5 Steps to a 5: AP Microeconomics 2023 Elite Student Edition

by Eric R. Dodge

Overview

AP Teachers’ #1 Choice!

Ready to succeed in your AP course and ace your exam? Our 5 Steps to a 5 guides explain the tough stuff, offer tons of practice and explanations, and help you make the most efficient use of your study time. 5 Steps to a 5: AP Microeconomics Elite is more than a review guide, it’s a system that has helped thousands of students walk into test day feeling prepared and confident.

Everything you Need for a 5:

• 3 full-length practice tests that align with the latest College Board requirements
• Hundreds of practice exercises with answer explanations
• Comprehensive overview of all test topics
• Proven strategies from seasoned AP educators

Why the Elite edition?

• 200+ pages of additional AP content
• 5-minute daily activities to reinforce critical AP concepts
• AP educators love this feature for bellringers in the classroom!

Study on the Go:

• All instructional content in digital format (for both computers and mobile devices)
• Interactive practice tests with answer explanations
• A self-guided study plan with daily goals, powerful analytics, flashcards, games, and more

A Great In-class Supplement:

• 5 Steps is an ideal companion to your main AP text
• Includes an AP Microeconomics Teacher’s Manual that offers excellent guidance to educators for better use of the 5 Steps resources

Product Details

ISBN-13:	9781264548842
Publisher:	McGraw Hill LLC
Publication date:	08/01/2022
Sold by:	Barnes & Noble
Format:	eBook
Pages:	528
File size:	19 MB
Note:	This product may take a few minutes to download.

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

Background Information 3

Some Frequently Asked Questions About the AP Economics Exams 4

2 How to Plan Your Time 11

Three Approaches to Preparing for AP Exams 11

Calendar for Each Plan 13

Step 2 Determine Your Test Readiness

3 Take the Diagnostic Exam 19

Diagnostic Exam: AP Microeconomics, Section I 23

Answers and Explanations 32

Diagnostic Exam: AP Microeconomics, Section II 36

Free-Response Grading Rubric 38

Scoring and Interpretation 40

Step 3 Develop Strategies for Success

4 How to Approach Each Question Type 43

Section I Multiple-Choice Questions 43

Section II Free-Response Questions 46

Step 4 Review the Knowledge You Need to Score High

5 Fundamentals of Economic Analysis 51

5.1 Scarce Resources 52

5.2 Production Possibilities 56

5.3 Functions of Economic Systems 62

6 Demand, Supply, Market Equilibrium, and Welfare Analysis 67

6.1 Demand 67

6.2 Supply 73

6.3 Market Equilibrium 76

6.4 Welfare Analysis 81

7 Elasticity, Microeconomic Policy, and Consumer Theory 86

7.1 Elasticity 87

7.2 Microeconomic Policy and Applications of Elasticity 95

7.3 Trade Barriers 103

7.4 Consumer Choice 105

8 The Firm, Profit, and the Costs of Production 114

8.1 Firms, Opportunity Costs, and Profits 115

8.2 Production and Cost 116

9 Market Structures, Perfect Competition, Monopoly, and Things Between 129

9.1 Perfect Competition 130

9.2 Monopoly 140

9.3 Monopolistic Competition 145

9.4 Oligopoly 147

10 Factor Markets 155

10.1 Factor Demand 156

10.2 Least-Cost Hiring of Multiple Inputs 160

10.3 Factor Supply and Market Equilibrium 162

10.4 Imperfect Competition in Product and Factor Markets 164

10.5 Minimum Wages 166

11 Public Goods, Externalities, and the Role of Government 169

11.1 Public Goods and Spillover Benefits 170

11.2 Pollution and Spillover Costs 172

11.3 Income Distribution and Tax Structures 174

Step 5 Build Your Test-Taking Confidence

AP Microeconomics Practice Exam 1 183

AP Microeconomics Practice Exam 2 203

Elite Student Edition 5 Minutes to a 5

90 AP Microeconomics

Activities and Questions in 5 Minutes a Day 223

90 AP Macroeconomics

Activities and Questions in 5 Minutes a Day 365

Appendixes 499

Further Reading 501

Websites 502

Glossary 503

Important Formulas and Conditions 508