Tuesday, April 17, 2018
AP Economics Exam Review
From the OG Grand Puba himself, Steve Reff. Pick one of the topics from this site. Check out the video. Give us a synopsis of the lesson. Answer the question "Would it help to look over this prior to the AP Exam.
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84 comments:
The topic I chose was Trade Offs vs. Opportunity Costs. The video goes over that a trade off is the list of many choices one has in making a decision and then goes on the say that opportunity cost is the highest alternative or the foregone cost. following these definitions it list out real world situations that these two things relate to and how they effect us in our lives. i do think that this topic is necessary to go over and is important to know for the AP exam.
Katarina Shanar
6th period
The topic I chose was the business cycle. The video talks about how everything runs in cycles. There are four phases to the business cycle: expansion, peak, recession, and trough. The cycle has a trend line. The ultimate goal when looking at a business cycle it is to have an upward sloping trend line. I think this topic is not that necessary to go over since it is self explanatory. There are other topics that would benefit us more in preparation for the AP exam.
Sumeyye Islamoglu
1st period
The topic I chose was Nominal vs. Real. The video discusses the main difference between Nominal and Real examples in the economy. For example, the main difference between nominal and real values is that real values are adjusted when there is any type of inflation, while nominal values are not; they just stay constant. Thus, nominal GDP will often appear to be much higher then real GDP. I think this topic is crucial for the AP exam and it is necessary to go over because it discusses the main functions of the economy and without it the entire economy would collapse.
Sahib Oberoi
Period 2
The topic I chose was types of unemployment. The video goes over the many different types of unemployment which are cyclical , friction and structural. Structural unemployment is when shifts occur in the economy that creates a mismatch between the skills workers have and the skills needed by employers.Cyclical is usually during recession. Frictional exists in any economy due to people being in the process of moving from one job to another. This topic is very crucial for the AP exam because it is beneficial to know the difference between the types of unemployment.
Mykaela Llacar
6th
The topic I chose was Shifts in short run aggregate supply shift. Since the AD/AS curve is an important graph to know for the test, the video discusses what causes the Short run AS curve to shift left or right. When it shifts right, the price level goes down and real GDP also increases. If it shifts to the left, the price level goes above full employment and real GDP declines. The main shifts are: a change in unit labor costs, change in commodity prices and a change in business taxes or subsidies. This topic would be helpful to know for the AP since graphs are a major component of the test itself and knowing what causes the AD/AS curve to shift left or right is important.
Reba George
Period 1
Of the presented topics, I chose the topic regarding the Phillips Curve History. The video of the topic simply stated that there is an inverse relationship between inflation and unemployment rates and such a relationship is suggested through the trend line of a graph depicting inflation and unemployment for short time periods of 10 years between 1920 and 2009. Due to continuous repetition of common knowledge, I believe that the topic is not needed for the AP exam. However, the knowledge will likely be assessed in the context of a different question.
Jibimon Noby
Period 1
I chose the topic regarding the Price Indexes (CPI). The video summarized what the CPI is, its function, and the four different types of CPI indexes. The CPI - U includes all urban consumers, and the CPI - W includes all urban wage Earners and Clerical Workers. The CPI - U and the CPI - W are used by the federal government to index federal programs. The core CPI is followed by policy makers because it excludes food and energy costs. The C-CPI-U is the chained-CPI that includes the substitution effect. The Chained CPI in its final form is said to be a "superlative" index and is designed to be a closer approximation to a cost-of-living index than other CPI measures. It is essential to understand what the price index is. Therefore, it would be helpful to look over this prior to the AP exam.
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Henry Feng
period 7
The topic I chose was the Slope of Aggregate Demand. In the video it discussed the Wealth effect and how it applies for the AD line. The video also discussed how the interest rate affect the line. When the price level increases the demand for money and the inerest rate increases while aggregate expenditures decreases. The line has a relation to the inverse of the chart as well. This will help to watch before the exam so I will understand the relationships of the factors of the chart and topic.
Camryn Pugh 6th period
The topic I chose was the Real GDP. The video summarized the what GDP is and how you can calculate the real GDP.n The video also explained how the GDP cannot be over 100% and how if it is over 100% it is because the exports have not been taken out. The video also explained the different compotes of the GDP which includes government spending, consumption, investments, and net exports. This will help me on the AP exam by helping me understand the GDP and how it works and effects the economy.
