AP Macro- Unit 2

Front

What type of GDP is calculated with the current year's prices? Options: Nominal GDP, Real GDP, GDP per capita, Base Year GDP

Back

Nominal GDP

Front

Mr. Gerlecz is quitting his job as a teacher & coach and moving to Montana. Gerlecz is.....

Back

Frictionally Unemployed

Front

Who is most likely to be hurt by inflation? Options: someone who borrowed money, a retiree on a fixed income, a business owner, the U.S. government

Back

a retiree on a fixed income

Front

In a typical circular flow model describing the interaction of businesses and households, which of the following is/are true? I. Households buy factors of production and goods II. Firms buy factors of production and goods III. Households buy factors of production IV. Firms buy factors of production V. Firms buy goods VI. Households buy goods

Back

Firms buy factors of production and Households buy goods.

Front

A periodic but irregular up-and-down movement of total production and other measures of economic activity.

Back

Business Cycle

Front

A general rise in overall prices is called:

Back

Inflation

Front

The market value of all the final goods and services produced within a country in a given time period.

Back

Gross Domestic Product

Front

The purchase of new capital goods (tools, instruments, machines, buildings) and additions to inventories

Back

Investment

Front

Items that firms in the United States produce and sell to the rest of the world

Back

Exports of goods and services

Front

Which of the following purchases is included in the calculation of gross domestic product? A used economics textbook from the bookstore, 1,000 shares of stock in a computer firm, A car produced in a foreign country, New harvesting equipment for the farm

Back

New harvesting equipment for the farm