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AP Macroeconomics Unit 2 Exam Questions and Answers
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AP Macroeconomics Unit 2 Exam Questions and Answers
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AP Macroeconomics: Unit 2 ExamQuestions and Answers
national iiincome iiaccounting ii- iiAnswers ii-The iitechniques iiused iito iimeasure iithe
iioverall iiproduction iiof iithe iieconomy iiand iiother iirelated iivariables iifor iithe iination iias iia
iiwhole.
gross iidomestic iiproduct ii- iiAnswers ii-The iitotal iimarket iivalue iiof iiall iifinal iigoods iiand
iiservices iiproduced iiannually iiwithin iithe iiboundaries iiof iithe iiUnited iiStates, iiwhether iiby
iiU.S. iior iiforeign-supplied iiresources.
intermediate iigoods ii- iiAnswers ii-products iithat iiare iipurchased iifor iiresale iior iifurther
iiprocessing iior iimanufacturing.
final iigoods ii- iiAnswers ii-goods iithat iihave iibeen iipurchased iifor iifinal iiuse iiand iinot iifor
iiresale iior iifurther iiprocessing iior iimanufacturing.
multiple iicounting ii- iiAnswers ii-wrongly iiincluding iithe iivalue iiof iiintermediate iigoods iiin
iithe iigross iidomestic iiproduct; iicounting iithe iisame iigood iior iiservice iimore iithan iionce.
value iiadded ii- iiAnswers ii-The iivalue iiof iithe iiproduct iisold iiby iia iifirm iiless iithe iivalue iiof
iithe iiproduces ii(materials) iipurchased iiand iiused iiby iithe iifirm iito iiproduce iithe iiproduct.
expenditures iiapproach ii- iiAnswers ii-the iimethod iithat iiadds iiall iiexpenditures iimade iifor
iifinal iigoods iiand iiservices iito iimeasure iithe iigross iidomestic iiproduct.
income iiapproach ii- iiAnswers ii-the iimethod iithat iiadds iiall iithe iiincome iigenerated iiby
iithe iiproduction iiof iifinal iigoods iiand iiservices iito iimeasure iithe iigross iidomestic
iiproduct.
personal iiconsumption iiexpenditures ii(C) ii- iiAnswers ii-the iiexpenditures iiof iihouseholds
iifor iidurable iiand iinondurable iiconsumer iigoods iiand iiservices.
, gross iiprivate iidomestic iiinvestment ii(Ig) ii- iiAnswers ii-Expenditures iifor iinewly iiproduced
iicapital iigoods ii(such iias iimachinery, iiequipment, iitools, iiand iibuildings) iiand iifor
iiadditions iito iiinventories.
net iiprivate iidomestic iiinvestment ii- iiAnswers ii-gross iiprivate iidomestic iiinvestment iiless
iiconsumption iiof iifixed iicapital; iithe iiaddition iito iithe iination's iistock iiof iicapital iiduring iia
iiyear.
government iipurchases ii(G) ii- iiAnswers ii-expenditures iiby iigovernment iifor iigoods iiand
iiservices iithat iigovernment iiconsumes iiin iiproviding iipublic iigoods iiand iifor iipublic ii(or
iisocial) iicapital iithat iihas iia iilong iilifetime; iithe iiexpenditures iiof iiall iigovernments iiin iithe
iieconomy iifor iithose iifinal iigoods iiand iiservices.
net iiexports ii(Xn) ii- iiAnswers ii-Exports iiminus iiimports
national iiincome ii- iiAnswers ii-total iiincome iiearned iiby iiresource iisuppliers iifor iitheir
iicontributions iito iigross iidomestic iiproduct; iiequal iito iithe iigross iidomestic iiproduct
iiminus iinonincome iicharges, iiminus iinet iiforeign iifactor iiincome.
indirect iibusiness iitaxes ii- iiAnswers ii-such iitaxes iias iisales, iiexcise, iiand iibusiness
iiproperty iitaxes, iilicense iifees, iiand iitariffs iithat iifirms iitreat iias iicosts iiof iiproducing iia
iiproduct iiand iipass iion ii(in iiwhole iior iiin iipart) iito iibuyers iiby iicharging iihigher iiprices.
consumption iiof iifixed iicapital ii- iiAnswers ii-an iiestimate iiof iithe iiamount iiof iicapital iiworn
iiout iior iiused iiup ii(consumed) iiin iiproducing iithe iigross iidomestic iiproduct; iialso iicalled
iidepreciation.
net iidomestic iiproduct ii(NDP) ii- iiAnswers ii-gross iidomestic iiproduct iiless iithe iipart iiof
iithe iiyear's iioutput iithat iiis iineeded iito iireplace iithe iicapital iigoods iiworn iiout iiin
iiproducing iithe iioutput; iithe iination's iitotal iioutput iiavailable iifor iiconsumption iior
iiadditions iito iithe iicapital iistock.
personal iiincome ii(PI) ii- iiAnswers ii-the iiearned iiand iiunearned iiincome iiavailable iito
iiresource iisuppliers iiand iiothers iibefore iithe iipayment iiof iipersonal iitaxes.
disposable iiincome ii(DI) ii- iiAnswers ii-personal iiincome iiless iipersonal iitaxes; iiincome
iiavailable iifor iipersonal iiconsumption iiexpenditures iiand iipersonal iisaving.
nominal iiGDP ii- iiAnswers ii-the iiGDP iimeasured iiin iiterms iiof iithe iiprice iilevel iiat iithe
iitime iiof iimeasurement ii(unadjusted iifor iiinflation).
price iiindex ii- iiAnswers ii-an iiindex iinumber iithat iishows iihow iithe iiweighted-average
iiprice iiof iia ii"market iibasket" iiof iigoods iichanges iiover iitime.
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