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Economics Micro & Macro (CliffsAP)

(Joyce) #1

  • Introduction

    • AP Economics Exam Details

      • About The Exams

      • Microeconomics Test Concepts

      • Macroeconomics Test Concepts

      • Exam Insight

      • Scoring the Exam



    • Receiving Your Grade

    • Test Day Materials

    • Test Taking Strategies

      • Multiple-Choice Questions

      • Free-Response Section

      • Check Your Numbering

      • Keep an Eye on the Clock

      • Do Not Cheat





  • The Basics PA RT I : T H E F U N DA M E N TA LS

    • Economic Systems

    • Product and Factor Markets

    • Opportunity Cost and Production Possibilities

    • Specialization and Comparative Advantage

    • Chapter Review Questions

      • Answers to Review Questions





  • Supply and Demand

    • A Closer Look at Demand

      • Constructing a Demand Curve

      • The Six Determinants of Demand

        • Taste or Preference

        • Income

        • The Substitution Effect

        • The Price of Complementary Goods

        • Population

        • Consumer Expectations



      • Mini-Review

      • Mini-Review Answers



    • A Closer Look at Supply

      • The Supply Curve

      • The Six Determinants of Supply

        • Input Prices

        • Producers’ Expectations

        • Technology

        • A Change in the Price of Other Goods

        • The Number of Suppliers

        • Government



      • Mini-Review

      • Mini-Review Answers



    • Supply and Demand

      • Price Floors and Price Ceilings

      • Illustrations of Shifts in Supply and Demand

      • Mini-Review

      • Mini-Review Answers



    • Is It Elastic?

      • The Price Elasticity of Supply

      • Cross-Elasticity

      • The Income Elasticity of Demand

      • A Graphical Analysis of Elasticity



    • Chapter Review Questions

    • Answers to Review Questions



  • National Income Accounting PART II: MACROECONOMICS

    • Gross Domestic Product

      • GDP Exclusions

      • Two Approaches to GDP

      • Other National Accounting Systems

      • Nominal and Real GDP

      • GDP Shortcomings

      • The Business Cycle

      • Injections and Leakages

      • Mini-Review

      • Mini-Review Answers



    • Unemployment and Inflation

      • Types of Unemployment

      • Full Employment

      • Inflation

      • Types of Inflation

        • Demand-Pull Inflation

        • Cost-Push Inflation



      • Who Does Inflation Hurt?

      • Who Benefits from Inflation?



