AP Macro GDP

Front

Expectant parents buy supplies for the nursery. Would this be included in GDP?

Back

Yes - Consumer Spending

Front

Is the amount received by each individual on food stamps in Florida included in government spending?

Back

No - Transfer Payment

Front

Which of the following would not affect the size of real GDP? Consumer purchase of a new car for personal use., Government purchase of a new car for the military, Consumer purchase of a rare renaissance painting., Business purchase of a new car for a delivery vehicle.

Back

Consumer purchase of a rare renaissance painting.

Front

Which of the following is included in the calculation of the US GDP:
The money that consumers save when using coupons,
the benefit society receives from a cleaner environment,
online purchases of used products,
a computer produced in China by a US owned company,
a plane produced in the US but sold in Mexico?

Back

a plane produced in the US but sold in Mexico

Front

What are the four main parts of the circular flow diagram? Options: Product Market, Stock Market, Factor Market, Fish Market; Product Market, House Market, Factor Market, Good Market; Factor Market, Product Market, Households, Firms; Factor Market, households, Stock Market, super market

Back

Factor Market, Product Market, Households, Firms

Front

Which of the following describes a machine used to produce a product? Land, Labor, Capital, Entrepreneurship

Back

Capital

Front

According to the circular flow model where can you buy and sell a haircut?

Back

The Product Market

Front

What type of GDP is calculated with the current year's prices?

Back

Nominal GDP

Front

Which statement is true about the approaches used to measure the value of a nation’s gross domestic product? Options: 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.

Back

The expenditure approach to calculating GDP sums consumption spending, investment spending, government spending, and net exports.

Front

Which indicator: total value of all final goods and services produced within a country's borders within a given period of time.

Back

Gross Domestic Product (GDP)