By Ronald Pirayoff
CliffsAP learn publications assist you achieve an side on complex Placement* assessments. evaluation routines, real looking perform assessments, and potent test-taking techniques are the foremost to calmer nerves and better AP* scores.CliffsAP Economics Micro & Macro is for college students who're enrolled in AP Economics or who're getting ready for the complicated Placement exam in Economics to earn collage credits and/or placement into complex coursework on the university point. inside of, you’ll locate test-taking concepts, a transparent rationalization of the examination layout, a glance at how assessments are graded, and more:A topic-by-topic examine what’s at the examReviews of either micro- and macroeconomicsA record of the fabrics you’ll desire on try dayFour full-length perform testsSample questions (and answers!) and perform exams toughen what you’ve realized in components comparable to product and issue markets, offer and insist, and cost elasticity. CliffsAP Economics Mirco & Macro additionally comprises info at the following:Gross household ProductAggregate offer and demandFiscal policiesProduction costsProfit maximizationsThe government’s roleInternational economicsThis finished advisor deals an intensive assessment of key options and exact resolution factors. It’s all you want to do your most sensible — and get the varsity credit you deserve.*Advanced Placement application and AP are registered logos of the varsity Board, which used to be no longer considering the construction of, and doesn't advise this product.
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Extra resources for Economics Micro & Macro (CliffsAP)
2. B. Normal goods are consumed more when income rises. Inferior goods are goods that are consumed less as income rises. The good isn’t a substitute because the demand for another product is not being affected. 3. E. Cross-elasticity refers to the impact one good’s price has on another good’s demand. If the cross-elasticity answer is a positive number, the goods are complements. 4. E. The supply curve for the tomato crop will shift to the left. When supply shifts to the left and the demand curve stays the same, the price will increase and the quantity will decrease.
D. E. Inflation Stagflation Recession Expansion A peak in the business cycle Answers to Review Questions 1. C. GDP can be calculated using two different approaches: the expenditures approach and the income approach. 2. E. None is the correct answer because cyclical unemployment is when a worker is laid off or unemployed because of the contraction phase of the business cycle. 3. B. Cost-push inflation refers to a rise in the price level due to high production costs. When producers have to pay more for raw materials and/or energy outputs, they raise their prices in an effort to retain profits.
B. C. D. E. Inflation Stagflation Recession Expansion A peak in the business cycle Answers to Review Questions 1. C. GDP can be calculated using two different approaches: the expenditures approach and the income approach. 2. E. None is the correct answer because cyclical unemployment is when a worker is laid off or unemployed because of the contraction phase of the business cycle. 3. B. Cost-push inflation refers to a rise in the price level due to high production costs. When producers have to pay more for raw materials and/or energy outputs, they raise their prices in an effort to retain profits.
Economics Micro & Macro (CliffsAP) by Ronald Pirayoff