PART.
01 Microeconomics
Chapter 1: Fundamentals of Economics 9
Chapter 2 Supply and Demand 10
Chapter 3 Elasticity 13
Chapter 4: Applications of Supply and Demand Theory 18
Chapter 5: Indifference Curve Theory 22
Chapter 6: Present Preference Theory 32
Chapter 7: Applications of Consumer Theory 34
Chapter 8: Choice Theory under Uncertainty 35
Chapter 9: Production Function 37
Chapter 10 Cost Function 42
Chapter 11: Perfectly Competitive Markets 47
Chapter 12 Monopoly Markets 51
Chapter 13: Monopolistic Competition 61
Chapter 14: Oligopoly Markets 62
Chapter 15 Game Theory 65
Chapter 16: Factor Markets 70
Chapter 17: General Equilibrium Theory 76
Chapter 18: Welfare Economics 79
Chapter 19 Market Failure 80
Chapter 20: Information Economics 86

PART.
02 Macroeconomics
Chapter 1: Measurement of National Income and Economic Structure 91
Chapter 2: The Classical School's Theory of National Income Determination 98
Chapter 3: Keynes's Theory of National Income Determination 100
Chapter 4: Consumption Function Theory 103
Chapter 5: Investment Function Theory 105
Chapter 6: Financial Systems and the Money Supply 107
Chapter 7: Money Demand and Monetary Policy 110
Chapter 8: IS-LM and Policy Effects 112
Chapter 9 Aggregate Demand - Aggregate Supply 122
Chapter 10: Prices and Inflation 128
Chapter 11: Labor Markets and Unemployment 132
Chapter 12: The Phillips Curve and Stagflation 135
Chapter 13: Key Contents of Each School Model 139
Chapter 14: Debates Related to Stabilization Policy 141
Chapter 15: Economic Fluctuations 144
Chapter 16: Economic Growth Theory 145
Chapter 17: International Trade Theory 153
Chapter 18: Trade Policy 154
Chapter 19 Exchange Rates 155
Chapter 20: Balance of Payments 158

PART.
03 Microeconomics Answers and Explanations
Microeconomics Answer Key 161

PART.
04 Macroeconomics Answers and Explanations
Macroeconomics Answer Key 283

For students preparing for the real estate appraiser exam, there is no better indicator of exam trends than past exam questions.
Past exam questions have recurring themes and types.
While some questions may be beyond the skill level or knowledge of real estate appraiser test takers, we all know that it's not these exceptional questions that determine your success, but rather the consistently recurring topics and types of questions.
This book, which compiles past exam questions from the past 15 years, will help test-takers identify the topics and types preferred by the real estate appraiser exam.
Revised and revised based on feedback from the previous three editions and lectures using the book, this book features the following:

First, we classified past exam questions from the past 15 years by topic.
Rather than vaguely studying all the topics, this book categorizes past exam questions by topic to help students understand the frequency and difficulty of the real estate appraiser exam and study more efficiently.

Second, we made the problem-solving method as identical as possible.
For problems of the same type, solutions were written using a unified approach.
I think that if you practice the same framework repeatedly, you will be able to easily apply the same approach to find the correct answer in the exam room.

Third, we have included explanations for as many fingerprints as possible.
We have included explanations for not only the correct answers but also the incorrect answers as much as possible.
As a senior who has already experienced the situation of a test taker, there have been more than a few times when I was more curious about the explanations for my incorrect answers than the explanations for the correct answers.
To enable students studying this book to broadly study correct and incorrect answers, explanations for incorrect answers are also included.

We've created this book to reflect the needs of test takers as best as possible. However, please understand any shortcomings, and we will incorporate your feedback to improve future textbooks and lectures.

For many students, economics may just be one of the first subjects they must overcome to pass the exam, though it's difficult and boring.
However, economics is a discipline comprised of countless insights and logic that will help you determine not only the work you'll encounter after passing the exam, but also the direction of your life.
With countless future decisions to make, economics is probably included in the first year of your education to help you make better choices.
I sincerely hope that you will pass the real estate appraisal exam and that the day will come when you will be able to rethink the topics discussed in economics.

Through this book, I delivered a new message to the economics lecture market, which had been solving all problems by inertia, that studying only with past exam questions for real estate appraisers was more efficient, and many test takers have proven this message with results.
The ultimate goal of perfecting the instructor's methodology will be the passing of the final exam taker.
I am always grateful to all the students who studied through this book, as my colleagues and co-authors who helped me complete it.

I would also like to express my gratitude to Sam & Books CEO Lee Nak-gyu, Manager Hong Su-gi, Assistant Managers Kim Bo-young and Kim Yong-jae, and all employees, including Kim Eun-seo, who have provided us with unwavering support from the beginning to the present.
I also express my unchanging feelings to my beloved wife and children.

August 2025
Posted by Son Byeong-ik