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AP Macro Exam Cumulative Review and Common Mistakes Students Make

General Stuff- MC's. To Guess

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AP Macro Exam Cumulative Review and Common Mistakes Students Make

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    1. AP Macro Exam Cumulative Review and Common Mistakes Students Make

    2. General Stuff- MC’s To Guess Or Not To Guess On MC’s: The general rule of thumb: choose your best answer, and don’t skip the question if you can confidently rule out at least one of the multiple choice answers as not being the correct answer. Guessing if one can eliminate at least one answer as not correct provides a statistical, but not guaranteed, advantage in the students favor as the 1 point awarded for the correct answer has a larger payoff than the smaller 1/4 point deduction for selecting the wrong answer. However, there are other factors to consider; be especially careful on the earlier multiple choice questions since usually these questions are often somewhat easier than those questions towards the end of the multiple choice section (maximize your overall score by omitting "stupid mistakes" or mistakes due to rushing).

    3. General Stuff- MC’s Cont’d The first half of the MC portion of the test is a bit easier than the second half.  If you have extra time (finish early) on the multiple choice, go back and look over your first 3 or four answers (many students screw up in the very beginning of most tests). Only change an answer if it is obvious that a mistake was made. Warm-up- do some simple S and D problems before the exam starts out of your PR book to get the brain going.

    4. General Stuff- FRQ’s Bring two blue pens, two black pens and two (or more) or more sharpened pencils) Three questions, no pick and choose as in US History, do them all, one is the 'long' essay' worth the value of the other two put together.  Spend half your time there.  You get 60 minutes (10 review/50 write). Read the question.  See what it is about.  Then read it again now that you know what it is about and its direction.  Then read and sketch an answer.  If you can see where nine or ten questions are buried in the long question, try to nail one more than half.  Don't waste time trying to figure out an extra point until you have attempts at all three.  On the short-essays, see if you can identify four, five or six points in the format of the question.  Once again, nail down one more than half on each of the shorties.  Anything over that and it is pure gravy. The vast majority of Q's on AP econ FRQ situations ask for ONE and  ONLY ONE shift.  If you feel compelled to shift two things you’re probably overanalyzing the question.  Unless there are TWO SEPARATE actions, you should not look for two separate reactions or effects. 

    5. General Stuff- FRQ’s Cont’d Remember, pure declarative answers generally get you nothing.  An answer of "increases" just doesn't win a point.  It is your defense of why increases is correct.  And remember that one point is not a lot of heavy lifting.  If you’re going on-and-on for one point, then you probably don't know the answer. No calculators, no cheat sheets, no copying.  Essays do not have to use complete sentences.  Many of the best essays use very few words.  And abbreviations are fine right from the get go.  NI is National Income, GDP is..well you know.  An arrow pointing up is read as increases or increasing or increased as grammar befits.

    6. General Stuff- FRQ’s Cont’d Write big and neat--If I can’t read it, it’s wrong. Write clearly, skipping lines between responses. Make bigger graphs. Use the symbols and abbreviations we’ve used in class; don’t invent your own on the spot. DO NOT put an LRAS line on a loanable funds market graph…

    7. The difference between a change in demand and the resultant movement along a demand curve vs. Shifting of the demand curve

    8. GRAPHING DEMAND

    9. GRAPHING DEMAND

    10. The difference between a change in supply and the resultant movement along a supply curve vs. Shifting of the supply curve

    11. GRAPHING SUPPLY

    12. GRAPHING SUPPLY

    13. Mislabeling or NOT labeling graphs correctly

    18. Net effects of Monetary Policy and/or Fiscal Policy on Interest Rates (Ir%)

    20. Expansionary Fiscal Policy >> Interest Rate INCREASE Draw Money Market Increase Spending (AD)>>Increase Demand for Money>>Increase Interest Rate Higher Price Level>>Increase Demand for Money>>Increase Interest Rate

    21. Expansionary Monetary Policy>> Interest Rate DECREASE

    24. MULTIPLIER(S) CONFUSION

    25. Income (Spending) Multiplier Multiplier = 1/ 1 – MPC or 1/ MPS Initial Change in Spending X MULTIPLIER = Change in Output

    26. MONEY MULTIPLIER 1 / Required Reserve Ratio Maximum Multiple $$$ Money Expansion

    28. Balanced Budget Multiplier = 1 (Net Result on GDP)

    29. Remembering the difference between the Amount of Money Created and the Change in the Money Supply when dealing with the Money Multiplier and Money Creation

    31. Confusing Comparative Advantage Calculations Input—IOU Output- OOO

    32. Comparative and Absolute Advantage [Comparative Advantage can produce at a lower productive opportunity cost]

    33. Remembering the difference between Real and Nominal

    34. Nominal: with Inflation Real: without Inflation

    35. GDP Nominal GDP: GDP measured in terms of current Price Level at the time of measurement. (Unadjusted for inflation) Real GDP: GDP adjusted for inflation; GDP in a year divided by a GDP deflator (Price Index) for that year

    36. INCOME NOMINAL INCOME: number of dollars received by an individual or group for its resources during some period of time REAL INCOME: amount of goods and services which can be purchased with nominal income during some period of time; nominal income adjusted for inflation

    37. INTEREST RATE (I%) NOMINAL I%: interest rate expressed in terms of annual amounts currently charged for interest; not adjusted for inflation REAL I%: interest rate expressed in dollars of constant value (adjusted for Inflation) and equal to the NOMINAL I% minus the EXPECTED RATE OF INFLATION

    39. WAGES NOMINAL WAGES: amount of money received by a worker per unit of time (hour, day, etc.); Money Wage REAL WAGES: amount of goods and sevices a worker can purchase with their NOMINAL WAGE; purchasing power of the nominal wage. (Real = Nominal – Inflation rate)

    40. Demand-Pull Inflation vs. Cost-Push Inflation

    46. Phillips Curve vs. Laffer Curve

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