5 Steps to a 5: AP Microeconomics 2022

by Eric R. Dodge

Overview

MATCHES THE LATEST EXAM!

Let us supplement your AP classroom experience with this easy-to-follow study guide!

The immensely popular 5 Steps to a 5: AP Microeconomics guide has been updated for the 2021-22 school year and now contains:

• 3 full-length practice exams (available in the book and online) that reflect the latest exam
• Access to a robust online platform
• Comprehensive overview of the AP Microeconomics exam format
• Hundreds of practice exercises with thorough answer explanations
• Review material and proven strategies specific to each section of the test
• A self-guided study plan including flashcards, games, and more online

Product Details

ISBN-13:	9781264267491
Publisher:	McGraw Hill LLC
Publication date:	08/04/2021
Sold by:	Barnes & Noble
Format:	eBook
Pages:	240
File size:	23 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 23

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 154

10.1 Factor Demand 155

10.2 Least-Cost Hiring of Multiple Inputs 159

10.3 Factor Supply and Market Equilibrium 161

10.4 Imperfect Competition in Product and Factor Markets 163

11 Public Goods, Externalities, and the Role of Government 167

11.1 Public Goods and Spillover Benefits 168

11.2 Pollution and Spillover Costs 170

11.3 Income Distribution and Tax Structures 172

Step 5 Build Your Test-Taking Confidence

AP Microeconomics Practice Exam 1 181

AP Microeconomics Practice Exam 2 201

Appendixes 221

Further Reading 223

Websites 224

Glossary 225

Important Formulas and Conditions 230