AP Macroeconomics Unit 2 Review #3 Question Preview (ID: 33313)


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If during 2005, the country of Sildavia recorded investment spending for $3 billion, government purchases for $3 billion, consumer spending for $7 billion, imports for $5 billion, government transfers for $1 billion, and exports for $3 billion. Silda
a) $12 billion.
b) $13 billion.
c) $14 billion.
d) $11 billion

Increases in the real per capita income of a country are most closely associated with increases in which of the following?
a) The labor force
b) The price level
c) The money supply
d) Productivity

Real GDP is nominal GDP adjusted for:
a) double counting.
b) changes in prices.
c) population.
d) imports.

Which of the following would be included in the calcualtion of gross domestic product?
a) Government purchase of a new submarine
b) Social Security payment to a retired military officer
c) The purchase of a home built 10 years ago
d) Contributions to a charity organization

Donna was laid off by her employer at the beginning of 2008. She looked for a job for three months, but could not find anything suitable. She then decided to volunteer for a soup kitchen. Donna is considered to be
a) unemployed.
b) underemployed.
c) a discouraged worker.
d) a part time worker.

When the economy is in full employment,
a) unemployment is zero.
b) only cyclical unemployment is zero.
c) only frictional unemployment is zero.
d) the natural rate of unemployment is zero.

If wages grew at a 3% rate this year and average prices grew ______, people would be _____ off this year compared with last year.
a) 3%; better
b) faster than 3%; better
c) slower than 3%; better
d) faster than 10%; better

Unanticipated inflation:
a) reduces the value of money.
b) increases the value of future obligations.
c) increases certainty about the future.
d) helps lenders.

Which of the following would be an example of an intermediate good?
a) stocks and bonds purchased by a business executive
b) a cellular telephone purchased by a college student
c) a wedding ring purchased by an engineer for his fiancée
d) tires purchased from Goodyear by General Motors for newly produced electric cars

Potential gross domestic product will decrease under which of the following conditions?
a) The growth rate of the population increases more rapidly than the growth rate of gross domestic product.
b) Nominal gross domestic product increases more than real gross domestic product.
c) The natural rate of unemployment decreases.
d) The country’s annual depreciation is greater than its annual gross investment.

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