Hannah Golding 1st
The topic I chose was "Demand-Pull Cost-Push Inflation". This video discusses how demand-pull inflation occurs when aggregate demand rises faster than aggregate supply, therefore the price level and quantity increases. Cost-push inflation occurs when aggregate supply increases faster than aggregate demand rises thus the price level increases while the quantity decreases. I think this will be helpful to watch before taking the AP exam because it outlines a basic concept economics is built upon.
Angie Mancino 6th Period
I watched the video over nominal versus real. It explained that nominal inflation is expected inflated plus real inflation while real inflation is nominal minus expected inflation and gave examples across time periods showing the prices of movie tickets and candy bars. I think this would be a video helpful before the exam to get the differences between nominal and real to stick.
The topic I chose was the Federal Reserve. The video discussed what the federal reserve consists of and the Federal Open Market Committee. It defined Monetary policy as the actions of the central bank that determine the rate of growth of the money supply. I believe this is a great review for the exam because it is the basis of where money comes from.
Angel Yeung
Period 6
The topic I chose was circular flow.
Circular flow is the flow between households and firms with the two types of flow being product and resource market. the resource side involves households giving labor or resources to the firm while the firms give money (income) for resources. The product side involves households supplying money for demands through goods and services while the firms supply goods and services. I think it would help to look at the diagram and to memorize it however the video itself over this would be unnecessary because it is simply reading off the diagram.
Bonita Hall- period 6
The topic I chose was supply determinants. The video highlighted what exactly shifts the supple line in the AD/AS graph, including number of suppliers, resources available, resources, costs and other factors. I think it would be very useful to go over this because even though it does not have much Information to it, it is very important to understand how this affects our economy in both the long run and the short run.
Bailey corley
6th period
The topic I chose was Debt and Deficit. The video defined debt and then defined deficit. The deficit was explained as the spending being greater than revenue, or G > T. It show how every 25 seconds the US government is overspending by 1 million dollars. This is an important topic to look over so you can know the difference between them and how they each affect the economy.
Jessica Neal
2nd
The topic I picked was the circular flow with imports and exports. In economics, both households and firms will import goods and services from a foreign entity and will either enter into the household or the firm. And these same firms and households will export goods and services out to other foreign entities.And then by exporting there will be an increase in money supply coming back into the circular model. This circular flow model of exports and imports would be so beneficial to study before the exam because it discusses a basic fundamental principle that is the foundation of international business.
Nikita
Damodaran
Period 2
The topic that I chose was "Business Cycle and a Recession."
The more out-dated definition of a recession is a period of two consecutive quarters of declining real GDP, or negative economic growth. The issue with this older definition is that it required a six-month long wait (one quarter is three months) in order to identify the economic recession and to figure out a solution for it. Therefore, a newer definition for recession was established, and it states that a recession is a period of at least a few months when a significant decline in economic activity spreads across the country. In order to determine whether or not the economy is facing a recession, the National Bureau of Economic Research (NBER) will examine the growth in total employment, disposable income (minus transfer payments), industrial production, retail manufacturing, retail sales, wholesale sales, and a variety of other economic data.
Ashwini Prabhu
Period 6
I chose the ASAD (y axis and x axis) topic. It was a recap of the variables of the aggregate supply/demand graph with specific definitions. The y-axis is price level, which is different from the inflation rate. Inflation causes price level to change over time. To calculate inflation, you take the difference between two CPI's and divide the difference by the original CPI. The x-axis represents the real GDP of a country. It is the market value of final goods/services produced in that country within a year. The real GDP is also equal to Y, which stands for national income. This video is a helpful refresher when studying for the AP exam because there are so many graphs to learn but this graph is the most important one that all the other graphs relate to.
Lujayna Taha
2nd
The topic I chose was the short-run Phillips Curve. The video discusses the significant difference between the long-run and short-run Phillips Curve. The long-run curve is a vertical line at the natural rate of unemployment, while the short-run curve is a roughly L shaped line during unemployment. In addition, Phillip Curves primarily exist in the short-run; there is no middle ground between inflation and unemployment in the long run. Therefore, I personally believe this information is crucial for the AP exam because without the Phillips Curve the economy wouldn’t strive. There will also probably be a lot of these types of graphs on the exam.
