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AP Macroeconomics Review Game

AP Macroeconomics Review Game

Assessment

Presentation

Social Studies

12th Grade

Medium

Created by

J Upshaw

Used 36+ times

FREE Resource

1 Slide • 25 Questions

1

AP Macroeconomics Review Game

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2

Multiple Choice

Which result occurs when federal government expenditures are greater than the federal government's total receipts?
1
reduced net exports
2
increased excise taxes
3
a federal budget surplus
4
a federal budget deficit

3

Multiple Choice

Question image
What occurred between 2007 and 2008?
1
Inflation
2
Deflation
3
Hyperinflation
4
Consumer Price Index

4

Multiple Choice

Question image
What occurred between June and July of 2016?
1
Inflation
2
Hyperinflation
3
Deflation
4
Cost-push Inflation

5

Multiple Choice

A general rise in overall prices is called:
1
Deflation
2
Inflation
3
Consumer Price Index
4
Federal Reserve

6

Multiple Choice

What is the size of the Labor Force?

Unemployed (Looking for job) = 200

Retired = 5

Prison = 2

School (full time, not looking for job) = 10

Employed = 180

Unemployed (not looking for job) = 20

1

180

2

200

3

220

4

237

7

Multiple Choice

During a recession, which of the following is likely to occur?
1
an increase in real wages
2
an increase in production
3
and increase in the GDP growth rate
4
an increase in the unemployment rate

8

Multiple Choice

Which of the following would be counted as investment when calculating gross domestic product?
1
The purchase of a used computer by an auto manufacturer
2
The purchase of a share of IBM stock by an employee
3
The construction of a new house
4
The construction of roads by the government

9

Multiple Choice

Which of the following purchases is included in the calculation of gross domestic product?
1
A used economics textbook from the bookstore
2
1,000 shares of stock in a computer firm
3
A car produced in a foreign country
4
New harvesting equipment for the farm

10

Multiple Choice

The value of exports of goods and services minus the value of imports of goods and services.

1

Gross Domestic Product

2

Net exports of goods and services

3

Investment

4

Nominal GDP

11

Multiple Choice

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

1

Imports of goods and services

2

Investment

3

Nominal GDP

4

Exports of goods and services

12

Multiple Choice

The value of the final goods and services produced in a given year expressed in terms of the prices in a reference base year.

1

Real GDP

2

Gross Domestic Product

3

Business Cycle

4

Nominal GDP

13

Multiple Choice

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

1

Exports of goods and services

2

Real GDP

3

Investment

4

Net exports of goods and services

14

Multiple Choice

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

1

Gross Domestic Product

2

Net exports of goods and services

3

Nominal GDP

4

Real GDP

15

Multiple Choice

Question image
If the consumer price index (CPI) were 131 at year-end 1999 and 125 at year-end 1998, then inflation during 1999 was 
1
zero; prices were stable during 1999
2
4.8 percent
3
6.0 percen
4
8.4 percent

16

Multiple Choice

Question image
Which of the following will most likely occur during the expansionary phase of the business cycle? 
1
Real GDP rises and unemployment falls.
2
Real GDP rises and unemployment rises. 
3
Real GDP declines and inflation rises.
4
Interest rates rise and the number of business failures rise. 

17

Multiple Choice

Question image
A graphical representation with unemployment on the horizontal axis and inflation on the vertical axis is known as: 
1
Okun’s law
2
Stagflation
3
Phillips curve 
4
Natural rate of unemployment and inflation 

18

Multiple Choice

Question image
Which of the following people would be considered structurally unemployed? 
1
Unemployed auto assembly line factory worker during a recession.
2
A high school student who mows lawns during the summer, but is out of work because it is winter
3
An auto assembly line worker who quit her job to go back to school full-time to improve her job skills
4
Unemployed auto assembly line factory worker who was replaced with a robot

19

Multiple Choice

Question image
Who is most likely to be hurt by inflation?
1
someone who borrowed money
2
a retiree on a fixed income
3
a business owner
4
the U.S. government

20

Multiple Choice

Question image
Each individual on food stamps in Delaware can receive up to $194 a month.  Is this included in government spending?
1
Yes - Government spending
2
Yes - Consumer Spending
3
No - Intermediate Goods
4
No - Tranfer Payment

21

Multiple Choice

Question image
A Chik-fil-A milkshake today costs $2.75.  The Camden location sold 5,000,000 this year.  In 1961, it cost $0.80 and they sold 2,000,000.  How do I find the nominal GDP for Chik-fil-A milkshakes in 1961?
1
2.75 x 5,000,000
2
.80 x 2,000,000
3
.80 x 5,000,000
4
2.75 x 2,000,000

22

Multiple Choice

Question image
What type of GDP is calculated with the current year's prices?
1
Nominal GDP
2
Real GDP
3
GDP per capita
4
Base Year GDP

23

Multiple Choice

If the supply and demand curves intersect at a price of $20 then any price above that would result in a(n):
1
shortage.
2
equilibrium.
3
increase in demand.
4
surplus.

24

Multiple Choice

There is an increase in supply.  This will cause the equilibrium price to ______ & the equilibrium quantity to ______.
1
decrease; increase
2
decrease; decrease
3
increase; increase
4
increase; decrease

25

Multiple Choice

Workers agree to a 10% wage increase.  Everything else remaining constant, this will cause the _______ curve to shift _____. 
1
demand; right
2
demand; left
3
supply; right
4
supply; left

26

Multiple Choice

Oil is this type of scarce resource.
1
Human Capital
2
Land/Natural 
3
Labor
4
Physical Capital

AP Macroeconomics Review Game

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