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5 Steps to a 5: AP Microeconomics 2021 Eric R. Dodge

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Copyright © 2020 by McGraw-Hill Education. All rights reserved.
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 CONTENTS

Preface
Acknowledgments
About the Author
Introduction: The Five-Step Program

STEP 1 Set Up Your Study Program

1 What You Need to Know About the AP
Microeconomics Exam
Background Information
Frequently Asked Questions About the AP
Economics Exams
2 How to Plan Your Time
Three Approaches to Preparing for AP Exams
Calendar for Each Plan

STEP 2 Determine Your Test Readiness

3 Take the Diagnostic Exam
Diagnostic Exam: AP Microeconomics

STEP 3 Develop Strategies for Success

4 How to Approach Each Question Type
Section I: Multiple-Choice Questions
Section II: Free-Response Questions
STEP 4 Review the Knowledge You Need to
Score High
5 Fundamentals of Economic Analysis
5.1 Scarce Resources
5.2 Production Possibilities
5.3 Functions of Economic Systems
6 Demand, Supply, Market Equilibrium, and
Welfare Analysis
6.1 Demand
6.2 Supply
6.3 Market Equilibrium
6.4 Welfare Analysis
7 Elasticity, Microeconomic Policy, and
Consumer Theory
7.1 Elasticity
7.2 Microeconomic Policy and Applications of
Elasticity
7.3 Trade Barriers
7.4 Consumer Choice
8 The Firm, Profit, and the Costs of Production
8.1 Firms, Opportunity Costs, and Profits
8.2 Production and Cost
9 Market Structures, Perfect Competition,
Monopoly, and Things Between
9.1 Perfect Competition
9.2 Monopoly
9.3 Monopolistic Competition
9.4 Oligopoly
10 Factor Markets
10.1 Factor Demand
10.2 Least-Cost Hiring of Multiple Inputs
10.3 Factor Supply and Market Equilibrium
 10.4 Imperfect Competition in Product and Factor
Markets
11 Public Goods, Externalities, and the Role of
Government
11.1 Public Goods and Spillover Benefits
11.2 Pollution and Spillover Costs
11.3 Income Distribution and Tax Structures

STEP 5 Build Your Test-Taking Confidence

AP Microeconomics Practice Exam 1
AP Microeconomics Practice Exam 2

Appendixes
Further Reading
Websites
Glossary
Important Formulas and Conditions
 PREFACE

So, you’ve decided to bite the bullet and invest in a book designed to
help you earn a 5 on your AP Microeconomics exam.
Congratulations! You have taken the first of many small steps toward
this goal. An important question remains: Why this book?
Priority number one, both for your AP course and for this book, is
to prepare you to do well enough on the AP Microeconomics exam to
earn college credit. I firmly believe that this book has a comparative
advantage over your other options. First, I have written this text
with a certain conversational approach, rather than a flurry of
formulas and diagrams that you must remember. Sure, some
memorization is required for any standardized test, but a memorizer
of formulas is in deep trouble when asked to analyze the relative
success of several possible economic policies or to draw fine
distinctions between competing economic theories. Using this book
to supplement and reinforce your understanding of the theories and
relationships in economics allows you to apply your analytical skills
to the exam, and this gives you a significant advantage over the
formula-memorizing exam taker. If you spend less time memorizing
formulas and take the extra time to understand the basics, you will
get along just fine with this book, and you will do extremely well on
the AP Economics exams.
Second, as a college professor who has taught economics to
thousands of students, I have a strong understanding of where the
learning happens and where the mistakes are made.
Third, as a reader and writer of AP exams, I can tell you where
points are lost and where a 5 is made on the free-response
questions. Most important, I am a realist. You want to know what it
takes to earn a 5 and not necessarily the finer points of the Federal
Reserve System, the Sherman Antitrust Act, or the NAFTA.
Take the time to read the first four chapters of this book, which
are designed to help you understand the challenge that lies ahead
and to provide you with tips for success on the exam.
Take the diagnostic exam to see where you stand before
beginning your review. The bulk of this book is a comprehensive
review of microeconomics with practice questions at the end of each
chapter. These questions are designed to quickly test your
understanding of the material presented in each chapter, not
necessarily to mirror the AP exam. For exam questions that are more
typical of what you will experience in May, I have provided you with
two practice exams in microeconomics. These are practice exams,
complete with essay questions, sample responses, and scoring
guidelines.
There have been several important updates since the first
edition. The second edition included expanded coverage of game
theory, reflecting the growing use of game theory in the AP
Microeconomics curriculum. In that edition, I included a free-
response question involving game theory because the people who
develop the AP exam had been urging high school AP teachers to
devote more time to game theory. Such urgings are usually a strong
hint of a future free-response question, and indeed in 2007, the
Microeconomics exam included, for the first time, a free-response
game-theory question.
In the 2018 edition of this book, I included details of the impact
that trade barriers, such as tariffs and quotas, have on competitive
markets. While the topic of trade barriers has been present in the AP
Microeconomics course outline for several years, it was not tested
extensively in the free-response section until 2012. That edition also
added coverage of the market for capital in the factor markets
chapter to reflect a growing emphasis in both teaching and testing
more than simply labor markets. I also brought some of the
coverage of externalities more in line with recent AP exams and the
rubrics that were used to grade them.
To reflect more recent points of emphasis in the AP exam, the
2019 edition expanded the explanation of how certain costs can be
identified and computed in a graph. I also provided additional
graphing tips and modified some questions in the practice exams.
This new edition reflects some changes that the College Board
has made to the AP Microeconomics curriculum. For the most part,
the content is quite similar to what has been taught, and tested, for
the last decade or more. While the changes are not fundamentally
changing the Microeconomics course, it is important that this book
keeps pace with those changes. More specific details about the
changes to the Microeconomics course are given in Chapter 1. As
with every edition, I adjust free-response questions and rubrics to
better reflect how those questions are being scored at the annual
Reading.
I do not see any reason to continue talking about the book when
we could just dive in. I hope that you enjoy this book and that you
find it a useful resource. Good luck!
 ACKNOWLEDGMENTS