Camila Ferrero
Period 1
The topic I chose was Full Employment. The video shows us that Google defines Full Employment as a condition in which virtually all who are able and willing to work are employed. But then Steve Reff explains how this definition is misleading because, Full Employment does include certain types of unemployment. Then the video shows us the Investopedia definition of Full Employment is an economic situation in which all available labor resources are being used in the most efficient way possible. But again Steve Reff states that this definition is misleading because, there are employed workers who are not being used in the most efficient way possible. The video explains that the best definition for Full Employment comes from Reffonomics.com stating that Full Employment is the level employment that includes both structural and frictional unemployment. I do in fact believe that it would help to look over this prior to the AP Exam because, Full Employment is involved in some graphs and it is crucial to know all of the graphs for the AP Exam.
Maheen Meraj
6th Period
The topic that I chose was U.S. Federal Government Budget Spending, this topic discussed the deficits/surplus of the years of 2000-2014. From the years of 2000 to 2002 there is surplus in the Federal Budget, but from 2002 to 2014 there is a deficit. This topic also discussed the two types of spending the Federal Budget partakes in, Mandatory spending and Discretionary spending. The numbers for Mandatory spending have increased over the years due to the increase in beneficiaries of social security and medicare therefore causing a major deficit over the years. This video is helpful in reviewing for the AP exam as it gives an understanding and a well thought out description of the Federal Budget.
Matthew Manalel
2nd Period
I watched a video on "Inflation: Who benefits? Who is hurt?" Inflation is a general increase in prices and fall in the purchase value of money. When the economy faces inflation, people both benefit but also suffer from its effects. Borrowers, spenders, and above COLA recipients benefit, while lenders(banks), savers, and those with a fixed income get hurt. Being familiar with this topic before the AP Exam can be useful because it gives a thorough explanation on the pros and cons of inflation and how it affects the economy.
Erin John
Period 2nd
The topic I chose was unemployment. There are 3 types of unemployment: structural, frictional, and cyclical. Structural unemployment is a long-term unemployment due to technological changes. Frictional unemployment is a delay when moving from one job to another. Cyclical unemployment is a factor of overall unemployment that relates to the cyclical trends in growth and production that occur within the business cycle. I believe this topic is crucial to the AP exam and students must go over it.
Abel Abraham
6th Period
The topic i chose was economic growth: nominal vs real. Nominal growth is what the public can see including the expected inflation; while real is what the public actually get,vice versa. Knowing the difference between the two can help me or other people to understand how and why the prices have "increased" when it is due to inflation- thus making it important when studying for the Econ AP exam.
Michael Ibay
7th Period
I choose full employment. This topic would be crucial to study before the AP exam because it would teach you about the logistics in the employment realm of economics. Researching and studying employment would make you aware that full employment is impossible which is a very basic and important fact about our economy and how it functions.
Juliana Quintana
Period 6
Topic: Quantity Demanded (Qd) vs. Demand
He starts the video lesson off by differentiating between what quantity demanded and demand are. Quantity demanded is a point on the demand curve while demand is the entire curve itself. He the continues one explaining how quantity demanded is affected by price. A change in price changes quantity demanded but it does not change demand. What changes demand are determinants of demand, increasing or decreasing it. An important thing to note is that in a perfectly competitive market, Qd should ideally change with a change in supply. In terms of the AP test, this topic is extremely important to remember. When given AD/AS graphs, the test will give specific points and we as students need to be aware of the factors that change the placement of the points.
Garrett Foresman
Period 6
The topic I chose was the Rule of 72. The Rule of 72 is a simplified method to estimate the number of years it takes to double a given amount with a constant annual rate of return or growth rate. The equation for the Rule of 72 is: # of years to double = 72 / % rate. The Rule of 72 can be used to estimate how long it will take for your money to double, prices to double, real GDP to double, or population to double. The Rule of 72 is actually the Rule of 69.3, but 72 is an easier number to divide by so the rule is now commonly known as the Rule of 72. Being familiar with this topic may not be as helpful to know before the AP exam but will be more helpful later in life when calculating how long it will take for your bank savings to double in value.
Brandon Wong
7th
I chose nominal vs real economic growth. Nominal growth is the growth public can see including the expected inflation; while real is growth that the public actually gets. Knowing the difference between the two will help me understand how and why the prices appear to increase. This topic is important for the AP test as it explains how the public views the economy and what is actually happening in the economy.
