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AP Macroeconomics Unit 2 Exam

Quiz by Mark Stegall

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40 questions
Show answers
  • Q1
    Which of the following is true regarding Gross Domestic Product (GDP)?
    Transfer payments are not included in GDP because government expenditures are not counted
    Household production, like home auto repair, is counted in GDP
    Intermediate goods are not counted because GDP does not include imports from foreign countries
    GDP, adjusted for inflation, measures economic growth over time
    60s
  • Q2
    Which of the following is included in the calculation of the U.S. GDP?
    The money that consumers save when using coupons
    The benefit society receives from a cleaner environment
    A plane produced in the U.S but sold in Mexico
    Online purchases of used products
    60s
  • Q3
    The value of which of the following is counted in the U.S. GDP?
    Foreign countries buying US treasury bills
    The change in the value of real estate in the US
    Undeclared wages paid to illegal aliens
    Salary bonuses given to investment bankers
    60s
  • Q4
    When calculating GDP, investment is best defined as
    spending on stocks, bonds, and financial assets
    policies that lead to long run economic growth
    spending by the central bank on government securities
    business spending on capital goods
    60s
  • Q5
    If a country's nominal percent change in GDP is positive, which of the following must be true?
    The inflation rate was negative
    the real GDP and/or the price level has increased
    Both the price level and real GDP increased
    The price level increased
    45s
  • Q6
    Which of the following individuals is clearly considered unemployed?
    An electrician that is working part-time and is looking for a full-time job.
    A retired school teacher
    A lawyer that sold his firm and is now looking for a job as a teacher
    A 15 year-old who is looking for odd jobs to pay for summer camp.
    45s
  • Q7
    If the labor force participation rate increased at the same time that the unemployment rate stayed the same, which of the following must be true?
    The total number of jobs in the economy stayed the same
    The total number of jobs in the economy increased
    The nominal GDP will increase
    The total number of jobs in the economy decreased
    45s
  • Q8
    Which of the following is the best example of structural unemployment?
    Workers are fired because they do not have the specific skills employers value
    New immigrants have a hard time finding jobs
    Workers are laid off due to a recession
    Workers enter the labor force because wages are increasing
    45s
  • Q9
    Which type of unemployment would most likely increase if workers are laid off due to a large decrease in consumer spending?
    Cyclical
    Seasonal
    Structural
    Frictional
    30s
  • Q10
    Which of the following is true regarding full employment?
    An economy is at full employment when the unemployment rate is 0%
    Full employment occurs when there is only frictional unemployment
    Full employment occurs when cyclical unemployment is zero
    Full employment is shown as a rightward shift in the production possibilities curve
    45s
  • Q11
    Which of the following will most likely decrease a country's Natural Rate of Unemployment (NRU)?
    An increase in the labor force
    A decrease in unemployment benefits paid by the government
    An short run increase in domestic output
    An increase in structural unemployment
    45s
  • Q12
    Which of the following is true regarding inflation?
    When inflation increases, nominal interest rates decrease
    Inflation causes unemployment
    Inflation decreases the purchasing power of a country's currency
    Unanticipated inflation benefits lenders
    45s
  • Q13
    If the price of a specific market basket in the year 2008 was $240 and the price of the same market basket in the year 2013 was $300. What is the Consumer Price Index (CPI)of the year 2013 based on base year 2008 prices?
    125
    200
    80
    150
    30s
  • Q14
    If a worker receives a raise in their nominal wage from $10 to $15 per hour and the inflation rate increases from 2% to 4%, the worker's real wage has approximately
    decreased by 50%
    decreased by 33%
    increased by 50%
    stayed the same
    30s
  • Q15
    Which of the following is true regarding the quantity theory of money?
    An increase in money supply or the velocity of money will increase nominal output
    If the velocity of money is negative then unemployment will increase
    A decrease in the money supply will decrease the velocity of money
    An increase in price level will lead to an increase in interest rates
    60s

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