AP Microeconomics/Macroeconomics Premium, 2025: Prep Book with 4 Practice Tests + Comprehensive Review (2025)

Name: AP Microeconomics/Macroeconomics Premium, 2025: Prep Book with 4 Practice Tests + Comprehensive Review (2025)
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Achieve certification success with AP Microeconomics/Macroeconomics Premium, 2025: Prep Book with 4 Practice Tests + Comprehensive Review (2025) , a structured guide designed to simplify complex topics and enhance your understanding.

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AP® is a registered trademark of the College Board, which is not affiliated with
Barron's and was not involved in the production of, and does not endorse, this
product.
Copyright 2024, 2023, 2021, 2018, 2015, 2012, 2009 by Kaplan North America,
LLC d/b/a Barron’s Educational Series
Previous editions © copyright 2006, 2001 by Kaplan North America, LLC d/b/a
Barron’s Educational Series under the title
How to Prepare for the Advanced
Placement Exam in Micro/Macroeconomics by Kaplan North America, LLC.
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About the Authors
James Redelsheimer has over 20 years’ experience teaching AP
Economics at Armstrong High School in Plymouth, Minnesota. James
is a Master Teacher with the Minnesota Council on Economics
Education (MCEE) and is a Next Gen Personal Finance Teacher
Fellow. He has been awarded the 3M Economics Educator Excellence
Award and the Thrivent Financial Leadership Award from the
Minnesota Council on Economic Education. He has been a guest
lecturer in the economics department at Batumi State University in
The Republic of Georgia and has taught Macroeconomics for
Educators at The University of Minnesota. James has received travel
grants and fellowships to visit and learn about the economies of
Japan, China, Korea, Germany, Turkey, and Costa Rica.
Elia Kacapyr is a professor of economics at Ithaca College. He
holds a B.A. in economics from the University of Maryland. His Ph.D.
is from the Andrew Young School of Policy Studies at Georgia State
University. Elia’s fields are macroeconomic theory and econometrics.
He has published numerous scholarly articles and three books,
including
A Guide to Basic Econometric Techniques.

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Table of Contents
How to Use This Book
INTRODUCTION
1 The AP Tests in Microeconomics and Macroeconomics
Introduction
Microeconomics, Macroeconomics, or Both?
The Tests: What Topics Will You See?
Multiple-Choice Questions
Free-Response Questions
Practice, Practice, Practice
Microeconomics Pretest
Pretest AP Score Estimate
Answer Explanations
Macroeconomics Pretest
Pretest AP Score Estimate
Answer Explanations
2 The Discipline of Economics
What Is Economics?
Macroeconomics vs. Microeconomics
Positive vs. Normative Economics
Resources
Opportunity Cost

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Production Possibilities Frontier
Comparative Advantage
Multiple-Choice Review Questions
Free-Response Review Questions
3 Economic Systems
The Fundamental Economic Questions
Economic Systems
The Circular Flow Diagram
Multiple-Choice Review Questions
Free-Response Review Questions
4 Demand and Supply: The Basics
Introduction
Demand and the Law of Demand
Supply and the Law of Supply
Market Equilibrium: Supply and Demand Together
Effects of Supply and Demand Shifts on Price and Quantity
Multiple-Choice Review Questions
Free-Response Review Questions
MICROECONOMICS
Barron’s Essential 5
5 Elasticity, Taxation, and Consumer Choice
Introduction
Elasticity of Demand
Total Revenues Test to Determine Elasticity
Perfect Elasticity
Elasticity Along a Demand Curve
Cross-Price Elasticity of Demand
Income Elasticity of Demand

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Price Elasticity of Supply
Consumer and Producer Surpluses
Impact of Taxes on Consumer and Producer Surpluses
Trade, Tariffs, and Quotas
Consumer Choice Theory
The Utility-Maximization Rule
Formulas
Multiple-Choice Review Questions
Free-Response Review Questions
6 Costs of Production
Introduction
Short Run vs. Long Run
The Production Function
Calculating Costs
Taxes and Shifting Cost Curves
Stages of the Long-Run Average Total Cost Curve
Returns to Scale
Economic vs. Accounting Profit
Formulas
Multiple-Choice Review Questions
Free-Response Review Questions
7 Perfect Competition
Introduction to Market Structures
Profit-Maximizing Level of Output
Perfect Competition
The Shut-Down Rule
Perfect Competition in the Long Run
Formulas
Multiple-Choice Review Questions
Free-Response Review Question