Andrew Yang
7th
The topic i chose was absolute and comparative advantage. In absolute advantage one entity can produce more or greater than another entity while in comparative advantage one entity can produce something at a lower marginal opportunity production cost than another entity. This information is important for the ap test as it will help you identify which entity can produce more of something.
The topic I chose was the long-run Philip's curve. The long- run Philip's curve mirrors the long- run aggregate supply curve on the AS/AD graph. When shifts in aggregate demand occur, movement happens along the short-run Philip's curve. However, expectations of inflation shift aggregate supply which shifts the short-run Philip's curve to a new equilibrium point along the vertical line. In summary, the long-run curve shows that in the long-run, there is no apparent trade off between unemployment and inflation. This concept is important for the AP exam as it highlights how the long-run has prices and expectations that can adjust what is seen in the short-run.
Bryanna Godfrey
Period 1
The topic I chose was full employment. I think it would help to look over this before the AP exam because I feel like some people will not realize that full employment does include certain types of unemployment. Also, full employment is connected to unemployment rate so to get a full understanding on how unemployment rates works, you need to know what full employment is. By knowing if the full employment rate is between 5- 5.5% you know that the economy is doing well.
Reeba Abraham
Period 2
The topic i chose was full employment. Full employment is the condition in which virtually all who are able and willing to work are employed. However, it is also when all labor resources are used efficiently without cyclical unemployment. therefore full employment ranges between 5-5.5 percent with just structural and frictional unemployment.
Danielle Davis 6th
The topic i chose was stocks. Stock is ownership in a corporation if you buy stock from any. company you are part owner of that company for example if you own 1 stock out of 100 of a certain company you own one percent of that company. Stocks are bought via stock brokers usually through the internet where the order is made at the New York stock exchange and the stock broker notifies you of the purchase. Yes this would help if you look over it before the AP exam as stocks are the foundations of company as well as what it has to do with in relation to the economy.
Peter Martin
p.2
The topic I chose is the Loanable Funds Graph. The y-axis represents the Real Interest Rate, while the x-axis represents the Quantity of Loanable Funds. Savings, profits, and surplus are part of the Supply Loanable Funds curve, while borrowing, deficits, and investments affect the Demand Loanable Funds Curve. I think this video would help give a short summary about what the Loanable Funds Graph does for the AP Exam.
Angela Fang Period 6
The topic i chose was Real Gross Domestic Product. GDP is the total market value of all goods and services produced inside a country in a years time. This deals with dollar amounts of all final goods, excluding all intermediate goods made inside a particular country. The formula to calculate this is GDP=C+I+G+[X-M]. This is a very important to subject to review over for the AP exam because GDP is a tool that economist use to determine the health of a nation's economy.
Gaby Bonus
P.2
I chose Real vs Nominal. Real is what you get, Nominal is what you see. Nominal is "Real + Expected Inflation." He also begins to talk about how back then, he went to watch a movie for $1.55 in 1970, and how in 2015 the average price of a movie ticket was $8.70. Nominally, the price of movie tickets went from $1.55 to $8.70, but in Real terms, the price of movie tickets went down, because $1.55 in 1970 is equivalent to $9.47 in 2015.
This would be a helpful topic to look over for the AP exam as there are many ways to test one's knowledge over Real vs Nominal, whether that be a math-related question, or a definition-related question.
Mark Mufarreh
1st Period
The topic I chose was the shifts in demand for loanable funds. The ways shifts can occur in the demand for loanable funds is by the change in the government budget, perceived business opportunities, domestic consumer confidence, expectations in future inflation and technology to increase productivity. If people think that the inflation rate will go up people would buy the loanable funds and then the real interest rate would go up. The topic that would be good to go over would be AD/AS graphs and the reason on the shift.
Paul Manavalan
7th
The topic I chose was Tools of Fiscal Policy (Personal Income Taxes). In this video, Steven Reff discusses how changes in personal taxes would impact major parts of the economy such as Aggregate Demand, consumption, price level, disposable income and investment. For example, if Aggregate Demand decreases, the price level will also go down as there is a positive correlation between the two. I think this would be very helpful to study before the AP exam and would help all the AP Macroeconomics students greatly.
Christian Toy
period 1
The topic I chose was the crowding in and out effects that occur in response to governmental actions. For exmample, the crowding out effect happens at all in the first place becuase of the increase of borrowing by the government. The crowding out effect takes place due to a quantity of savings increase, real interests rise, and quantity of investments decrease. Yes, looking over this material is key for the ap exam preparation.
