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WorksheetsMacro Unit 2 Review
Total questions: 22
Worksheet time: 12mins
What is National Accounts
Required payments to the government
Keep track of consumer spending, producer sales, among other flows of money
Wages earned by labor
Interest earned by those who lend their savings to firms or the government
What is disposable income?
Payments the Government makes to Individuals
Total amount of Income households can save
Total amount of Income households can spend on consumption
Amount of funds borrowed by government in financial markets
What are inventories?
stocks of goods and raw materials held to facilitate business operations
domestically produced goods and services that are sold to other countries
Final goods and services are sold directly to the end user
Profits earned by the owners of the firms’ physical capital
GDP = C + I + G + (X-M). This approach to calculating GDP is known as the _________ approach
Income
Value-Added
Expenditure
Direct
Which of the following IS included in GDP measurement
Used goods
Financial Assets
Inputs
Changes to Inventory
What is Abhinav's favorite color?
Blue
Green
Yellow
I don't know he never responded to my text
The percentage of the population aged 16 or older that is in the labor force
Employment Subsidies
Employed People
Labor Force Participation Rate
CPI
The deviation of the actual rate of unemployment from the natural rate
Natural Unemployment
Frictional Unemployment
Cyclical Unemployment
Structural Unemployment
Which of the following leads to an increase in the Natural Unemployment Rate?
Job Training
Generous Unemployment Benefits
Employment Subsidies
CPI
Measure of the average change over time in the prices paid by consumers for a FIXED “market basket” of goods and services
Circular-Flow Diagram
Frictional Unemployment
Real GDP
CPI
Real Value = (a) Value / (Price Index/100)
When is the AP Macroeconomics exam?
May 5
May 2
May 10
May 8
Which of the following is a shortcoming of CPI? (Select Multiple)
High Minimum Wages
Substitution Bias
Deflation
Introduction of New Goods
CPI = (Market Basket in Current Year)/(Market Basket in (a) Year) x 100
Measure of the overall level of prices in the economy
GDP Deflator
PPI
Price Stability
Aggregate Price Level
Who WINS when inflation is HIGHER than expected?
Workers subject to multi-year wage agreements
Everybody wins
anyone PAYING money at a fixed amount, such as borrowers
anyone RECEIVING money at a fixed amount, such as lenders
A
B
C
D
E
What are Shoe-Leather Costs
Costs that Arise from the way inflation makes money a less reliable unit of economic measurement
Real costs of changing listed prices
The cost of leather for shoes
Transaction costs caused by inflation
GDP Per (a) = GDP/SIze of Population
Alternation between economic downturns(recessions) and economic upturns(expansions)
Real GDP
Aggregate output
CPI
Business Cycle
Natural Rate of Unemployment corresponds to the
turning point
introduction of new goods
full-employment level of output
real GDP over time
What would you rate this presentation on a scale from 1-10?
10
10
10
10
