AP Macroeconomics Review Game

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Social Studies

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12th Grade

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J Upshaw

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1 Slide • 25 Questions

AP Macroeconomics Review Game

Multiple Choice

Which result occurs when federal government expenditures are greater than the federal government's total receipts?

reduced net exports

increased excise taxes

a federal budget surplus

a federal budget deficit

Multiple Choice

What occurred between 2007 and 2008?

Inflation

Deflation

Hyperinflation

Consumer Price Index

Multiple Choice

What occurred between June and July of 2016?

Inflation

Hyperinflation

Deflation

Cost-push Inflation

Multiple Choice

A general rise in overall prices is called:

Deflation

Inflation

Consumer Price Index

Federal Reserve

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

180

200

220

237

Multiple Choice

During a recession, which of the following is likely to occur?

an increase in real wages

an increase in production

and increase in the GDP growth rate

an increase in the unemployment rate

Multiple Choice

Which of the following would be counted as investment when calculating gross domestic product?

The purchase of a used computer by an auto manufacturer

The purchase of a share of IBM stock by an employee

The construction of a new house

The construction of roads by the government

Multiple Choice

Which of the following purchases is included in the calculation of gross domestic product?

A used economics textbook from the bookstore

1,000 shares of stock in a computer firm

A car produced in a foreign country

New harvesting equipment for the farm

Multiple Choice

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

Gross Domestic Product

Net exports of goods and services

Investment

Nominal GDP

Multiple Choice

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

Imports of goods and services

Investment

Nominal GDP

Exports of goods and services

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.

Real GDP

Gross Domestic Product

Business Cycle

Nominal GDP

Multiple Choice

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

Exports of goods and services

Real GDP

Investment

Net exports of goods and services

Multiple Choice

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

Gross Domestic Product

Net exports of goods and services

Nominal GDP

Real GDP

Multiple Choice

If the consumer price index (CPI) were 131 at year-end 1999 and 125 at year-end 1998, then inflation during 1999 was

zero; prices were stable during 1999

4.8 percent

6.0 percen

8.4 percent

Multiple Choice

Which of the following will most likely occur during the expansionary phase of the business cycle?

Real GDP rises and unemployment falls.

Real GDP rises and unemployment rises.

Real GDP declines and inflation rises.

Interest rates rise and the number of business failures rise.

Multiple Choice

A graphical representation with unemployment on the horizontal axis and inflation on the vertical axis is known as:

Okun’s law

Stagflation

Phillips curve

Natural rate of unemployment and inflation

Multiple Choice

Which of the following people would be considered structurally unemployed?

Unemployed auto assembly line factory worker during a recession.

A high school student who mows lawns during the summer, but is out of work because it is winter

An auto assembly line worker who quit her job to go back to school full-time to improve her job skills

Unemployed auto assembly line factory worker who was replaced with a robot

Multiple Choice

Who is most likely to be hurt by inflation?

someone who borrowed money

a retiree on a fixed income

a business owner

the U.S. government

Multiple Choice

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

Multiple Choice

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

Multiple Choice

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

Nominal GDP

Real GDP

GDP per capita

Base Year GDP

Multiple Choice

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.

Multiple Choice

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

Multiple Choice

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

Multiple Choice

Oil is this type of scarce resource.

Human Capital

Land/Natural

Labor

Physical Capital

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