Current Events:
American college grads can't buy a job
Official unemployment rates in the United States hover around 10 percent, even though many experts believe the real numbers are much higher. But for young adults in America, the situation is even worse. 54 percent of Americans under the age of 25 are unemployed according to the labor department. It's taking many college graduates over a year to land a steady job, and many are in hundreds of thousands of dollars of debt.
The Re-scheduled:
Chapter 21 Multiple Choice MAKE-UP Test, composed of 50 questions, is today. Be sure to put your name on both the Scantron and the Test. You may write on the Test. If you finish early you may take out non-Economic material.
The Chapter 22 Multiple Choice MAKE-UP Test, composed of 50 questions, is today. Be sure to put your name on both the Scantron and the Test. You may write on the Test. If you finish early you may take out non-Economic material.
After these Tests, more Test sample questions will be posted. I will post sample Test Questions from the remaining Chapters as well.
You should have a packet from the most recent AP Economics Workshop Handbook 2008-2009 which includes sample questions and student answers which will help you review.
Finally, the last class Test, a short (20 Question, multiple choice), Diagnostic Test will be administered on Wednesday to determine which macroeconomic topics you need to review most. You will hand in only the Scantron for grading; you may keep the Diagnostic Test as a study tool.
You may also try your hand at the non-Graded, Section II free-response question administered at the same time as the Diagnostic Test. You can check your answer with a hand-out at the end of class.
AP Macroeconomics Diagnostic Test Correlation Chart
Use the following table to determine which macroeconomics topics you need to review most. After scoring your test (you will hand in the Scantron; you can keep the Diagnostic Test for study purposes), check to find out the areas of study covered by the questions you answered incorrectly.
Area of Study
1. Basic Economic Concepts
Questions
6,8
2. Measurement of Economic Performance
Questions
7, 16, 19
3. National Income and Price Determination
Questions
3, 4, 9
4. Financial Sector
Questions
11, 12, 17, 20
5. Inflation, Unemployment, and Stabilization Policies
Questions
1, 5, 10, 14
6. Economic Growth and Productivity
Questions
2, 15
7. Open Economy: International Trade and Finance
Questions
13, 18
In the meantime, re-arrange yourselves into your three small groups and you can review sample Chapter multiple choice questions to answer. Decide within the groups how you want to sub-divide the questions and we can then review the suggested answers.
Review of Chs. 15 - 20 Multiple Choice Sample Questions
Review Questions (Princeton):
53. When full-employment output exceeds equilibrium output in the aggregate expenditure/Kenesian Cross model,
a) injections exceed leakages
b) a recessionary gap exists
c) an inflationary gap exists
d) leakages equal injections
e) Keynes would call for a decrease in government spending
54. If oil supplies are fixed, which of the following is the least likely to happen?
a) Substitutes will replace oil as the primary source of automobile fuel.
b) There will be structural unemployment in the oil industry.
c) Increasing oil prices will spur the development of alternative energy sources.
d) We will use up all of the oil.
e) As oil becomes in very short supply, its price will become prohibitively high.
55. The Keynesian AS curve is
a) horizontal at low levels of output
b) vertical at all price levels
c) positively sloped at low price levels
d) negatively sloped at high price levels
e) positively sloped at all output levels
