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Exam 2 Review

Authored by Kyleigh Cousins

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12th Grade

Exam 2 Review
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60 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Investment happens when:

current income is greater than current spending.

current consumption is greater than current output.

resources are devoted toward increasing current output.

resources are devoted toward increasing future output.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which among the following countries had the highest GDP per person in 2020?

Switzerland

United States

Japan

China

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If prices of goods and services were inflexible, then:

a negative demand shock would lead to increased real GDP in the short run.

a positive demand shock would lead to increased real GDP in the short run.

a negative demand shock would have no short-run effect on real GDP.

there would be no short-run demand shocks.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Suppose that an economy's output does not change from one year to the next, but the price level doubles. What happens to nominal GDP?

Nominal GDP doubles.

Nominal GDP is halved.

Nominal GDP doesn't change.

There is not enough information to determine what happens to nominal GDP.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the very short run, firms tend to respond to demand shocks by changing their prices.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If nominal GDP is rising faster than real GDP, then inflation must be occurring.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If the prices of all goods and services rose, but the quantity produced remained unchanged, what would happen to nominal and real GDP?

Nominal and real GDP would both rise.

Nominal and real GDP would both be unchanged.

Real GDP would rise, but nominal GDP would be unchanged.

Nominal GDP would rise, but real GDP would be unchanged.

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