Dhilan Patel
Period 7
The topic I chose was full employment. I think this is an important topic to study for the AP exam as it teaches you the importance of unemployment and how it effects the economy. Understanding employment teaches you that full employment is impossible and that for an economy to be successful there has to be a level of unemployment. There are different types of u employment such as frictional and structural that all shape the economy.
Jeslin Johny
1st period
I watched "Balance of Payments -- Current account. In the video, the current account half of the balance was broken down and explained. The different breakdowns were compared, such as income receipts (paid out to other countries) vs income payments (paid to businesses in the US). The source and destination of the money in each category was explained in short and simple terms. Looking over these videos in chunks leading up to the AP exam would be very helpful because the short but concise bursts of information would be broken up by sections and good for refreshing memories.
Keegan Jones
7th
The topic I watched was "Inflation: Who Benefits? Who is hurt?" In this video, Steven Reff discusses how inflation benefits borrowers, spenders, and above COLA recipients by providing examples. For example, borrowers benefit when the expected inflation rate is at 1% and the money is borrowed at 4%. Their real cost of borrowing is 3%. While lenders are hurt by inflation because when inflation is higher than the expected inflation, the lenders lose money. Inflation also better benefits those who spend versus those who save cause of the spenders were able to purchase an item at a discounted price. Inflation also hurts fixed incomes and benefits above COLA recipients. I agree that looking over these videos leading up to the AP exam are very helpful since Reff is able to explain concepts in a short concise manor.
Ashley Odstrcil
7th period
The topic I chose was contractionary monetary policy. Contractionary monetary policy is a form of economic policy used to fight inflation which involves decreasing the money supply in order to increase the cost of borrowing which in turn decreases GDP and dampens inflation.
When the economy is under inflationary pressures, the central bank (in US, the Federal Reserve) decreases the money supply by either increase in the discount rate or sale of government bonds or increase in the required reserve ratio or by carrying out all the changes simultaneously. Contractionary monetary policy has some side effects too. It results in an increase in the unemployment rate and a decrease in the growth rate of the GDP. It would help to look over this topic before the AP because this is an important part of the economic system and probably will show up numerous times in graphs on the AP
Christopher Tilford
6th period
The topic i chose was determinants of supply. the things that determine the supply are: the number of suppliers, costs, physical availability of resources, technology, and expected future prices by the supplier. I think it would be beneficial to look over this before taking the AP exam because it briefly summarizes the information in a concise way.
Matthew Benton
6th Period
The topic I chose was Money Demand. There are three types of demands for money. The first is a transactionary demand for money. This is the most liquid form of money. It includes cash, coins, demand deposits, and ATM deposits. Then there is a precautionary demand for money, which includes M1-M2, savings accounts, money market accounts, and mutual funds. The last form is a speculative demand for money, which is holding onto cash now to take advantage of investment opportunities later. It would help to look over this topic before the AP because this is included in many different forms of economic policy as well as highlighting the main reason as to why we even use money in the first place.
Blesson Chacko
7th Period
The topic I chose was the federal budget. This is representative of how the economy is doing and how much money it is bringing in or losing through taxes defined by surpluses and deficits. A large amount of the budget roughly sixty seven to seven percent of the budget must be spent towards mandatory spending. This slowly increases with time in order to increase capital. Discretionary spending is a very small portion of government spending in comparison but is also extremely important. Discretionary spending is where the government has discretion or the ability to make decisions on what they should spend money on. I think this would help in preparation for the AP due to the governments money and what they spend it on being a very key part of economics.
Paul Nguyen
2nd Period
I chose expenditure multiplier( micro). This detailed an initial purchase and how the expenditure multiplier (deemed 1/the marginal propensity to save) expanded the initial consumption as the money was recycled through the community. It also detailed the difference between autonomous and induced consumption. This has no use for me in the AP exam since we're learning macro. It was pretty interesting though.
Alisha Zuté
Period 6
The topic i chose was the Philips Curve History. It mainly summarizes the idea of how the modern day Philips Curve came to be. It started with the findings of A.W.Philips who plotted dots on a graph showing the relationships between unemployment and rate of change of money wage rates but modern day economists taken Philips work and replaced it with the trade off between unemployment and inflation. As decades passed on, Economists noticed that when unemployment decreased, inflation increased and vice versa. This summarizes the main idea of the Philips Curve and it will definitely be useful material to look over prior to the AP exam.
