By Ronald Pirayoff
An entire test-prep advisor to aid scholars get their top ranking at the complex Placement Economics exams
Each yr, highschool scholars take complex Placement Macroeconomics and Microeconomics examinations to earn university credits in these fields. This advisor presents complete test-prep assurance of either checks inside one ebook, together with 4 full-length perform tests–two for every examination. topic studies disguise the cloth useful for test-takers to illustrate their knowing of economics at both the micro or macro point.
Ronald Pirayoff (Glendale, CA) teaches complicated Placement Economics at Burbank highschool in Burbank.
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Additional resources for CliffsAP economics micro & macro
A. B. C. D. E. Fewer tacos will be made. More people will eat tacos. People will be less likely to substitute tacos for another product. Producers can make more tacos. None of the above. 7. A pharmaceutical company increases its prices for all of its medication and discovers that its total revenue increases. Which one of the following best explains how this could happen? A. B. C. D. E. The firm’s supply has increased. The firm decreased production. The firm has elastic demand. The firm has inelastic demand.
A pharmaceutical company increases its prices for all of its medication and discovers that its total revenue increases. Which one of the following best explains how this could happen? A. B. C. D. E. The firm’s supply has increased. The firm decreased production. The firm has elastic demand. The firm has inelastic demand. The firm has elastic supply. 8. In an effort to increase consumption, the government has increased the minimum wage. What has the government adjusted? A. B. C. D. E. Subsidy Grant Price ceiling Price floor Firms’ demand 9.
When changes in income occur, consumers may or may not react with an increase in consumption. Typically, consumers spend more as they make more; however, how much more do they spend? Income elasticity of demand = Percentage change in quantity demanded Percentage change in income Normal goods: When you have a positive relationship between an increase in income and consumption (as one rises, the other rises), you have what is called a normal good. A normal good is anything that increases in demand when income increases.
CliffsAP economics micro & macro by Ronald Pirayoff