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8 Monopoly
Introduction
The Nature of a Monopoly
A Monopolist’s Demand Curve
Graphing a Monopoly
Interpreting a Monopoly Graph
Price Discrimination
Price Discrimination Shown Graphically
Natural Monopolies and Regulation of Monopolies
Formulas
Multiple-Choice Review Questions
Free-Response Review Questions
9 Imperfect Competition: Monopolistic Competition and
Oligopoly
Introduction
Efficiency and Monopolistic Competition
Interpreting a Monopolistic Competition Graph
Introduction to Oligopoly
It’s Game Time: Modeling Oligopoly with Game Theory
Nash Equilibrium and the Prisoner’s Dilemma
Formulas
Multiple-Choice Review Questions
Free-Response Review Questions
10 Resource Markets with Applications to Labor
Introduction to Factor Markets
Key Concepts of Factor Markets
Marginal Revenue Product (MRP) and Marginal Factor Cost (MFC)
The Three Shifters of Resource Demand
Perfectly Competitive Labor Market
Monopsony
Least-Cost Rule

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Formulas
Multiple-Choice Review Questions
Free-Response Review Questions
11 Government and Public Sector: Market Failure,
Externalities, Public Goods, Efficiency
Introduction
Market Failure and Externalities
Marginal Social Benefit (MSB) = Marginal Social Cost (MSC)
Externalities
Positive Externalities
Negative Externalities
Public vs. Private Goods
The Distribution of Income
Types of Taxes
Formulas
Multiple-Choice Review Questions
Free-Response Review Question
Key Microeconomics Graphs
Microeconomics Practice Test
Section I—Multiple-Choice Questions
Section II—Free-Response Questions
Answer Explanations
MACROECONOMICS
Barron’s Essential 5
12 The National Economic Accounts
The Accounts
Gross Domestic Product
The Expenditure Approach
The Income Approach

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The Value-Added Approach
Real GDP
The Underground Economy
Other Things Not Counted in GDP
Per Capita GDP
Limitations of GDP
Formulas
Multiple-Choice Review Questions
Free-Response Review Questions
13 Inflation and Unemployment
The Twin Evils
Inflation
Unemployment
Formulas
Multiple-Choice Review Questions
Free-Response Review Questions
14 Money and Banking
M1, M2, and the Monetary Base
Fiat Money
The Functions of Money
The Federal Reserve System
The Money Expansion Process
Policy Tools of the Federal Reserve
Formulas
Multiple-Choice Review Questions
Free-Response Review Questions
15 Monetary Theory
The Equation of Exchange
The Loanable Funds Market
The Money Market

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Formulas
Multiple-Choice Review Questions
Free-Response Review Questions
16 Aggregate Supply and Aggregate Demand
Business Cycles
Long-Run Aggregate Supply
Short-Run Aggregate Supply
Aggregate Demand
Using the Aggregate Supply/Aggregate Demand Model
Economic Growth
Multiple-Choice Review Questions
Free-Response Review Questions
17 Monetary Policy
Monetary Policy Defined
Monetary Policy in Theory
Monetary Policy in Practice
The Phillips Curve
Multiple-Choice Review Questions
Free-Response Review Questions
18 Fiscal Policy
Fiscal Policy Defined
Fiscal Policy in Theory
Fiscal Policy in Practice
Crowding Out
Government Spending and Tax Multipliers
Automatic Stabilizers
The National Debt and Deficits
Formulas
Multiple-Choice Review Questions
Free-Response Review Questions

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19 International Trade and Finance
The Balance of Trade
Trade Restrictions
The Balance of Payments
Exchange Rates
Monetary and Fiscal Policy in an Open Economy
Formulas
Multiple-Choice Review Questions
Free-Response Review Questions
The Big 5 Graphs of Macroeconomics in Action
Macroeconomics Practice Test
Section I—Multiple-Choice Questions
Section II—Free-Response Questions
Answer Explanations
Visit Barron's Online Learning Hub for more full-
length practice tests and vocabulary.

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