Alan John
Period 2
The topic that I chose was unemployment. The video describes the three different types of unemployment which include structural, frictional, and cyclical. Structural unemployment is a long-term unemployment due to technological changes. Frictional unemployment is a delay when moving from one job to another. And lastly, Cyclical unemployment is a factor of overall unemployment that relates to the cyclical trends in growth and production that occur within the business cycle. This topi would be beneficial to look over and understand before the AP exam because this stems out into other important factors of economics
Roshni Jose
1st period
I chose the topic of Inflation and those who hurt and benefit from it. The video gives lists of those who benefit or are hurt by inflation followed by a detailed example of how they are hurt/benefited. This video was a nice refresher on the groups of people affected by inflation and I see it as a way for people to get an easier understanding if they are having trouble.
-Erek Castro
Period 7
The topic I chose was government bonds. Government bonds obtains money in two basic ways: taxes or bonds. By issuing bonds the government gets money without raising taxes, essentially borrowing money. This topic would be helpful to go over before AP exams because it talks about taxes which goes along with inflation. All of these topics relate to monetary policy which takes a big part of the AP exam.
Simran Kotak
Period 1st
I decided to chose the topic that was on the CPI. The objective of the CPI is to calculate the change in the amount consumers need to spend to maintain a constant level of satisfaction. the CI is also a measure of the average change over time in he prices paid by urban consumers for a market basket of consumer goods and services. The problem with the Ci is the bureau of labor statistics publishes thousands of CPI indexes each month. I thought that this would be great before the AP exam as it is related t inflation.
The topic i choose is the rule of 72. The rule of 72 is a method to estimate the number of years it takes to double a given amount with a constant annual rate of return or growth rate. It shkw how you could double things from a fixed annual rate, constant annual inflation rate, and constant annual growth rate. This topic is not need to go over because the equation is easy to use and remember
Tiffany Huynh
1st
The topic I picked was the loanable Funds Graph. The video shows the labels for both axis which are quantity of loanable funds for the x-axis and real interest rate for the y-axis. Savings, profits, and surplus represent the supply loanable funds curve, meanwhile borrowing, investment, deficits, and foreigners affect the demand loanable funds curve. This video will be beneficial for the ap exam since this video explains how to understand a loanable funds graph.
Anson Sam
6th Period
The topic I chose was corporate bonds. Corporate bonds are a debt security issued by a corporation and sold to investors. Corporate bonds are considered to have a higher risk than government bonds. As a result, interest rates are almost always higher on corporate bonds, even for companies with top-flight credit quality. In essence, corporate bonds are a form of debt financing.
Raza Muhammad
Period 2
The topic i chose was currency exchange rate.In finance, an exchange rate is the rate at which one currency will be exchanged for another. It is also regarded as the value of one country's currency in relation to another currency. The spot exchange rate refers to the current exchange rate. Yes, this video will be useful to watch before the AP exam.
Edward Joseph
Period 2
The topic I choose was Real GDP deflator. This video displays that to find the real gdp deflator you have to divide nominal gdp by real gdp. The real gdp deflator is a good indication of what inflation is since it encompasses all parts of the economy. This would help looking over for the ap exam because it shows the state of the economy
Jacob Aickareth
2nd period
The topic I chose to review was Real vs Nominal values. The video explains that nominal values are what you see and real values are what you actually receive. He compares this to prices of movie tickets back in the days to the prices now. Back in the day the prices were $1.55 and today's prices are about $8.5. By using a conversion tool the prices back then are about $9 in today's value, so nominally the prices have increased but in real value the price has decreased. This is beneficial for the AP exam since it creates a better understanding of price changes during inflation.
Kollin Chang
2nd
Topic: Fiscal Policy - Congress and the President
Summary: Fiscal Policy is government adjusting spending and tax rates. Fiscal policy is controlled by Congress and the president where the congress creates the bills and the president then signs or vetoes. The purpose of fiscal policy is to push the economy in the right direction.
Yes, it would help to watch these videos before the exam.
