AP Macroeconomics Unit 2 Review

Oil is this type of scarce resource.

• Human Capital
• Land/Natural 
• Labor
• Physical Capital

Workers agree to a 10% wage increase.  Everything else remaining constant, this will cause the _______ curve to shift _____. 

• demand; right
• demand; left
• supply; right
• supply; left

There is an increase in supply.  This will cause the equilibrium price to ______ & the equilibrium quantity to ______.

• decrease; increase
• decrease; decrease
• increase; increase
• increase; decrease

If the supply and demand curves intersect at a price of $20 then any price above that would result in a(n):

• shortage.
• equilibrium.
• increase in demand.
• surplus.

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

• Nominal GDP
• Real GDP
• GDP per capita
• Base Year GDP

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

• Yes - Consumer Spending
• Yes - Investment 
• No - Intermediate goods
• No - Non-market activity

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?

• 2.75 x 5,000,000
• .80 x 2,000,000
• .80 x 5,000,000
• 2.75 x 2,000,000

Each individual on food stamps in Delaware can receive up to $194 a month.  Is this included in government spending?

• Yes - Government spending
• Yes - Consumer Spending
• No - Intermediate Goods
• No - Tranfer Payment

Mr. Johns is quitting his job as a teacher and moving to california. He is

• Cyclically unemployed
• Seasonally Unemployed
• Structurally Unemployed
• Frictionally Unemployed

The unemployment rate does not account for which two types of people?

• discouraged workers (hidden unemployed) and those employed
• full time carers and those in school
• retirees and those in prison
• discouraged workers (hidden unemployed)  and underemployed