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AP Macroeconomics Unit 2 Review #3
Test Description: NA
Instructions: Answer all questions to get your test result.
1) 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
$14 billion.
B
$12 billion.
C
$13 billion.
D
$11 billion
2) Increases in the real per capita income of a country are most closely associated with increases in which of the following?
A
The price level
B
Productivity
C
The money supply
D
The labor force
3) Real GDP is nominal GDP adjusted for:
A
imports.
B
population.
C
double counting.
D
changes in prices.
4) Which of the following would be included in the calcualtion of gross domestic product?
A
Social Security payment to a retired military officer
B
Contributions to a charity organization
C
Government purchase of a new submarine
D
The purchase of a home built 10 years ago
5) 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 part time worker.
D
a discouraged worker.
6) When the economy is in full employment,
A
only frictional unemployment is zero.
B
only cyclical unemployment is zero.
C
unemployment is zero.
D
the natural rate of unemployment is zero.
7) If wages grew at a 3% rate this year and average prices grew ______, people would be _____ off this year compared with last year.
A
faster than 10%; better
B
3%; better
C
slower than 3%; better
D
faster than 3%; better
8) Unanticipated inflation:
A
increases the value of future obligations.
B
increases certainty about the future.
C
helps lenders.
D
reduces the value of money.
9) Which of the following would be an example of an intermediate good?
A
a cellular telephone purchased by a college student
B
stocks and bonds purchased by a business executive
C
a wedding ring purchased by an engineer for his fiancée
D
tires purchased from Goodyear by General Motors for newly produced electric cars
10) Potential gross domestic product will decrease under which of the following conditions?
A
The country’s annual depreciation is greater than its annual gross investment.
B
The growth rate of the population increases more rapidly than the growth rate of gross domestic product.
C
Nominal gross domestic product increases more than real gross domestic product.
D
The natural rate of unemployment decreases.
*select an answer for all questions
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