AP Macroeconomic Benchmark Review

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Evelyn is analyzing a country's macroeconomic data for the year 2013. Based on the data provided, what was the GDP of the country in that year?

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$220 billion

Front

What is included in the United States gross domestic product? Options: Clean air, Child care a father provides for his child, An automobile produced in Sweden by a United States firm, A car produced in the United States and sold in Europe, Medical services not provided due to preventative health care.

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A car produced in the United States and sold in Europe

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Abigail has just graduated from college and is now interviewing for jobs. Abigail would best be described as

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frictionally unemployed

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Which of the following is an example of frictional unemployment?
Aiden, a former mayor, doing volunteer work
A factory worker who loses her job because of recession
A college student working part-time at the campus bookstore
Anika, a college graduate, interviewing for two available positions
An architect whose job is replaced by computer software that designs buildings

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Anika, a college graduate, interviewing for two available positions

Front

Which of the following types of unemployment is caused by a recession? Hidden, Frictional, Seasonal, Structural, Cyclical

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Cyclical

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The consumer price index (CPI) is criticized for

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overstating the true burden of inflation because it does not recognize consumers’ ability to substitute goods and services as prices change

Front

Which of the following is most likely included in gross domestic product?
Matt gives his secondhand bicycle to his brother.
Sal paints his own bicycle.
Ali buys a new bicycle.
Mike buys a share of stock in a bicycle firm.
Daniel bikes to school every day.

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Ali buys a new bicycle.

Front

Alice, who has left her job in New York, is moving to Atlanta and looking for a job. In terms of employment status, Alice can most accurately be described as

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frictionally unemployed

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Which of the following groups of people would benefit from unanticipated inflation? Savers, Borrowers, Lenders

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Borrowers

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The unemployment rate in this economy is:

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10%