AP MACRO Unit review

AP MACRO Unit review

12th Grade

15 Qs

quiz-placeholder

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AP MACRO Unit review

AP MACRO Unit review

Assessment

Quiz

Social Studies

12th Grade

Hard

Created by

Heather Leon

Used 7+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A decrease in the price of inputs will result in which of the following in the short run?

An increase in short-run aggregate supply and an increase in long-run aggregate supply

An increase in short-run aggregate supply and a decrease in output

An increase in short-run aggregate supply and a decrease in price level

A decrease in aggregate demand and a decrease in price level

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Assume that current real GDP falls short of full-employment output by $400 billion and the marginal propensity to consume is 0.8. What is the minimum increase in government spending that could bring about full employment?

$40 billion

$80 billion

$400 billion

$320 billion

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Assume the economy is in long run equilibrium and the government increases spending on healthcare

AD will shift right and an inflationary gap will result

AD will shift left and a recessionary gap will result

AS will shift right and an inflationary gap will result

AS will shift left and a recessionary gap will result

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Assume the economy is in long run equilibrium and trading partners increase the price of oil, a key resource

AD will shift right and an inflationary gap will result

AD will shift left and a recessionary gap will result

AS will shift right and an inflationary gap will result

AS will shift left and a recessionary gap will result

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Contractionary fiscal policy includes

Decreasing government spending

Tax increases

Tax decreases

Increasing government spending

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Expansionary fiscal policy includes

Decreasing government spending

Tax increases

Tax decreases

Increasing government spending

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Assume that the marginal propensity to consume is 0.75, net exports decline by $10 billion, and government spending increases by $20 billion. Given that there is no crowding out, the equilibrium gross domestic product can increase by a maximum of

$7.5 billion

$15.5 billion

$40 billion

$120 billion

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