5 Steps to a 5: AP Microeconomics 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 Microeconomics 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:	9781260132113
Publisher:	McGraw-Hill Professional Publishing
Publication date:	08/01/2018
Pages:	240
Sales rank:	617,930
Product dimensions:	8.40(w) x 10.70(h) x 0.50(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 v

Acknowledgments vii

About the Author ix

Introduction: The Five-Step Program xi

Step 1 Set Up Your Study Program

1 What You Need to know About the AP Microeconomics Exam 3

2 How to Plan Your Time 12

Step 2 Determine Your Test Readiness

3 Take the Diagnostic Exam 19

Diagnostic Exam: AP Microeconomics 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 Resource 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 Elasticity, Microeconomic Policy, and Consumer Theory 74

7.1 Elasticity 75

7.2 Microeconomic Policy and Applications of Elasticity 83

7.3 Trade Barriers 91

7.4 Consumer Choice 93

8 The Firm, Profit, and the Costs of Production 102

8.1 Firms, Opportunity Costs, and Profits 103

8.2 Production and Cost 104

9 Market Structures, Perfect Competition, Monopoly, and Things Between 117

9.1 Perfect Competition 118

9.2 Monopoly 128

9.3 Monopolistic Competition 133

9.4 Oligopoly 135

10 Factor Markets 142

10.1 Factor Demand 143

10.2 Least-Cost Hiring of Multiple Inputs 147

10.3 Factor Supply and Market Equilibrium 149

10.4 Imperfect Competition in Product and Factor Markets 151

11 Public Goods, Externalities, and the Role of Government 155

11.1 Public Goods and Spillover Benefits 156

11.2 Pollution and Spillover Costs 158

11.3 Income Distribution and Tax Structures 160

Step 5 Build Your Test-Taking Confidence

AP Microeconomics Practice Exam 1 169

AP Microeconomics Practice Exam 2 189

Appendixes 209

Further Reading 211

Websites 212

Glossary 213

Important Formulas and Conditions 218