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

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

Authors: Eric Dodge

Published: July 2013

eISBN: 9780071803168 0071803165 | ISBN: 9780071803151

Cover

About the Author

Title Page

Copyright Page

Contents

Preface

Acknowledgments

Introduction: The Five-Step Program

Step 1 Set Up Your Study Program

1 What You Need to Know About the AP Microeconomics Exam

2 How to Plan Your Time

Step 2 Determine Your Test Readiness

3 Take the Diagnostic Exam

Diagnostic Exam: AP Microeconomics

Step 3 Develop Strategies for Success

4 How to Approach Each Question Type

Section I: Multiple-Choice Questions

Section II: Free-Response Questions

Step 4 Review the Knowledge You Need to Score High

5 Fundamentals of Economic Analysis

5.1 Scarce Resources

5.2 Production Possibilities

5.3 Functions of Economic Systems

6 Demand, Supply, Market Equilibrium, and Welfare Analysis

6.1 Demand

6.2 Supply

6.3 Market Equilibrium

6.4 Welfare Analysis

7 Elasticity, Microeconomic Policy, and Consumer Theory

7.1 Elasticity

7.2 Microeconomic Policy and Applications of Elasticity

7.3 Trade Barriers

7.4 Consumer Choice

8 The Firm, Profit, and the Costs of Production

8.1 Firms, Opportunity Costs, and Profits

8.2 Production and Cost

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

9.1 Perfect Competition

9.2 Monopoly

9.3 Monopolistic Competition

9.4 Oligopoly

10 Factor Markets

10.1 Factor Demand

10.2 Least-Cost Hiring of Multiple Inputs

10.3 Factor Supply and Market Equilibrium

10.4 Imperfect Competition in Product and Factor Markets

11 Public Goods, Externalities, and the Role of Government

11.1 Public Goods and Spillover Benefits

11.2 Pollution and Spillover Costs

11.3 Income Distribution and Tax Structures

Step 5 Build Your Test-Taking Confidence

AP Microeconomics Practice Exam 1

AP Microeconomics Practice Exam 2

Appendixes

Further Reading

Websites

Glossary

A

C

D

E

F

G

H

I

L

M

N

O

P

Q

R

S

T

U

V

W

Important Formulas and Conditions