AP Economics |
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| Syllabus The Handy Dandy Guide Economic Literacy Project Scarcity, Choice & Opportunity Cost Supply and Demand Unit 1 Review The Firm Factor Markets Public Goods and Market Failure Public Finance |
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| Intro to Macroeconomics Production Income and Employment Monetary Sytem, Prices, Inflation Unit Review Classical Long-Run Model Economic Growth Rising Living Standards Economic Fluctuations Short-Run Macro Model The Banking System Money Market and Interest Rates Aggregate Demand, Aggregate Supply Inflation and Monetary Policy Fiscal Policy Exchange Rates, Macro Policy |
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| This page last modified on 7 January, 2009 |
| AP Econ, McGuire
Fall Semester, 2007 Directed Review 1. What is the basic economizing problem? 2. What 3 questions do all economic systems attempt to answer? 3. Name the 4 factors of production. What rewards accrue to each of these factors? 4. What is the difference between a positive and a normative statement? 5. What topics does microeconomics examine? Macroeconomics? 6. Translate ceteris paribus. What does that phrase mean in the context of this class? 7. How does an economist define cost? Can you determine the cost of something by studying a table? By looking at a graph? 8. What is opportunity cost? 9. Distinguish between productive and allocative efficiency. 10. Examine a production possibilities curve. What information does it attempt to convey? What do the points located either inside, on or beyond the curve indicate to you? 11. What is demand? Supply? What causes a change in the quantity demanded and supplied? 12. What factors will produce a shift in demand? 13. What factors will produce a shift in supply? 14. What is a normal good? An inferior good? A complementary good? What factors affect the demand for these goods? 15. What is equilibrium? 16. What happens when price ceilings and floors are imposed in a market? 17. Can a ceiling be imposed too high i.e., above equilibrium, (E) and a floor too low i.e., below E? What would result in these instances? 18. What is price elasticity of demand? How does one use total revenue to measure price elasticity? 19. How does the definition of a product affect price elasticity of demand for the product? 20. What is the difference between long-run and a short-run adjustment? Provide examples of each. 21. What is marginal product? Marginal revenue product? 22. Distinguish between fixed and variable costs. 23. Identify and describe how each of the following is determined: total cost, total revenue, average total cost, average fixed cost, marginal cost, and marginal revenue. 24. What is an economy of scale? A diseconomy of scale? Examining a diagram that contained production cost curves, how would you determine either the presence or absence of either situation? 25. Identify the 4 types of firms studied. List the distinguishing characteristics for each type of firm. 26. Presented with a diagram of cost and revenue curves, be prepared to associate the diagram with the appropriate model of a firm. 27. How do firms in each of the 4 models arrive at profit-maximizing output? 28. What is a ratio of concentration? What does it tell you? 29. Distinguish between real and nominal wages. 30. What is marginal revenue product (MRP)? |