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AP Macroeconomics Final Exam Flashcards | StudBud
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AP Macroeconomics Final Exam
AP Macroeconomics Final Exam
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Questions
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Answers
1
Why do we study economics?
Supply and Demand
Fiscal and Monetary Policy
Limit Scarcity
Shortages and Surplus
2
What is the upward sloping line through the Business Cycle
Growth Line
Trough
Expansion
Peak
3
If the net exports number is negative then:
Balance Budget
Equilibrium
Trade Deficit
Trade Surplus
4
The following chart is in:
Stagflation
Equilibrium
Inflationary Gap
Recessionary Gap
5
Increase in Government Spending and/or decrease in taxes will
Increase AS
Decrease AD
Decrease AS
Increase AD
6
What types of unemployment exist at full employment (4-6%)
Seasonal and Cyclical
Structural and Frictional
Frictional and Cyclical
Cyclical and Structural
7
What is the difference between NGDP and RGDP?
IDK
None
NGDP=Inflation
RGDP=Inflation
8
Taxation and Government Spending are part of which policy?
Fiscal
Factors
Growth
Monetary
9
Moving from PP1 to PP2 is considered:
Efficient
Not Possible
Growth
Inefficient
10
Point A represents
Peak
Trough
Contraction
Expansion
11
Which shifts AD curve
Productivity
Inflationary Prices
Actions by Gov
Population
12
The phillips curve suggest the trade off between
IR and Q
Unemployment and Prices
Unemployment and Inflation
Prices and RGDP
13
Disposal Income=
Consumption + Savings
Consumption - Savings
Savings
Consumption
14
What are the 3 actions the FED can take to manipulate the economy?
RR, OMO, PL
DR, RR, OMO
IR, PL
PL, RGDP
15
What type of unemployment is someone that is voluntarily stitching jobs
Cyclical
Frictionally
Structural
Seasonally
16
What is the relationship between MPC and MPS?
MPC + MPS= 1
MPC/MPS=1
MPC - MPS= 1
MPS=2
17
Points A, B, C are all considered:
Unemployed
Efficient
Growth
Not Possible
18
What are the factors of production?
Shortage, Surplus
Command, Mixed, Free
Land, Labor, Capital
MPC, MPS
19
If the reserve ratio is 10% and someone deposits $100, how much will be loaned out by the bank?
90
5
100
10
20
Point D represents:
Not Possible
Unemployment
Growth
Efficiency
21
If a families MPC is .9 then they are spending; _______ of their income.
100%
90%
1%
10%
22
Which is the Law of Demand
Price Levels
Increase $ Increase Q
Decrease $ Decrease Q
Decrease $ Increase Q
23
What do we call it when something unexpected happens to the economy
demand
surplus
shock
shortage
24
This graph best represents what situation
Stagflation
Inflationary Gap
Growth
Equilibrium
25
What is an example of land?
Natural Resources
Capital
Workers
Entrepreneur
26
A increase in overall prices
Deflation
Inflation
growth
expansion
27
The price of one nation’s currency expressed in terms of another nation’s currency is called?
World Price
Balance Payment
Trade
Exchange Rate
