AP Micro Review
March 20 Update: The College Board will be offering at home AP exams this year. These exams will be shortened from their normal format and may include multiple choice and FRQs. More info on the exact format and testing dates will be available on April 3.
**AP Micro content on the AP exam will be everything except Unit 6, which is Externalities, Market Failure, and Inequality. That corresponds to CH 8 and CH 18.** The review materials below include that content.
April 3 Update: Click here for AP Micro and AP Macro exam info handout
The Micro exam will consist of two FRQs:
Q: Do I still need to study the graphs?
A: Yes! You might be asked to interpret a graph or the labeling on a graph (can you identify the revenue maximizing P and Q for a monopoly; identify socially optimal; calculate CS); might be asked to discuss what would happen to a graph (perhaps a shift; what would happen if there was a change in the amount of available workers)
Q: Will I get the point if a question asks me to explain and I do not explain?
A: NO! Circle the word explain every time you see it to make sure you do not miss it.
Q: Do I have to show work?
A: Yes! Be prepared to write/type out work for anything that involves a calculation if asked.
**AP Micro content on the AP exam will be everything except Unit 6, which is Externalities, Market Failure, and Inequality. That corresponds to CH 8 and CH 18.** The review materials below include that content.
April 3 Update: Click here for AP Micro and AP Macro exam info handout
The Micro exam will consist of two FRQs:
- Q1 will be most similar to the "short questions" (normally a question 2 or 3 on the AP exam)
- 55% of your score
- 25 minutes to hand write or type followed by 5 minutes to upload
- Q2 will be most similar to the long question on the regular AP exam
- 45% of your score
- 15 minutes to hand write or type followed by 5 minutes to upload
- Graphing will not be required
- Why not??? Students would basically get free points from copying graphs from their notes
Q: Do I still need to study the graphs?
A: Yes! You might be asked to interpret a graph or the labeling on a graph (can you identify the revenue maximizing P and Q for a monopoly; identify socially optimal; calculate CS); might be asked to discuss what would happen to a graph (perhaps a shift; what would happen if there was a change in the amount of available workers)
Q: Will I get the point if a question asks me to explain and I do not explain?
A: NO! Circle the word explain every time you see it to make sure you do not miss it.
Q: Do I have to show work?
A: Yes! Be prepared to write/type out work for anything that involves a calculation if asked.
SUGGESTIONS OF TOPICS TO STUDY
Since students will not be drawing graphs, it might be helpful to be able to do the following things:
- Calculate opportunity cost from a table
- Apply supply and demand shift factors; how they affect equilibrium price and quantity
- Impact of binding (and non-binding) price ceiling and price floor
- Calculate elasticity of demand given two points on a graph
- Calculate income and cross-price elasticity
- Calculate tax incidence/burden based on graph (supply or demand may be more inelastic)
- Locate amount of tax; amount seller keeps after the tax; amount buyer pays after the tax; amount of government revenue; amount of DWL
- Calculate and locate consumer and producer surplus from a graph
- Impact of a world price or tariff on CS and PS
- Identify and calculate DWL (as a result of a tax; not producing at socially optimal)
- Calculate costs from a costs of production table (MC, ATC, AVC, AFC)
- Economies of scale (where located on an LRATC)
- Perfect competition: characteristics; calculate and locate TR, TC, profit, loss, zero economic profit in long-run
- Monopoly: Locate profit-maximizing P and Q; socially optimal P and Q; fair return P and Q; revenue maximizing P and Q; elastic vs. inelastic regions; CS; prepare for a graph with a horizontal MC curve)
