AP Economics: 6 May 2010

Prayer
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.

Re-scheduled:

The 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.

The Chapter 22 Multiple Choice Test, composed of 50 questions, is on Friday: per the 4th Quarter procedure, there are no Test Prep pages.

After these Tests, however, more Test sample questions, will be posted.

Now that the lecture presentations are complete we can review for the Test. Be sure to review Chapters 23-26 (we will have Tests on this material as well if we have time, TBA). I will hand out a packet from the most recent AP Economics Workshop Handbook 2008-2009 which includes sample questions and student answers which will help you review.

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.

As we have time we can attempt diagnostic, full-length tests, and detailed answer explanations as well.

Review of Chs. 15 - 20 Multiple Choice Sample Questions

Email HW to gmsmith@shanahan.org

1. Be sure to review Chapters 22-26 (we will have Tests on this material as well if we have time, TBA). Some students have asked to be tested as close as possible after covering the material.

2. As review for HW, typical questions that you may encounter on the actual AP Economics Macro Test are included daily:

Review Questions (Princeton):

45. The practice of buying at a low price and selling at a high price for a certain profit is called

a) arbitrage
b) skimming
c) price fixing
d) price discrimination
e) predatory pricing

46. Which of the following is the most likely to be a deterrent to growth in the economy?

a) Spending on education and training
b) Increases in capital
c) Increases in the interest rate
d) Expenditures on research and development
e) Increased capacity utilization

47. According to Thomas Malthus and his followers,

a) technological snafus will be the parasite of the twenty-first century
b) technology will replace human labor inputs
c) population will grow geometrically and food production will grow more slowly
d) increases in efficiency will out pace population growth and lead to unsold output
e) by the year 2050, there will be virtually no worthwhile new inventions to be made