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Read e-book online CliffsAP economics micro & macro PDF

By Ronald Pirayoff

An entire test-prep consultant to aid scholars get their top rating at the complicated Placement Economics exams

Each yr, highschool scholars take complicated Placement Macroeconomics and Microeconomics examinations to earn collage credits in these fields. This advisor offers complete test-prep insurance of either checks inside of one ebook, together with 4 full-length perform tests–two for every examination. topic experiences disguise the cloth valuable for test-takers to illustrate their realizing 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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Read Online or Download CliffsAP economics micro & macro PDF

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CliffsAP economics micro & macro - download pdf or read online

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Extra info for CliffsAP economics micro & macro

Sample text

Aggregate Supply Aggregate supply represents the combined domestic output that firms will produce at every price level. According to the law of supply, the higher the price level, the more output produced by firms; the lower the price level, the less output produced; thus a positive relationship exists between price level and output. The aggregate supply curve has three ranges that illustrate the effect on production costs as GDP grows or contracts: ■ ■ ■ Range 1 (horizontal range): Typically represents a low level of employment, implying that the economy is in either a depression or a recession.

An example of a price floor is the minimum wage. Producers may not pay below the legal minimum in wages for labor. A price ceiling is a government-mandated maximum price for a good or service. An example of a price ceiling is rent control. A landlord may not charge over the legal maximum in rent. The government uses price ceilings and price floors because in some instances when supply and demand intersect it is not beneficial to society as a whole. When this occurs, the government intervenes and sets a price floor or ceiling to purposefully create a surplus or shortage.

E. 48 As each level of consumption rises, a new equilibrium is created. As the government spends less money, the equilibrium rises. The equilibrium changes because of inflation. The equilibrium changes because of unemployment. None of the above. Aggregate Expenditures, Aggregate Supply and Aggregate Demand Models Mini-Review Answers 1. B. When investment is added to the expenditures model, it increases the level of expenditures in the economy. Firms use investment to create capital, and this in turn creates employment.

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