Skip to content
Certification Guides

AP Microeconomics/Macroeconomics Premium, 2024: 4 Practice Tests + Comprehensive Review (2024)

Master the certification syllabus with AP Microeconomics/Macroeconomics Premium, 2024: 4 Practice Tests + Comprehensive Review (2024) , featuring exam-focused notes, step-by-step solutions, and expert guidance.

Preview 16 of 674 pages

See the first 16 pages exactly as they appear in the document.

  1. Page 1
    Read page 1 as text

    THE TRUSTED NAME IN TEST PREP BTL, | § < pl: DD b VS 4 F Fant) . ie [ & hb 7 A i OND § = & vg A Ey > 8 & N Pgs $ K 1 SOI ® | 3 Spgs © > Fe x | Microeconomics/ g . — Macroeconomics 2 & 4 PREMIUM Sg ® 4 full-length practice tests with detailed answer explanations Wy > gd al ® Online practice with a timed test option and scoring 3 hea So CS A ET ® Comprehensive review and practice for all topics on the exam 4 HA S$ S$ 3 ® Expert tips plus Barron's “Essential 5” things you need to know J ad BY Elia Kacapyr, Ph.D. " 4 ( James Redelsheimer, M.A., and, = i Frank Musgrave, Ph.D., ~~ ONLINE PRACTICE tei Fae Shea ls exis BEATER ("% = + Studyxy EEE

  2. Page 2
    Read page 2 as text

    Downloaded from StudyXY.com ® + StudyXY Sd Ye. o> \ | iF ’ pr E \ 3 S Stu dy Anything This ContentHas been Posted On StudyXY.com as supplementary learning material. StudyXY does not endrose any university, college or publisher. Allmaterials posted are under the liability of the contributors. wv 8) www.studyxy.com

  3. Page 3
  4. Page 4
    Read page 4 as text

    BARRON'S Ria | /

  5. Page 5
    Read page 5 as text

    Scan now 2) Sd to access practice included with this book, or go to online.barronsbooks.com BARRON'S

  6. Page 6
    Read page 6 as text

    Dedication To Carly, Grant, and Abby. -JR

  7. Page 7
    Read page 7 as text

    Acknowledgment We would like to thank Jennifer Goodenough, our editor, for her wonderful guidance, patience, skill, and many hours of outstanding work in bringing this revised edition to publication.

  8. Page 8
    Read page 8 as text

    AP® is a registered trademark of the College Board, which is not affiliated with Barron's and was not involved in the production of, and does not endorse, this product. Copyright 2023, 2021, 2018, 2015, 2012, 2009 by Kaplan North America, LLC d/b/a Barron’s Educational Series Previous editions © copyright 2006, 2001 by Kaplan North America, LLC d/b/a Barron’s Educational Series under the title How to Prepare for the Advanced Placement Exam in Micro/Macroeconomics by Kaplan North America, LLC. All rights reserved under International and Pan-American Copyright Conventions. By payment of the required fees, you have been granted the non-exclusive, non-transferable right to access and read the text of this eBook on screen. No part of this text may be reproduced, transmitted, downloaded, decompiled, reverse engineered, or stored in or introduced into any information storage and retrieval system, in any form or by any means, whether electronic or mechanical, now known or hereinafter invented, without the express written permission of the publisher. Published by Kaplan North America, LLC d/b/a Barron’s Educational Series 1515 West Cypress Creek Road Fort Lauderdale, FL. 33309 www.barronseduc.com ISBN: 978-1-5062-8790-4 10987654321 Kaplan North America, LLC d/b/a Barron’s Educational Series print books are available at special quantity discounts to use for sales promotions, employee premiums, or educational purposes. For more information or to purchase books, please call the Simon & Schuster special sales department at 866- 506-1949. I~ StudyXY

  9. Page 9
    Read page 9 as text

    About the Authors James Redelsheimer has over 20 years’ experience teaching AP Economics at Armstrong High School in Plymouth, Minnesota. James is a Master Teacher with the Minnesota Council on Economics Education (MCEE) and is a Next Gen Personal Finance Teacher Fellow. He has been awarded the 3M Economics Educator Excellence Award and the Thrivent Financial Leadership Award from the Minnesota Council on Economic Education. He has been a guest lecturer in the economics department at Batumi State University in The Republic of Georgia and has taught Macroeconomics for Educators at The University of Minnesota. James has received travel grants and fellowships to visit and learn about the economies of Japan, China, Korea, Germany, Turkey, and Costa Rica. Elia Kacapyr is a professor of economics at Ithaca College. He holds a B.A. in economics from the University of Maryland. His Ph.D. is from the Andrew Young School of Policy Studies at Georgia State University. Elia’s fields are macroeconomic theory and econometrics. He has published numerous scholarly articles and three books, including A Guide to Basic Econometric Techniques.

