5 Steps to a 5 AP Microeconomics, 2014-2015 Edition

The local market for bankers is currently in equilibrium. Which of the following increases the local wage paid to bankers? (A) ...

E—Know the four scarce economic resources. D—A concave PPF exhibits the law of increas- ing costs. As more of a good is produce ...

E—This defines diminishing marginal returns and is often missed by students, who make the mistake of identifying falling TPL, r ...

Salmon and tuna are substitutes in perfectly com- petitive markets that are experiencing long-run equilibrium. (A) Suppose tha ...

Two rival firms operate in an oligopoly and, once a year, choose an advertising strategy. The firms can choose between an expen ...

i. 1 point: The higher demand for tuna increases the price of tuna. ii. 1 point: Increased demand increases the market quantity. ...

Question 3: (7 points) Part (A): 2 points These are points for just being able to read the payoff matrix in this game. Since we ...

Calculate Your Score: Multiple-Choice Questions: _______________ = _______________ (# right) MC raw score Free-Response Question ...

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Appendixes Further Reading Websites Glossary Important Formulas and Conditions ...

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Further Reading ‹ 209 Dodge,Eric, and Melanie Fox. Economics Demystified.New York: McGraw-Hill, 2012. Krugman, Paul, and Robin W ...

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BIBLIOGRAPHY ‹ 211 BIBLIOGRAPHYWEBSITES Here is a list of websites that you might find useful in your preparation for the AP Mic ...

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BIBLIOGRAPHY ‹ 213 Glossary absolute advantageThe ability to produce more of a good than all other producers. absolute (or money ...

214 › Glossary economic growth The increase in an economy’s PPF over time. economic profit The difference between total rev- enu ...

Glossary ‹ 215 luxury A good for which the proportional increase in consumption exceeds the proportional increase in income. mar ...

216 › Glossary price elasticity of supply (Es) Measures the sensi- tivity of producers’ quantity supplied for good X when the pr ...

technologyA nation’s knowledge of how to produce goods in the best possible way. total cost (TC) The sum of total fixed and tota ...