5 Steps to a 5: AP Macroeconomics 2019

by Eric R. Dodge

Overview

A PERFECT PLAN FOR THE PERFECT SCORE


Score-Raising Features Include:


•4 full-length practice exams, 2 in the book + 2 on Cross-Platform
•Hundreds of practice exercises with thorough answer explanations
•Comprehensive overview of the AP Macroeconomics exam format
•Practice questions that reflect both multiple-choice and free-response question types, just like the ones you will see on test day
•Proven strategies specific to each section of the test


BONUS Cross-Platform Prep Course for extra practice exams with personalized study plans, interactive tests, powerful analytics and progress charts, flashcards, games, and more! (see inside front and back covers for details)


The 5-Step Plan:


Step 1: Set up your study plan with three model schedules
Step 2: Determine your readiness with an AP-style Diagnostic Exam
Step 3: Develop the strategies that will give you the edge on test day
Step 4: Review the terms and concepts you need to achieve your highest score
Step 5: Build your confidence with full-length practice exams

Product Details

ISBN-13:	9781260122961
Publisher:	McGraw-Hill Professional Publishing
Publication date:	08/01/2018
Pages:	256
Sales rank:	1,064,795
Product dimensions:	8.40(w) x 10.80(h) x 0.70(d)

About the Author

Eric Dodge is a professor of economics and chair of the Department of Economics and Business Administration at Hanover College in Hanover, Indiana.

Table of Contents

Preface vii

Acknowledgments ix

About the Author xi

Introduction: The Five-Step Program xiii

Step 1 Set Up Your Study Program

1 What You Need to Know About the AP Macroeconomics Exam 3

2 How to Plan Your Time 12

Step 2 Determine Your Test Readiness

3 Take the Diagnostic Exam 19

Diagnostic Exam: AP Macroeconomics 23

Step 3 Develop Strategies for Success

4 How to Approach Each Question Type 33

Section I Multiple-Choice Questions 33

Section II Free-Response Questions 36

Step 4 Review the Knowledge You Need to Score HIGH

5 Fundamentals of Economic Analysis 41

5.1 Scarce Resources 42

5-2 Production Possibilities 45

5.3 Functions of Economic Systems 51

6 Demand, Supply, Market Equilibrium, and Welfare Analysis 55

6.1 Demand 55

6.2 Supply 61

6.3 Market Equilibrium 64

6.4 Welfare Analysis 69

7 Macroeconomic Measures of Performance 74

7.1 The Circular Flow Model 75

7.2 Accounting for Output and Income 76

7-3 Inflation and the Consumer Price Index 82

7.4 Unemployment 86

8 Consumption, Saving, Investment, and the Multiplier 92

8.1 Consumption and Saving 93

8.2 Investment 96

8.3 The Multiplier Effect 99

9 Aggregate Demand and Aggregate Supply 106

9.1 Aggregate Demand (AD) 106

9.2 Aggregate Supply (AS) 109

9.3 Macroeconomic Equilibrium 112

9.4 The Trade-Off Between Inflation and Unemployment 119

10 Fiscal Policy, Economic, Growth, and Productivity 126

10.1 Expansionary and Contractionary Fiscal Policy 126

10.2 Difficulties of Fiscal Policy 130

10.3 Economic Growth and Productivity 134

11 Money, Banking, and Monetary Policy 141

11.1 Money and Financial Assets 141

11.2 Fractional Reserve Banking and Money Creation 148

11.3 Monetary Policy 151

12 International Trade 160

12.1 Comparative Advantage and Gains from Trade 160

12.2 Balance of Payments 164

12.3 Foreign Exchange Rates 166

12.4 Trade Barriers 169

Steo 5 Build Your Test-Taking Confidence

AP Macroeconomics Practice Exam 1 177

AP Macroeconomics Practice Exam 2 197

Appendixes

Further Reading 217

Websites 219

Glossary 221

Important Formulas and Conditions 227