced Placement Exams in Microeconomics and Macroeconomics
3(7)
The Exams
3(1)
The Design of This Book
3(1)
Multiple-Choice Questions
4(3)
Free-Response Questions
7(3)
The Discipline of Economics
10(13)
Economics Defined
10(1)
Resources
11(1)
Opportunity Cost
12(1)
Production Possibilities Frontier
13(2)
Law of Increasing Costs
15(1)
Comparative Advantage
16(2)
Summary
18(1)
Terms
19(1)
Multiple-Choice Review Questions
20(2)
Free-Response Review Questions
22(1)
Economic Systems
23(16)
The Fundamental Economic Questions
23(1)
Strategies for Dealing with the Fundamental Economic Questions
24(8)
The Circular Flow Diagram
32(1)
Summary
33(1)
Terms
33(1)
Multiple-Choice Review Questions
34(3)
Free-Response Review Questions
37(2)
Microeconomics 39(116)
Demand and Supply: The Basics
41(12)
Introduction
41(1)
Competitive Markets
41(1)
Market Equilibrium---Demand and Supply
42(7)
Summary
49(1)
Terms
50(1)
Multiple-Choice Review Questions
51(1)
Free-Response Review Questions
52(1)
Applications of Demand and Supply---Elasticity
53(12)
Introduction
53(2)
Limits and Degrees of Elasticity
55(3)
Cross-Elasticity of Demand
58(1)
Income Elasticity of Demand
59(1)
Price Elasticity of Supply
60(1)
Incidence of Tax on Suppliers and Consumers
60(1)
Summary
61(1)
Formulas
62(1)
Multiple-Choice Review Questions
63(1)
Free-Response Review Questions
64(1)
Theory of Consumer Choice or Behavior
65(7)
Introduction
65(1)
The Basic Tenets of the Theory of Consumer Choice
65(2)
Consumer Surplus
67(2)
Income and Substitution Effects
69(1)
Summary
69(1)
Terms
69(1)
Multiple-Choice Review Questions
70(1)
Free-Response Review Questions
71(1)
Government and Public Sector: Market Failure, Rents, Externalities, Public Goods, and Efficiency
72(12)
Introduction
72(1)
Important Concepts
73(1)
Private Goods and Public Goods
74(1)
Measures of Efficiency
74(2)
Bases for Public Goods or Government Interference with Market Outcomes
76(4)
Summary
80(1)
Terms
80(1)
Formulas
81(1)
Multiple-Choice Review Questions
82(1)
Free-Response Review Questions
83(1)
Costs, Production, Supply
84(13)
Introduction
84(2)
Production
86(1)
Costs
87(6)
Summary
93(1)
Terms
94(1)
Formulas
94(1)
Multiple-Choice Review Questions
95(1)
Free-Response Review Questions
96(1)
Product Markets: Types, Characteristics, Pricing Strategies
97(7)
Introduction
97(1)
Things to Know
97(1)
Product Markets: Definitions
97(4)
Summary
101(1)
Terms
102(1)
Multiple-Choice Review Questions
103(1)
Perfect Competition
104(12)
Things to Know
104(2)
The Expanded Concepts
106(4)
Evaluation of Perfect Competition
110(1)
The Long Run
111(1)
Summary
112(1)
Terms
113(1)
Formulas
113(1)
Multiple-Choice Review Questions
114(1)
Free-Response Review Questions
115(1)
Monopoly
116(11)
Introduction
116(1)
Things to Know
116(1)
The Nature of Monopoly and Its Types
117(3)
Price Discrimination
120(1)
Types of Monopolies and Their Potential Regulation
120(2)
Terms
122(1)
Formulas
123(1)
Multiple-Choice Review Questions
124(2)
Free-Response Review Questions
126(1)
Imperfect Competition: Monopolistic Competition, Oligopoly
127(12)
Introduction
127(1)
Monopolistic Competition
128(4)
Oligopoly: The Non-Collusive Kinked Demand Model
132(4)
Terms
136(1)
Formulas
136(1)
Multiple-Choice Review Questions
137(1)
Free-Response Review Questions
138(1)
Resource Markets with Applications to Labor
139(16)
Connections Between Product Markets and Resource Markets
139(2)
Derived Demand: Wage Elasticity of Demand
141(1)
The Demand for a Resource (Labor)
142(4)
Shifts in Demand for a Resource (Labor)
146(1)
Supply of Resources
147(1)
Shifts in Supply
148(1)
The Bases of Wage Differentials
149(1)
Summary
150(1)
Terms
150(1)
Formulas
151(1)
Multiple-Choice Review Questions
152(3)
Model Advanced Placement Examination in Microeconomics 155(28)
Macroeconomics 183(100)
The National Income and Product Accounts
185(11)
The Accounts
185(1)
Gross Domestic Product
185(1)
The Expenditures Approach
186(1)
The Income Approach
187(1)
Adjusting for Price Changes
188(1)
The Underground Economy
189(1)
Other Things That Are Not Counted in GDP
190(1)
Other Measures in the National Income and Product Accounts
190(1)
Summary
191(1)
Terms
192(1)
Formulas
192(1)
Multiple-Choice Review Questions
193(2)
Free-Response Review Questions
195(1)
Inflation and Unemployment
196(11)
The Twin Evils
196(1)
Inflation
196(4)
Unemployment
200(2)
Summary
202(1)
Terms
202(1)
Formulas
203(1)
Multiple-Choice Review Questions
204(2)
Free-Response Review Questions
206(1)
Aggregate Supply and Aggregate Demand
207(18)
Why the Economy Moves in Cycles
207(1)
Classical Economic Theory
207(1)
Keynesian Theory
208(8)
Using the AS/AD Model
216(3)
Summary
219(1)
Terms
219(1)
Formulas
220(1)
Multiple-Choice Review Questions
221(3)
Free-Response Review Questions
224(1)
Fiscal Policy
225(15)
Keynes' Remedy for the Great Depression
225(1)
Fiscal Policy
226(8)
Summary
234(1)
Terms
235(1)
Formulas
235(1)
Multiple-Choice Review Questions
236(3)
Free-Response Review Questions
239(1)
Money and Banking
240(11)
The Supply of Money
240(1)
Fiat Money
241(1)
The Federal Reserve System
242(4)
Summary
246(1)
Terms
247(1)
Formulas
247(1)
Multiple-Choice Review Questions
248(2)
Free-Response Review Questions
250(1)
Monetary Policy
251(10)
Definition
251(1)
Changes in the Money Supply
251(4)
Summary
255(1)
Terms
255(1)
Formulas
256(1)
Multiple-Choice Review Questions
257(3)
Free-Response Review Questions
260(1)
Economic Growth
261(8)
Living Standards
261(1)
The Determinants of Economic Growth
261(3)
Summary
264(1)
Terms
265(1)
Formulas
265(1)
Multiple-Choice Review Questions
266(2)
Free-Response Review Questions
268(1)
International Trade and Exchange
269(14)
The Balance of Trade
269(1)
Trade Restrictions
269(3)
The Balance of Payments
272(1)
Exchange Rates
273(4)
Monetary and Fiscal Policy in an Open Economy
277(1)
Summary
277(1)
Terms
278(1)
Formulas
279(1)
Multiple-Choice Review Questions
280(2)
Free-Response Review Questions
282(1)
Model Advanced Placement Examination in Macroeconomics 283(24)
Index 307

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