    • Review of Key Points

    • Chapter Review Questions

    • Answers to Review Questions



  • Aggregate Demand Models Aggregate Expenditures, Aggregate Supply and

    • Graphical Analysis of a Consumption Schedule

      • Mini-Review

      • Mini-Review Answers



    • Aggregate Demand

      • Determinants of Aggregate Demand

        • Consumer Spending

        • Investment Spending

        • Government Spending

        • Exports





    • Aggregate Supply

      • Determinants of Aggregate Supply

        • Input Prices

        • Changes in Productivity

        • Government and Environmental Changes



      • Review of Concepts

      • Mini-Review

      • Mini-Review Answers



    • Aggregate Supply and Demand: Equilibrium

      • Review of Key Points



    • Chapter Review Questions

      • Answers to Review Questions





  • Fiscal Policy

    • Classical Economics

    • Keynesian Economics

    • Expansionary Fiscal Policy

      • Increased Government Spending



    • Contractionary Fiscal Policy

      • The Effects of Government Spending

        • Built-In Stabilizers





    • A Graphical Analysis of Fiscal Policy

      • Problems with Fiscal Policy

      • Review Points



    • Chapter Review Questions

      • Free Response Section



    • Answers to Review Questions

    • Free Response Answer



  • Monetary Policy

    • The Three Functions of Money

    • The Money Supply

      • Mini-Review

      • Mini- Review Answers



    • The Federal Reserve and Member Banks

      • The 12 District Banks

      • The Functions of the Federal Reserve

      • Mini-Review

      • Mini- Review Answers

      • The Demand for Money



    • The Money Creation Process

    • Tools of Monetary Policy

      • Reserve Requirement

      • Discount Rate

      • Open Market Operations

      • Mini-Review

      • Mini-Review Answers



    • Monetary Policy in Action

      • The Effects of Monetary Policy



    • Monetary Perspectives

      • Classical Theory

      • Monetarist Theory

      • Keynesian Theory

      • Mini-Review

      • Mini-Review Answers



    • The Money Demand Function

      • The Interest Rate

      • Nominal Income



    • The Money Supply Function

    • Problems the Fed Encounters

      • Demand-Pull Inflation

      • Stagflation



    • Problems and Strengths of Monetary Policy

      • Strengths

      • Problems



    • A Closer Look at Unemployment and Inflation

      • A Short-Run Phillips Curve

      • A Long-Run Phillips Curve

      • Expected and Unexpected Inflation

        • Wage Expectations

        • Inventory Fluctuations and Unemployment



      • Mini-Review

      • Mini-Review Answers



    • Chapter Review Questions

      • Answers to Review Questions





  • Elasticities PART III: MICROECONOMICS

    • Elasticity of Demand

      • Demand Curves and Elasticity

      • Applying Price Elasticity of Demand

      • Determinants of Price Elasticity of Demand

        • The Existence of Substitutes

        • Product Importance Relative to Budget

        • The Time Period



      • Price Cross-Elasticity of Demand

      • Income Elasticity of Demand



    • Price Elasticity of Supply

    • Chapter Review Questions

    • Answers to Review Questions



  • Choices and Utility

    • Diminishing Marginal Utility

      • Total Utility and Marginal Utility

      • Mini-Review

      • Mini-Review Answers



    • Consumer Choices

      • Utility Maximization

      • The Demand Curve

      • Consumer Surplus



    • Chapter Review Questions

    • Answers to Review Questions



  • Production Costs

    • Diminishing Marginal Returns

    • Implicit and Explicit Costs

    • Economic Profit: Short Run and Long Run

      • Short-Run Production

      • The Short-Run Costs of Production

      • Average Costs

      • Mini-Review

      • Mini–Review Answers



    • Marginal Cost and Marginal Product

      • Marginal Cost, Average Variable Cost, Average Total Cost

      • Cost Curve Changes

      • Production Costs in the Long Run

      • The Long-Run Cost Curve



    • Reasons for Economies of Scale

      • Mini-Review

      • Mini- Review Answers



    • Revenue for Firms

    • Chapter Review Questions

    • Answers to Review Questions



  • Product Markets and Profit Maximization

    • Maximizing Profits

    • Marginal Revenue and Marginal Cost

      • Marginal Revenue



    • Criteria for Market Structures

      • Pure Competition/Perfect Competition

      • The Demand for a Perfectly Competitive Firm

      • Revenues for a Perfectly Competitive Firm

      • Mini-Review

      • Mini-Review Answers



    • Monopoly

      • Conditions of Entry

      • Basic Facts on Monopolies



    • Price Discrimination

      • Monopolistic Competition

        • Number of Sellers

        • Type of Product

        • Price Control

        • Entry and Exit of Market

        • Basic Points

        • Graphing the Monopolistically Competitive Firm





    • Oligopolies

      • The Kinked Demand Curve

      • Game Theory

      • Cartels and Collusions



    • Chapter Review Questions

    • Answers to Review Questions



  • The Government’s Role, Externalities, and Efficiency

    • The Government’s Role

    • Market Failure and Costs

    • The Impacts of Positive and Negative Externalities

      • Spillover Costs

      • Positive Externalities or Spillover Benefits

      • Public Goods

        • Tragedy of the Commons



      • Mini-Review

      • Mini-Review Answers



    • Income Equity and the Lorenz Curve

    • Taxation

    • Review Points

    • Chapter Review Questions

    • Answers to Review Questions



  • International Economics

    • World Equilibrium

    • Comparative Advantage and Absolute Advantage

      • Trading Terms

      • Mini-Review

      • Mini-Review Answers



    • Restrictions

      • Protecting Domestic Jobs

      • Equal Opportunity

      • Tools of Trade Restriction

        • Effects of a Tariff

        • Effects of a Quota





    • Open and Closed Economies

      • Mini-Review

      • Mini-Review Answers



    • Equilibrium World Price

    • Exchange Rates

    • The Balance of Payments

    • Flexible Exchange Rates

    • Exchange Rate Determinants

      • Changes in Interest Rates

      • Price Level Changes

      • Income Changes

      • Taste and Preference Changes



    • Chapter Review Questions

    • Answers to Review Questions



  • Macroeconomics Full-Length Practice Test MICROECONOMICS TESTS

    • Macroeconomics Section I: Multiple-Choice Questions

    • Macroeconomics Section II: Free-Response Questions

    • Multiple-Choice Answers and Explanations

    • Free-Response Answers and Explanations



  • Macroeconomics Full-Length Practice Test

    • Macroeconomics Section I: Multiple-Choice Questions

    • Macroeconomics Section II: Free-Response Questions

    • Multiple-Choice Answers and Explanations

    • Free-Response Answers and Explanations



  • Microeconomics Full-Length Practice Test

    • Microeconomics Section I: Multiple-Choice Questions

    • Microeconomics Section II: Free-Response Questions

    • Multiple-Choice Answers and Explanations

    • Free-Response Answers and Explanations



  • Microeconomics Full-Length Practice Test

    • Microeconomics Section I: Multiple-Choice Questions

    • Microeconomics Section II: Free-Response Questions

    • Multiple-Choice Answers and Explanations

    • Free-Response Answers



  • Glossary

  • 03 53999X PP01.qxd 1/23/04 10:16 AM Page

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