This book is dedicated to my wife, Dr. Melanie Fox, and our three
sons, Eli, Max, and Theo. My utility for you is increasing at an
increasing rate. Thank you.
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 Dentistry - Answer Key
Spring 2024 - Division

Prepared by: Instructor Davis

Date: July 28, 2025

Test 1: Ethical considerations and implications

Learning Objective 1: Study tips and learning strategies
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 2: Comparative analysis and synthesis
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 3: Case studies and real-world applications
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 4: Problem-solving strategies and techniques
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 5: Learning outcomes and objectives
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Problem-solving strategies and techniques
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Learning outcomes and objectives
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 7: Diagram/Chart/Graph]
Practice Problem 7: Ethical considerations and implications
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Ethical considerations and implications
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Assessment criteria and rubrics
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 10: Diagram/Chart/Graph]
Part 2: Practical applications and examples
Important: Critical analysis and evaluation
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Remember: Case studies and real-world applications
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 12: Theoretical framework and methodology
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 13: Study tips and learning strategies
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 14: Diagram/Chart/Graph]
Important: Interdisciplinary approaches
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Interdisciplinary approaches
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Definition: Research findings and conclusions
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Key Concept: Comparative analysis and synthesis
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 18: Diagram/Chart/Graph]
Practice Problem 18: Case studies and real-world applications
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 19: Diagram/Chart/Graph]
Definition: Fundamental concepts and principles
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 20: Diagram/Chart/Graph]
Topic 3: Statistical analysis and interpretation
Key Concept: Fundamental concepts and principles
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 21: Diagram/Chart/Graph]
Example 21: Practical applications and examples
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Study tips and learning strategies
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Historical development and evolution
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Assessment criteria and rubrics
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Assessment criteria and rubrics
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 26: Study tips and learning strategies
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Ethical considerations and implications
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Ethical considerations and implications
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Key Concept: Practical applications and examples
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Module 4: Experimental procedures and results
Practice Problem 30: Best practices and recommendations
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Study tips and learning strategies
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Key terms and definitions
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Experimental procedures and results
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 34: Diagram/Chart/Graph]
Note: Ethical considerations and implications
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Research findings and conclusions
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 36: Problem-solving strategies and techniques
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Theoretical framework and methodology
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 38: Historical development and evolution
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Practice Problem 39: Case studies and real-world applications
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 40: Diagram/Chart/Graph]
Introduction 5: Interdisciplinary approaches
Definition: Learning outcomes and objectives
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Interdisciplinary approaches
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Practice Problem 42: Ethical considerations and implications
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 43: Diagram/Chart/Graph]
Remember: Study tips and learning strategies
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 44: Current trends and future directions
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 45: Diagram/Chart/Graph]
Key Concept: Statistical analysis and interpretation
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Key Concept: Experimental procedures and results
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 47: Ethical considerations and implications
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Study tips and learning strategies
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Problem-solving strategies and techniques
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Introduction 6: Learning outcomes and objectives
Example 50: Comparative analysis and synthesis
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 51: Diagram/Chart/Graph]
Remember: Theoretical framework and methodology
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 52: Diagram/Chart/Graph]
Remember: Literature review and discussion
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Important: Interdisciplinary approaches
• Research findings and conclusions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Research findings and conclusions
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Comparative analysis and synthesis
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 56: Diagram/Chart/Graph]
Definition: Assessment criteria and rubrics
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Interdisciplinary approaches
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Note: Comparative analysis and synthesis
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Remember: Current trends and future directions
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Abstract 7: Best practices and recommendations
Remember: Learning outcomes and objectives
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Study tips and learning strategies
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 62: Diagram/Chart/Graph]
Practice Problem 62: Case studies and real-world applications
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 63: Diagram/Chart/Graph]
Note: Fundamental concepts and principles
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Current trends and future directions
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Definition: Practical applications and examples
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 66: Diagram/Chart/Graph]
Practice Problem 66: Literature review and discussion
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
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