Krugman's Macroeconomics for the AP® Course

MACROECONOMICS

UNIT 1 Basic Economic Concepts

Module 1.1 Scarcity and Choice

Module 1.2 Opportunity Cost and the Production

Possibilities Curve Model

Module 1.3 Comparative Advantage and

Gains from Trade

Module 1.4 Demand

Module 1.5 Supply

Module 1.6 Market Equilibrium, Disequilibrium,

and Changes in Equilibrium

UNIT 2 Economic Indicators

and the Business Cycle

Module 2.1 The Circular Flow and Gross

Domestic Product

Module 2.2 Limitations of Gross Domestic Product

Module 2.3 Unemployment

Module 2.4 Price Indices and Inflation

Module 2.5 Costs of Inflation

Module 2.6 Real Versus Nominal Gross

Domestic Product

Module 2.7 Business Cycles

UNIT 3 National Income and

Price Determination

Module 3.1 Aggregate Demand

Module 3.2 Multipliers

Module 3.3 Short-Run Aggregate Supply

Module 3.4 Long-Run Aggregate Supply

Module 3.5 Equilibrium in the Aggregate

Demand–Aggregate Supply Model

Module 3.6 Short-Run Changes in the Aggregate

Demand–Aggregate Supply Model

Module 3.7 Long-Run Self-Adjustment in the

Aggregate Demand–Aggregate

Supply Model

Module 3.8 Fiscal Policy

Module 3.9 Automatic Stabilizers

UNIT 4 The Financial Sector

Module 4.1 Financial Assets

Module 4.2 Nominal Versus Real Interest Rates

Module 4.3A Definition, Measurement, and

Functions of Money

Module 4.3B Managing Money and Credit: Central

Banks and the Federal Reserve

Module 4.4 Banking and the Expansion of the

Money Supply

Module 4.5 The Money Market

Module 4.6 Monetary Policy

Module 4.7 The Loanable Funds Market

UNIT 5 Long-Run Consequences

of Stabilization Policies

Module 5.1 Fiscal and Monetary Policy

Actions in the Short Run

Module 5.2 The Phillips Curve

Module 5.3 Money Growth and Inflation

Module 5.4 Government Deficits and the

National Debt

Module 5.5 Crowding Out

Module 5.6 Economic Growth

Module 5.7 Public Policy and Economic Growth

UNIT 6 International Trade

and Finance

Module 6.1 Balance of Payments Accounts

Module 6.2 Exchange Rates

Module 6.3 The Foreign Exchange Market

Module 6.4 Policies, Economic Conditions, and

the Foreign Exchange Market

Module 6.5 The Foreign Exchange Market

and Net Exports

Module 6.6 Real Interest Rate and International

Capital Flows

Macro Appendix: AP® Test Free-Response

Questions

AP® Macroeconomics Exam: Practice Test

Macro Enrichment Modules

Module A Recession and Recovery During

the Pandemic

Module B Federal Reserve Monetary Policy

with Ample Reserves

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