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File: Economics Pdf 125594 | Economics Micro Macro
01 53999x fm qxd 1 23 04 10 13 am page i cliffsap economics micro macro by ron pirayoff 01 53999x fm qxd 1 23 04 10 13 am page ...

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 01 53999X FM.qxd  1/23/04  10:13 AM  Page i
                                                       ®
                                       CliffsAP
                          Economics Micro &Macro
                                               by
                                          Ron Pirayoff
 01 53999X FM.qxd  1/23/04  10:13 AM  Page ii
                 About the Author                                              Publisher’s Acknowledgments
                 Ron Pirayoff teaches AP Economics at Burbank High             Editorial
                 School in Burbank, California. Ron received his Bachelor’s    Project Editor: Tim Ryan
                 Degree from the University of San Francisco, and his          Acquisitions Editor: Greg Tubach
                 Master’s Degree in social science with an emphasis on 
                 economics from Azusa Pacific University.                      Copy Editor: Liz Welch
                                                                               Technical Editor: Ted Lorenzen
                                                                               Production
                                                                               Proofreader: Arielle Mennelle
                                                                               Indexer: Provided by Production
                                                                               Wiley Publishing, Inc, Composition Services
               CliffsAP® Economics Micro & Macro
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 01 53999X FM.qxd  1/23/04  10:13 AM  Page iii
           Table of Contents
           Introduction  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
            AP Economics Exam Details  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
              About The Exams  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
              Microeconomics Test Concepts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
              Macroeconomics Test Concepts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
              Exam Insight  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
              Scoring the Exam  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
            Receiving Your Grade  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
            Test Day Materials  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
            Test Taking Strategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
              Multiple-Choice Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
              Free-Response Section  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
              Check Your Numbering  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
              Keep an Eye on the Clock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
              Do Not Cheat  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
           PART I: THE FUNDAMENTALS
           The Basics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
            Economic Systems  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
            Product and Factor Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
            Opportunity Cost and Production Possibilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
            Specialization and Comparative Advantage  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
            Chapter Review Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
              Answers to Review Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
           Supply and Demand . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
            A Closer Look at Demand  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
              Constructing a Demand Curve . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
              The Six Determinants of Demand  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
               Taste or Preference  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
               Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
               The Substitution Effect  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
               The Price of Complementary Goods  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
               Population  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
               Consumer Expectations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
              Mini-Review   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
              Mini-Review Answers  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
            A Closer Look at Supply  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
              The Supply Curve  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
              The Six Determinants of Supply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
               Input Prices  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
               Producers’ Expectations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
               Technology  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
               A Change in the Price of Other Goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
               The Number of Suppliers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
               Government . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
              Mini-Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
              Mini-Review Answers  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
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...X fm qxd am page i cliffsap economics micro macro by ron pirayoff ii about the author publisher s acknowledgments teaches ap at burbank high editorial school in california received his bachelor project editor tim ryan degree from university of san francisco and acquisitions greg tubach master social science with an emphasis on azusa pacific copy liz welch technical ted lorenzen production proofreader arielle mennelle indexer provided wiley publishing inc composition services note if you purchased this book without a cover published should be aware that is stolen property it was reported as unsold destroyed to river street neither nor has any payment for stripped hoboken nj www com copyright new york simultaneously canada isbn printed united states america b rq qs qu no part publication may reproduced stored retrieval system or transmitted form means electronic mechanical photocopying record ing scanning otherwise except permitted under sections act either prior written permission autho...

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