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AP Microeconomics/Macroeconomics: The Best Test Prep for the AP

AP Microeconomics/Macroeconomics: The Best Test Prep for the AP

by Richard Sattora
Are You Serious About Scoring a 5 on Your Advanced Placement* Exam?
Then You Need REA’s Test Prep for the AP* Micro & Macroeconomics Exams - with TestWare CD

Written by a Blue Ribbon Teacher of Economics, this third edition of our popular AP* test prep is completely up-to-date and aligned with the official AP* exam. The book contains in-depth reviews


Are You Serious About Scoring a 5 on Your Advanced Placement* Exam?
Then You Need REA’s Test Prep for the AP* Micro & Macroeconomics Exams - with TestWare CD

Written by a Blue Ribbon Teacher of Economics, this third edition of our popular AP* test prep is completely up-to-date and aligned with the official AP* exam. The book contains in-depth reviews of all the topics covered on both the AP* Microeconomics and Macroeconomics exams. Basic economic concepts, key terms, and a breakdown of each exam’s content are included, so you can prepare for all topics tested on the exams.

A glossary and appendices of free-response topics and commonly used formulas are included for extra study and review. Each chapter contains review questions that help students study smarter and boost their AP* scores.

The test prep features two full-length practice exams (one for Microeconomics and one for Macroeconomics) with detailed explanations of all answers, custom study schedules, and test-taking strategies. The practice tests are composed of every type of question that can be expected on the actual AP* exams, so you can “practice for real” and target your strengths and weaknesses before the test.

Both of the book’s practice tests are included on CD in a timed format with automatic, instant scoring. Our interactive TestWare CD offers detailed on-screen answers, diagnostic feedback, plus an extended time function for students with disabilities.

If you’re serious about getting a 5 on your exam, you need REA’s test prep for the AP* Micro & Macroeconomics exam!

REA has helped more than a million students succeed on their AP* exams! Teachers across the country consider our AP* titles to be invaluable resources and consistently recommend our books to their students.

Product Details

Research & Education Association
Publication date:
Advanced Placement (AP) Test Preparation
Edition description:
Product dimensions:
6.40(w) x 9.80(h) x 1.00(d)
Age Range:
15 - 17 Years

Read an Excerpt

Excelling on the AP Economics Exams 

About This Book 
The purpose of this book is to provide a review for the Advanced Placement Economics Examinations written in high school vernacular. Our mission is to translate economics to a level understandable to the average student. 

One full-length practice exam is included for both the Macroeconomics exam and the Microeconomics exam. Use them, along with the detailed explanations of answers, to help determine your strengths and weaknesses, and to prepare yourself to score well on the actual exams. 

About the Advanced Placement Program 
The Advanced Placement program is designed to provide high school students with the opportunity to pursue college-level studies. The AP Economics course has two components (Macroeconomics and Microeconomics), each of which is tested and graded separately. 

Students are expected to gain college-level skills and acquire college-level knowledge of economics through the AP course. Upon completion of the course, students may take the AP exam for Macroeconomics, Microeconomics, or both. Test results are used to grant course credit and/or determine placement level in the subject when entering college. 

AP exams are offered every May. The exam schedule allows everyone the opportunity to take both exams on the same day—Macroeconomics in the morning, Microeconomics in the afternoon. For more information contact Educational Testing Service or the College Board at:  

AP Services 
P.O. Box 6671
Princeton, NJ 08541-6671
Phone: (609) 771-7300 or (888) 225-5427
Fax: (609) 530-0482 
E-mail: apexams@ets.org 
Web site: www.collegeboard.com 

About the AP Economics Exams 
The two components of the AP Economics course are tested and graded separately. It is possible to receive a qualified rating (3 or greater) on one exam and not the other. Each exam carries three college credit hours, although many schools require a grade of 4 or 5 to replace their introductory macro or micro course.  

The exams are 2 hours and 10 minutes long. Each section in each exam is completed separately. You will have 70 minutes to answer 60 multiple-choice questions, worth 67% of your final grade. Each correct answer is worth one point, and each incorrect answer deducts 1/4 point. 
The free-response section is 60 minutes long and has three questions. You will have a 10-minute reading section, followed by 50 minutes to answer the questions. The first is a long essay and worth 15 points; the second and third (short) essay questions are worth 15 points total. The points for this section comprise 33% of the exam. 

