AP Macro Unit 2 Review

Front

What type of GDP is calculated with the current year's prices?

Back

Nominal GDP

Front

Expectant parents buy supplies for the nursery. Would this be included in GDP?

Back

Yes - Consumer Spending

Front

How do I find the nominal GDP for Chik-fil-A milkshakes in 1961?

Back

.80 x 2,000,000

Front

Each individual on food stamps in Delaware can receive up to $194 a month.  Is this included in government spending?

Back

No - Transfer Payment

Front

Mr. Johns is quitting his job as a teacher and moving to California. He is

Back

Frictionally Unemployed

Front

The unemployment rate does not account for which two types of people? discouraged workers (hidden unemployed) and underemployed

Back

discouraged workers (hidden unemployed) and underemployed

Front

Who is most likely to be hurt by inflation? Options: someone who borrowed money, a retiree on a fixed income, a business owner, the U.S. government

Back

a retiree on a fixed income

Front

Which of the following would not affect the size of real GDP? Consumer purchase of a new car for personal use., Government purchase of a new car for the military, Consumer purchase of a rare renaissance painting., Business purchase of a new car for a delivery vehicle.

Back

Consumer purchase of a rare renaissance painting.

Front

Which of the following people would be considered structurally unemployed? Unemployed auto assembly line factory worker during a recession., A high school student who mows lawns during the summer, but is out of work because it is winter, An auto assembly line worker who quit her job to go back to school full-time to improve her job skills, Unemployed auto assembly line factory worker who was replaced with a robot

Back

Unemployed auto assembly line factory worker who was replaced with a robot

Front

In a typical circular flow model describing the interaction of businesses and households, which of the following is/are true?
I. Households buy factors of production and goods
II. Firms buy factors of production and goods
III. Households buy factors of production
IV. Firms buy factors of production
V. Firms buy goods
VI. Households buy goods

Back

Firms buy factors of production and Households buy goods