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Principles of Macroeconomics for AP®

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This course includes:

378

practice questions

46

engagement activities

917

assessment questions

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Principles of Macroeconomics for AP ®Course Outline

How does economics apply to the real world?

Concepts Covered:

 

  • What is economics and why is it important?
  • What are the differences between microeconomics and macroeconomics?
  • How do economists use theories and models to understand economic issues?
  • How are economies organized?

How do the choices we make affect us?

Concepts Covered:

 

  • How should individuals make choices based on their budget?
  • What is a production possibilities frontier relate to social choices?
  • How do we confront objections with an economic approach?

How does demand affect supply?

Concepts Covered:

 

  • How does demand, supply, and equilibrium relate markets for goods and services?
  • How does good and services shift demand and supply?
  • What is the four-step process for changes in equilibrium, price, and quantity?
  • What is the difference between price ceilings and price floors?
  • How do supply and demand act as a social mechanism?

Why are labor and financial market important?

Concepts Covered:

 

  • How is demand and supply incorporated in labor markets?
  • How is demand and supply incorporated in financial market?
  • How is the market system an efficient mechanism for information?

What is the macroeconomic perspective?

Concepts Covered:

 

  • How can the size of the economy be measured?
  • How are nominal values adjusted to real values?
  • How is the real GDP tracked over time?
  • How comparable is GDP among other countries?
  • How does GDP measure the well-being of society?

How is economic growth measured?

Concepts Covered:

 

  • How did economic growth happen?
  • How does labor productivity apply to economic growth?
  • What  components make up economic growth?
  • What is economic convergence?

Why does unemployment happen?

Concepts Covered:

 

  • How is the unemployment rate defined and computed?
  • What are the patterns of unemployment?
  • What causes change in unemployment over the short run?
  • What causes change in unemployment over the long run?

What is inflation?

Concepts Covered:

 

  • How is inflation tracked?
  • How can we measure changes in the cost of living?
  • How do the U.S. and other countries experience inflation?
  • Why is there confusion over inflation?
  • What is indexing, and what are its limitations?

What does international trade relate to capital flows?

Concepts Covered:

 

  • How are trade balances measured?
  • How are trade balances interpreted in historical and international contexts?
  • How do trade balances related affect the flows of financial capital?
  • How does the national saving relate to investment identity?
  • What are the pros and cons of trade deficits and surpluses?
  • What is the difference between level of trade and the trade balance?

What is the aggregate demand/aggregate supply model?

Concepts Covered:

 

  • What are macroeconomic perspectives on demand and supply?
  • How do you build a model of aggregate demand and aggregate supply?
  • What types of things shift aggregate supply?
  • What types of things shift aggregate demand?
  • How does the AD/AS model incorporate growth, unemployment, and inflation?
  • What is the difference in the AD/AS model between Keynes’ law and Say’s law?

What is the Keynesian Perspective?

Concepts Covered:

 

  • How is aggregate demand affected in Keynesian Analysis?
  • What are the building blocks of Keynesian Analysis?
  • What is the expenditure-output (Or Keynesian cross) model?
  • What is the Phillips Curve?
  • How does Keynesian perspective affect market forces?

What is the Neoclassical Perspective?

Concepts Covered:

 

  • What are the building blocks of Neoclassical Analysis?
  • What are the policy implications of the Neoclassical Perspective?
  • How do we balance Keynesian and Neoclassical models?

How does money and banking go hand-in-hand?

Concepts Covered:

 

  • What functions does money offer?
  • How is money measured in currency, M1, and M2?
  • What is the role of banks?
  • How do banks create money?

What is the difference between monetary policy and bank regulation?

Concepts Covered:

 

  • How does the federal reserve banking system affect central banks?
  • How are banks regulated?
  • How does a central bank execute monetary policy?
  • How does monetary policy affect economic outcomes?
  • What are the pitfalls for monetary policy?

Is there a major difference between exchange rates and international capital flows?

Concepts Covered:

 

  • How does the foreign exchange market work?
  • How does demand and supply shift in foreign exchange markets?
  • What type of macroeconomic effects take place in exchange rates?
  • What are some types of exchange rate policies?

How do government budgets affect fiscal policy?

Concepts Covered:

 

  • What does government spending cover?
  • What is taxation?
  • How does federal deficits affect the national debt?
  • How can fiscal policy be used to fight recession, unemployment, and inflation?
  • What are automatic stabilizers?
  • What are the practical problems with discretionary fiscal policy?
  • What is the question of a balanced budget?

What are the impact of government borrowing?

Concepts Covered:

 

  • How does government borrowing affect investment and the trade balance?
  • What is the relationship between fiscal policy, investment, and economic growth?
  • How does government borrowing affect private saving?
  • How does fiscal policy affect the trade balance?

What are some macroeconomic policies around the world?

Concepts Covered:

 

  • How diverse is the economy around the world??
  • How are countries’ improving their standards of living?
  • What are the causes of unemployment around the world?
  • What are the causes of inflation across the world?
  • How are trade concerns balanced?

About the book

Principles of Macroeconomics for AP®

Principles of Macroeconomics for AP® Courses covers scope and sequence requirements for an Advanced Placement® macroeconomics course and is listed on the College Board’s AP® example textbook list. The text covers classical and Keynesian views, with a prominent section on the Expenditure-Output model to align to the AP® curriculum. The book offers a balanced approach to theory and application, and presents current examples to students in a politically equitable way.

About the authors:

Senior Contributing Authors

Steven A. Greenlaw, University of Mary Washington
Timothy Taylor,
Macalester College

Contributing Authors

Eric Dodge, Hanover College
Cynthia Gamez, University of Texas at El Paso
Ralph Sonenshine, American University
Andres Jauregui, Columbus State University
Diane Keenan, Cerritos College
Dan MacDonald, California State University San Bernardino
Amyaz Moledina, The College of Wooster
Craig Richardson, Winston-Salem State University
David Shapiro, Pennsylvania State University

 
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