- Monopolistic competition: Locate profit-maximizing P and Q; socially optimal P and Q; productively efficient P and Q; zero economic profit in long-run; in long-run produces in economies of scale portion of LRATC
- How lump-sum and per-unit taxes and subsides affect market structures (perfect competition and monopoly)
- Oligopoly/Game theory: Identify a dominant strategy and Nash equilibrium
- Labor market: perfectly competitive labor market shift factors; how impacted by a minimum wage; hiring rule where MRP=MFC (be able to use a table to figure out)
- Locate P and Q for a monopsony
Review Materials
Micro Review PowerPoint (all relevant slides from class lectures)
Micro Key Concepts to Know for the AP Exam (Handout/study sheet of highlights of AP content)
Micro Graphing Review (Blank copy of Micro graphs that students can use to practice)
Micro Graphing Review KEY
Micro AP Exam Review FRQs (Ten FRQs for AP exam practice)
Micro AP Exam Review FRQs KEY
Micro: Common Questions/Content Review of Selected Topics (updated 5/19)
Micro Key Concepts to Know for the AP Exam (Handout/study sheet of highlights of AP content)
Micro Graphing Review (Blank copy of Micro graphs that students can use to practice)
Micro Graphing Review KEY
Micro AP Exam Review FRQs (Ten FRQs for AP exam practice)
Micro AP Exam Review FRQs KEY
Micro: Common Questions/Content Review of Selected Topics (updated 5/19)
EXTRA PRACTICE: FRQS AND UNIT REVIEW SHEETS
Additional Practice FRQs
Mr. Clifford Practice Worksheets (These go with the Unit Review Videos on his YouTube Channel)
- Micro Unit 2 Practice FRQs [KEY] (3 more practice FRQs)
- Micro Unit 3+4 Practice FRQs [KEY] (5 more practice FRQs)
- Micro Unit 5 Practice FRQs [KEY] (3 more practice FRQs)
Mr. Clifford Practice Worksheets (These go with the Unit Review Videos on his YouTube Channel)
- Mr. Clifford Macro/Micro Unit 1 Practice Sheet (and check)
- Mr. Clifford Micro Unit 2 Practice Sheet (and check)
- Mr. Clifford Micro Unit 3 Practice Sheet (and check)
- Mr. Clifford Micro Unit 4 Practice Sheet (and check)
- Mr. Clifford Micro Unit 5 Practice Sheet (and check)
REVIEW VIDEOS
Opportunity Cost, PPC, and Comparative Advantage Review Video (added 3/28)
Supply and Demand Shift Factors Review Video (added 3/28)
Double Shifts in Supply and Demand, Price Ceilings, and Price Floors Review Video (added 3/28)
Elasticity of Demand Review Video (added 3/29)
CS, PS, Tax Burden, World Price, and Tariffs Review Video (added 3/29)
Consumer Choice Theory/Utility Review Video (added 3/29)
Implicit, Explicit Costs, Economic and Accounting Profit, Costs of Production, Cost Curves, Returns to Scale, and Economies of Scale Review Video (added 3/30)
Perfect Competition Review Video (added 3/30)
Monopoly Review Video (added 3/30)
Monopolistic Competition Review Video (added 3/30)
Oligopoly and Game Theory Review Video (added 3/31)
Perfectly Competitive Labor Market, Monopsony, and Cost Minimization Rule Review Video (added 3/31)
Supply and Demand Shift Factors Review Video (added 3/28)
Double Shifts in Supply and Demand, Price Ceilings, and Price Floors Review Video (added 3/28)
Elasticity of Demand Review Video (added 3/29)
CS, PS, Tax Burden, World Price, and Tariffs Review Video (added 3/29)
Consumer Choice Theory/Utility Review Video (added 3/29)
Implicit, Explicit Costs, Economic and Accounting Profit, Costs of Production, Cost Curves, Returns to Scale, and Economies of Scale Review Video (added 3/30)
Perfect Competition Review Video (added 3/30)
Monopoly Review Video (added 3/30)
Monopolistic Competition Review Video (added 3/30)
Oligopoly and Game Theory Review Video (added 3/31)
Perfectly Competitive Labor Market, Monopsony, and Cost Minimization Rule Review Video (added 3/31)
OTHER REVIEW RESOURCES
Mr. Clifford Live Stream Review #1 and Key (optional) Live stream #1 worksheet and key from last year
Mr. Clifford Live Stream Review #2 and Key (optional) Live stream #2 worksheet and key from last year
Advanced Placement YouTube Video Reviews by Topic
Mr. Clifford Live Stream Review #2 and Key (optional) Live stream #2 worksheet and key from last year
Advanced Placement YouTube Video Reviews by Topic