AP Microeconomics Exam Distribution  

I. Basic Economic Concepts (8–14%)
A. Scarcity, choice, and opportunity cost
B. Production possibilities curve
C. Comparative advantage, specialization, and trade
D. Economic systems
E. Property rights and the role of incentives
F. Marginal analysis

II. The Nature and Functions of Product Markets (50–70%) 
A. Supply and demand (15–20%) 
B. Theory of consumer choice (5–10%)
C. Production and costs (10–15%) 
D. Firm behavior and market structure (25–35%) 

III. Factor Markets (10–18%) 
A. Derived factor demand 
B. Marginal revenue product 
C. Labor market and firm’s hiring of labor 
D. Market distribution of income 

IV. Market Failure and the Role of Government (12–18%) 
A. Externalities   
B. Public goods 
C. Public policy to promote competition 
D. Income distribution  

AP Macroeconomics Exam Distribution  
I. Basic Economic Concepts (8–12%)  
A. Scarcity, choice, and opportunity cost 
B. Production possibilities curve 
C. Comparative advantage, specialization, and exchange 
D. Demand, supply, and market equilibrium 
E. Macroeconomic issues: business cycle, unemployment, inflation, and growth  

II. Measurement of Economic Performance (12–16%) 
A. National income accounts 
B. Inflation measurement and adjustment 
C. Unemployment 

III. National Income and Price Determination (10–15%) 
A. Aggregate demand (AD) 
B. Aggregate supply (AS) 
C. Macroeconomic equilibrium 

IV. Financial Sector (15–20%) 
A. Money, banking, and financial markets value) 
B. Central bank and control of the money supply 

V. Inflation, Unemployment, and Stabilization Policies (20–30%) 
A. Fiscal and monetary policies 
B. Inflation and unemployment 
VI. Economic Growth and Productivity (5–10%)  
A. Investment in human capital 
B. Investment in physical capital 
C. Research and development and technological progress 
D. Growth policy 

VI. Open Economy: International Trade and Finance (10–15%) 
A. Balance of payments accounts 
B. Foreign exchange market 
C. Net exports and capital flows 
D. Links to financial and goods markets 

About Our Subject Review   
As mentioned earlier, this review is designed to prepare you for success on the College Board’s AP Economics Exams. Therefore, an entire year’s work has been distilled into the leanest preparation manual possible to ensure victory on exam day. This text is aimed at students serious about improving their likelihood of success through hard work and attention to the key elements to be tested.  
This text will also help a student prepare for daily classroom success as well. Students have a variety of learning styles that are not always met by classroom teachers, so this text will serve well as a supplement to daily classroom learning. Components of this review have been field-tested in the classroom by students of varying capacity, and all can attest to their improved performance both in the classroom, as well as on the exam; they average nearly one full point higher than the nation!  

Studying for Your AP Exam  
Use previous tests and quizzes to provide a study guide outline. Focus particular attention on questions that you got wrong. Take care not to repeat the same mistake.  Study with another student or in a group. Take turns asking each other questions. You will be amazed at how much you learn by playing the teacher! 

For both Macroeconomics and Microeconomics, draw all the key models that you are required to be fluent in. Practice the possible movements that may result from change in the variables present in the model. For example, draw the aggregate expenditure (AE) model. Label all elements. How would the model react to an increase in government spending? Increase in taxes? Budget gap?  

Create a study sheet with all of the key formulae (see Appendix B). Use the text or past exams to test your ability to solve questions on the money multiplier or price elasticity. Continue until your answers are error free. 

Prepare for the test over several days. Don’t cram. Talk with your teacher regarding areas that you don’t understand. Give your teacher adequate time to prepare an answer. Whenever possible, take as many practice tests as possible. Review errors with your teacher or other students. Again, past tests and quizzes are invaluable as a learning tool.  

What You’ll Face on Test Day  
You will face two separate exams of 2 hours and 10 minutes in length, divided by a lunch break. Be sure to bring both #2 pencils and blue or black pens. No calculators are allowed. Be sure to read the test-taking tips before the exam. 

Meet the Author

Richard Sattora is an AP* Economics teacher at Excelsior Award–winning Pittsford Mendon High School in Pittsford, New York, where he has taught for 30 years. The caliber of his work has brought Mr. Sattora recognition from Who’s Who Among America’s Teachers and the Federal Reserve Bank of Dallas, where he was designated a “Blue Ribbon Teacher of Economics.”

In 2005, under Mr. Sattora’s direction, Pittsford Mendon High School’s Federal Reserve Challenge Team won the Fed Challenge national championship. This prestigious national economics competition is sponsored by the Board of Governors of the Federal Reserve System and promotes a greater understanding of economics among students. Recently, Mr. Sattora designed an Economic Education Institute blueprint for the Federal Reserve Bank of New York.

Mr. Sattora’s varied background in economics gives him a balanced perspective on the subject. He has worked for Eastman Kodak Company and has been involved in many entrepreneurial activities in the real estate, restaurant, and landscaping fields. He is a member of the Rochester Area Council of Social Studies and the Association of Private Enterprise Educators. He earned a bachelor’s degree at Canisius College in Buffalo, New York, and a master’s degree at Nazareth College in Rochester.

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