Henry Zhang
7th Period
The topic I chose was Federal Budget. Federal budget is the itemized plan for the annual public expenditures of the United States. From 1998 to 2001 there was a surplus in the US Economy, but in 2002 the deficit was 157,800,000,000. From 2002 the deficit gotten bigger. Even why there was a deficit, the Real GDP was increasing except in 2009 where a finical crisis happened. Mandatory Spending and Non-discretionary spending 60-70% of the Federal Budget. Examples of Mandatory Spending and Non-discretionary spending are Social Security, Medicare, Health, & etc. Discretionary is the other percentage. Examples of discretionary is Education, Energy, Housing, and etc.
The video will help you for the AP Exam b/c it the videos throughly explain the Federal Budget and Mandatory Spending, Non-discretionary, and discretionary spending which will be on the AP Exam.
Linda Zhu 7th pd
The topic I chose was Quantity demand vs Demand. He talked about how quantity demanded is just a point on the curve and demand is the entire curve. A change in price changes quantity demand but price does not change demand. Determinants of demand changes demand. Quantity demanded is from increase or decrease in supply. The video will help you for the AP Exam b/c it thoroughly explains quantity demand vs demand which will be on the AP Exam.
Irene Gratil 2nd period
I chose the business cycle and PPF as my topic. The business cycle graph depicts when an economy is in an expansionary period when the point is at the peak. After expansionary the economy then moves into a contractionary phase. The concept of the business cycle gives an overview of economic fluctuations that could be used to prepare for the AP exams.
Nia Eugene
6th period
I looked at the exchange rate of the US Dollar vs the British pound, side by side. Although this rate varies on a day to day basis, generally the British pound is worth more than the US dollar. This will help on the AP exam as it helps compare American currency to foreign currency.
Jerin Jose
Period 02
The topic I chose was Balance of Payments. It went over the costs of our country and how they lead to deficits and balancing out. The video went over how if our exports costs less than our imports, then we would have a deficit of the difference of the two. I don’t think we need to cover this before the AP Exam due to it being relatively easy information.
Christian Young
2nd period
The topic I chose is what was NOT included in the Real GDP data. The video went over the goods and services that are exchanged in a country, but not included in the real GDP data such as: goods produced at home, illegal transactions, sale of stocks and bonds, and leisure and social costs. This would help in an AP exam because it would probably ask for a calculation of real GDP and it would be useful to know what factors to include in the formula, and what not to include.
Angelica Miranda
Period 2
The topic i chose was Fiscal-Policy US Federal Government Budget. The Federal Budget is a quantity based off of consumer spending an other economic factors. There was a surplus in the economy from 1998-2001 but as noted in the video the deficit in 2002 was around $157 billion. The deficit kept growing as the Real GDP also kept increasing. This was due to the fact that social security and medicare was 60-70% of the Federal Budget. These are also known as mandatory and Non-Discretionary spending. This video will help because it explains what the Federal Budget is and the impact through the recent history of the US economy that it has had.
Shahzab Badarpura
2nd period
I chose the topic, Components of Aggregate Demand. The video shows the components of aggregate demand and how each one shifts the AD line. AD is comprised of Consumer spending, government spending, private investment, and net exports. C+I+G+(X-M)=AD in Real GDP. Consumer spending, government spending, investment, and exports all have a positive relationship with AD, imports, however, have an inverse relationship with AD, with a rise in imports resulting in a decrease in AD. This is an important topic to look over for the AP exam because the AD/AS model shows up on it so frequently and it is important to know how the graph responds to changes in the economy.
Jahrid Clyne
7th Period
The topic I chose was absolute and comparative advantage. The producer that requires a smaller quantity inputs to produce a good is said to have an absolute advantage in producing that good whereas comparative advantage refers to the ability of a party to produce a particular good or service at a lower opportunity cost than another. The video really helped in breaking down the concepts so i would recommend it.
Stephen Iype
1st period
Comparative advantage is portrayed in the t-shirt industry. Cotton is a material that has always been a strong resource in the southern United States.With the advances in our technology, we are able to genetically create better seeds, which creates superior cotton. Other countries lack the climate or advanced technology to yield such crops, so it is easier and more beneficial for the US to grow there own cotton. In places like Columbia and Bangladesh, labor is less expensive and more people will take those jobs, but Columbia has a better economy. Shipping containers make overseas trade cheap thus their is less cost if your ship your product from across the world.
hunter Boyd period 6
The topic I chose was "Simple Money Multiplier, Part I." I think the video for this topic is good to look over for the AP exam because it is very similar to what we learned in class. We had a worksheet that looked a little confusing, but the video explained the money multiplier in a way that was easier to understand. The viewer can see that any loan creates a loop that increases the money supply by 1/rr (1 over the reserved ratio). I will probably watch some of the videos on this website before I take the AP exam as a quick refresher of economic concepts.
