AP Macro Unit 2 - 2022

Quiz
•
Social Studies
•
12th Grade
•
Medium
Scott Ruane
Used 142+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which statement is true about the circular flow diagram of an economy?
The market for factors of production connects spending by firms to household income.
The market for goods and services connects household spending to government spending.
The market for goods and services connects labor income to firms as employers.
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which statement is true about the approaches used to measure the value of a nation’s gross domestic product
The value-added approach to calculating GDP sums the final monetary value of output at each stage of production.
The income approach to calculating GDP sums the income earned by the factors of production excluding profits.
The expenditure approach to calculating GDP sums consumption spending, investment spending, government spending, and net exports.
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Calculate Country X’s nominal gross domestic product (GDP) for 2017 using the expenditures approach.
14 billion dollars
18 billion dollars
19 billion dollars
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following describes a limitation of gross domestic product
It does not account for the distribution of income in a nation or income inequality.
It understates the value of output by accounting for negative environmental side effects of production.
It fails to make adjustments for the value of services consumed for free such as browsing on the Web.
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is true about gross domestic product
Calculations of GDP include the sale of used goods.
Calculations of GDP do not include the monetary value of production activities involving negative environmental side effects such as pollution.
Calculations of GDP include the unsold inventories of goods produced within the borders of the country.
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
As a measure of economic performance, the United States gross domestic product (GDP) accounts for which of the following?
The use of open-source, free Web browsers
The cleanup of an oil spill
A parent’s care of children in the home
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is classified as a discouraged worker?
Peter earned a degree in business and is actively seeking a job in the financial sector.
Ella has been unable to find a job and abandoned her job search.
Max decided to be a stay-at-home dad after he lost his job.
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