  10. Page 10
    Read page 10 as text

    How to Use This Book INTRODUCTION 1 The AP Tests in Microeconomics and Macroeconomics Introduction Microeconomics, Macroeconomics, or Both? The Tests: What Topics Will You See? Multiple-Choice Questions Free-Response Questions Practice, Practice, Practice Microeconomics Pretest Pretest AP Score Estimate Macroeconomics Pretest Pretest AP Score Estimate 2 The Discipline of Economics What Is Economics? Macroeconomics vs. Microeconomics Positive vs. Normative Economics Resources Opportunity Cost Production Possibilities Frontier Comparative Advantage Terms Multiple-Choice Review Questions + StudyXxy

  11. Page 11
    Read page 11 as text

    Free-Response Review Questions 3 Economic Systems The Fundamental Economic Questions Economic Systems The Circular Flow Diagram Terms Multiple-Choice Review Questions Free-Response Review Questions 4 Demand and Supply: The Basics Introduction Demand and the Law of Demand Supply and the Law of Supply Market Equilibrium: Supply and Demand Together Effects of Supply and Demand Shifts on Price and Quantity Terms Multiple-Choice Review Questions Free-Response Review Questions MICROECONOMICS Barron’s Essential 5 5 Elasticity, Taxation, and Consumer Choice Introduction Elasticity of Demand Total Revenues Test to Determine Elasticity Perfect Elasticity Elasticity Along a Demand Curve Cross-Price Elasticity of Demand Income Elasticity of Demand Price Elasticity of Supply Consumer and Producer Surpluses Impact of Taxes on Consumer and Producer Surpluses Trade, Tariffs, and Quotas + StudyXxy

  12. Page 12
    Read page 12 as text

    Consumer Choice Theory The Utility-Maximization Rule Terms Formulas Multiple-Choice Review Questions Free-Response Review Questions 6 Costs of Production Introduction Short Run vs. Long Run The Production Function Calculating Costs Taxes and Shifting Cost Curves Stages of the Long-Run Average Total Cost Curve Returns to Scale Economic vs. Accounting Profit Terms Formulas Multiple-Choice Review Questions Free-Response Review Questions 7 Perfect Competition Introduction to Market Structures Profit-Maximizing Level of Output Perfect Competition The Shut-Down Rule Perfect Competition in the Long Run Terms Formulas Multiple-Choice Review Questions Free-Response Review Question 8 Monopoly Introduction The Nature of a Monopoly A Monopolist’s Demand Curve

  13. Page 13
    Read page 13 as text

    Graphing a Monopoly Interpreting a Monopoly Graph Price Discrimination Price Discrimination Shown Graphically Natural Monopolies and Regulation of Monopolies Terms Formulas Multiple-Choice Review Questions Free-Response Review Questions 9 Imperfect Competition: Monopolistic Competition and Oligopoly Introduction Efficiency and Monopolistic Competition Interpreting a Monopolistic Competition Graph Introduction to Oligopoly It’s Game Time: Modeling Oligopoly with Game Theory Nash Equilibrium and the Prisoner’s Dilemma Terms Formulas Multiple-Choice Review Questions Free-Response Review Questions 10 Resource Markets with Applications to Labor Introduction to Factor Markets Key Concepts of Factor Markets Marginal Revenue Product (MRP) and Marginal Factor Cost (MFC) The Three Shifters of Resource Demand Perfectly Competitive Labor Market Monopsony Least-Cost Rule Terms Formulas Multiple-Choice Review Questions Free-Response Review Questions 11 Government and Public Sector: Market Failure, Externalities,

  14. Page 14
    Read page 14 as text

    Public Goods, Efficiency Introduction Market Failure and Externalities Marginal Social Benefit (MSB) = Marginal Social Cost (MSC) Externalities Positive Externalities Negative Externalities Public vs. Private Goods The Distribution of Income Types of Taxes Terms Formulas Multiple-Choice Review Questions Free-Response Review Question Key Microeconomics Graphs Microeconomics Practice Test Section [—Multiple-Choice Questions Section II—Free-Response Questions Answer Key Answer Explanations Free-Response Answers MACROECONOMICS Barron’s Essential 5 12 The National Economic Accounts The Accounts Gross Domestic Product The Expenditure Approach The Income Approach The Value-Added Approach Real GDP The Underground Economy Other Things Not Counted in GDP Per Capita GDP

  15. Page 15
    Read page 15 as text

    Limitations of GDP Terms Formulas Multiple-Choice Review Questions Free-Response Review Questions 13 Inflation and Unemployment The Twin Evils Inflation Unemployment Terms Formulas Multiple-Choice Review Questions Free-Response Review Questions 14 Money and Banking M1, M2, and the Monetary Base Fiat Money The Functions of Money The Federal Reserve System The Money Expansion Process Policy Tools of the Federal Reserve Terms Formulas Multiple-Choice Review Questions Free-Response Review Questions 15 Monetary Theory The Equation of Exchange The Loanable Funds Market The Money Market Terms Formulas Multiple-Choice Review Questions Free-Response Review Questions

  16. Page 16
    Read page 16 as text

    16 Aggregate Supply and Aggregate Demand Business Cycles Long-Run Aggregate Supply Short-Run Aggregate Supply Aggregate Demand Using the Aggregate Supply/Aggregate Demand Model Economic Growth Terms Multiple-Choice Review Questions Free-Response Review Questions 17 Monetary Policy Monetary Policy Defined Monetary Policy in Theory Monetary Policy in Practice The Phillips Curve Terms Multiple-Choice Review Questions Free-Response Review Questions 18 Fiscal Policy Fiscal Policy Defined Fiscal Policy in Theory Fiscal Policy in Practice Crowding Out Government Spending and Tax Multipliers Automatic Stabilizers The National Debt and Deficits Terms Formulas Multiple-Choice Review Questions Free-Response Review Questions 19 International Trade and Finance The Balance of Trade + StudyXxy

658 more pages in the full document

Unlock it once and it stays in your library, ready to chat with or turn into flashcards.

Unlock the full document

More Advanced Placement study materials

See all

Study this document with CramX

Once it is in your library, every tool can work from it.