(Know the cause-effect chain for this for the open ended question)

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AP Macroeconomics Review Sheet

Chapter
s

9, 12

and pgs. 302
-
30
4

in
Chapter 16 on Supply Side Economics

and 341
-
342 in Chap. 19 on
Monetarism.


Test on
Thursday
, January
6
,

201
1


--
Use the Study Guide that goes along with the textbook to review the
ch
apters
. Also, I suggest using an AP Econ Exam Review Book
(“Cracking the AP Econ Exam

published

by Princeton Review).


--
-
Study u
s
ing

the chapter 12 reading questions.


--
Please make sure you bring a #2 pencil with you to the test.


You should know:



Pg. 188 in textbook and handouts

1.

Keynesian and Classical views on the
economy.

2.

Say’s Law.


Chapter 9


3.
Consumption and Savings Curve:



--

know the formulas for APC, APS, MPC and MPS and know what
they mean.

--
disposable income is the main determinan
t of consumption and
income.

--

DI
=C + S

--
know the effect of taxes on disposable income, consumption and
savings.

4.

Multiplier Effect


--
simple multiplier, tax multiplier and balanced
-
budget multiplier.


Chapter 12

5.

Know expansionar
y and contractionary fiscal policy.

6.
Crowding
-
Out Effect and Net Export Effect.

(Know
the cause
-
effect
chain for
this for the open ended question
)


--
Loanable Funds Market demonstrates crowding out effect (pgs 545
-

548 defines the model; see notes on how

model can describe

Crowding Out effect.)
(Know this for the open ended question)

7. Non
-

discretionary fiscal policy

8
. Supply
-
Side Economics

(302
-
304)