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Additional resources for 5 Steps to a 5 AP Microeconomics Macroeconomics, 2008-2009 Edition (5 Steps to a 5 on the Advanced Placement Examinations Series)
8. Suppose the price of beef rises by 10 percent and the quantity demanded of beef falls by 20 percent. We can conclude that (A) Household income falls. (B) Technology used to produce gasoline improves. (C) The price of subway tickets and other public transportation falls. (D) The price of crude oil, a raw material for gasoline, rises. (E) The price of car insurance rises. (A) demand for beef is price elastic and consumer spending on beef is falling. (B) demand for beef is price elastic and consumer spending on beef is rising.
_____ Evaluate your Macro strengths and weaknesses. _____ Study appropriate chapters to correct your Macro weaknesses. _____ Review Chapters 12 to 17. ) _____ _____ _____ _____ Review Chapters 5 to 17 – all the material! Take both Practice Exams 2. Score yourself. Get a good night’s sleep before the exam. Fall asleep knowing that you are well prepared. GOOD LUCK ON THE TEST! 16 ❯ Step 1. Set Up Your Study Program Plan C: You Have Six Weeks to Prepare Use this plan if you have been studying economics for 6 months or more and intend to use this book primarily as a specific guide to the AP Economics exams.
D) Profits will fall as the market price increases. (E) The price will rise to the breakeven point as firms exit the industry. 20. Which of the following statements describes a profit-maximizing monopolist? I. Output is set where marginal revenue equals marginal cost, creating an efficient allocation of economic resources. II. Dead weight loss is eliminated in the long run. III. Price is set above marginal cost, creating allocative inefficiency. (A) I only (B) II only (C) III only (D) I and II only (E) II and III only 21.
5 Steps to a 5 AP Microeconomics Macroeconomics, 2008-2009 Edition (5 Steps to a 5 on the Advanced Placement Examinations Series) by Eric Dodge
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