Samuel Shteyman
1st Period
The topic that I chose was short run Philip curve which mirrors the short run supply line in the AD/AS graph. As the employment rate increase in the AD/AS graph then the unemployment decrease and tbe inflation increase in the short run Philip curve. This topic would be helpful to learn before the AP exams as it is the basis of everything we’ve learn so far graph related.
Albert Tamdjo
Period 2
I decided to do Components of Aggregate Demand. The video shows the components of aggregate demand and how each one shifts the AD line. AD is comprised of Consumer spending, government spending, private investment, and net exports. When the price level increases the demand for money and the interest rate increases while aggregate expenditures decreases. The line has a relation to the inverse of the chart as well. This will help to study before the AP exam so I will better understand the relationships of the factors of the AD/AS graphs and charts.
Benjamin Sunny, 6th Period
The video I chose was aggregate demand side shifts (fiscal policy) this video disscussed how to move the economy back to equilibrium during either a recession/depression, or an expansion. The ways discussed involved using fiscal plicy to move the aggregate demand back to equilibrium. The ways discussed were moving taxes and government spending either up or down to return the economy to equilibrium. This is a helpful study tool to prepare for the AP exam.
Sarah James
2nd period
The topic I chose was the Expenditure Multiplier. The video explains the five basic fundamentals that need to be understood to understand the expenditure multiplier. First is autonomous expenditures, which is the total aggregate expenditures (C+G+I+(X-M)) that are unrelated to income, second is induced expenditures (total aggregate expenditures that are related to income), the third and fourth are MPC AND MPS, the last is the expenditure multiplier which is used to determine an impact of change in autonomous consumption, investment, or government spending changes the Real GDP or national income. The formula used is the change in autonomous expenditures multiplied by 1 and divided by MPS which gives you the change in national income. This is a helpful tool to know for the AP exam in case the formula is needed to solve a question.
Luke Leblanc
Period 6
The topic I chose was Aggregate demand short run shift which explain how when short run supply shifts to the right price level changes from full employment to current price level and real GDP increases. When short run supply shifts to the left the price level goes above the full employment and real GDP decreases.what causes shift in short run aggregate supply is 1)Change in unit labor costs. 2).Change in commodity’s P’s. 3).Changein business taxes. 4).Change in Buisness subsides. I think this video is a helpful tool for the AP exam in case they ask you question on the example what causes a shift in the short supply curve.
Amaani Nazarali-6th Period
The topic I chose to learn about is the balance of payments--the current account. Although there are 3 sections of the balance of accounts, which are the current account, the capital account, and the financial account, the capital amount makes up a very small portion of it so the balance of payments is really made up of the financial and current accounts. Most of the current account is broken up into exports and imports. A trade deficit is the value of the exports relative to the value of the imports. Of course, the balance of payments should always roughly balance out. I do believe that some of the information would helpful for the AP although I do not believe that they would go into such specific detail.
Nicole Jean
1st period
The topic I chose to learn about was Shirt in Demand in Loanable Funds.Businesses demand more Loanable funds with a change in perceived opportunities so they can invest their company.The government borrows money from Loanable funds will decrease the interest rate with demand in surplus.Consumer confidence,inflation rate,technology so people borrow money for houses,purchase the equipment and education the curve shift to the right.It will be helpful as they explained the concept in detail.
Kenan Edwards
6th Period
The topic I chose to learn about was the aggregate demand curve slope. The demand curve have 3 reasons why it slopes down and and they all have to do with price level. The more it cost the less people want the product. The lest it cost equals to lower interest rate. It will be good to know why the Aggregate demand curve has a negative slope for the AP test, as it plays a big part in the economy.
Amilcar Rivas
6th period
The topic I chose was Stocks. Stock is ownership of a corporation. These corporations give out a certain amount of stocks to sell and two types of people buy them, preferred and common stockholders. The difference is preferred stockholders are paid first when assets are liquidated and dividends given out. The common stockholder gets paid after but they get to vote for the corporation’s board of directors.
Brian Rivette
6th Period
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