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AP Macro Unit 2 Test

Unit 2 test

QuestionAnswer
secondhand sales Financial Transactions Transfer Payments Whats not counted in GDP?
The GDP per person; the average GDP per population Per capita GDP
C=Personal Consumption Expenditures Ig=Gross Private Domestic Investment G=Government Purchases Xn=Net Exports (Exports-Imports) C+Ig+G+Xn=GDP Whats counted towards GDP?
Demand-Pull Inflation caused by an increase in aggregate demand
Cost-Push Inflation caused by reduction in aggregate supply
Hyperinflation A very rapid rise in the price level
Okun's Law The generalization that any 1 percentage point rise in the unemployment rate above the full unemployment rate will increase the GDP gap by 2percent of the potential output of the economy
Price index Price Index in given year = price of market basket in specific year DIVIDED BY price of same market basket of base year X 100
Nominal GDP Units of Output X Price Per Unit=?
Real GDP Nominal GDP -------------- = ? Price Index
Costs Of Living Adjustments (COLA) An automatic increase in the incomes(wages)of workers when inflation occurs; guaranteed by a collective bargaining contract between firms and workers.
Consumer Price Index (CPI) An index that measures the prices of a fixed "market basket" of some 300 goods and services bought by a typical consumer.
Unemployment Rate Unemployed ------------- = ? Labor Force
Who is counted in the labor force? Those willing and able to work Those who are unemployed but actively seeking for work
Natural Rate of Unemployment The Unemployment rate occurring when there is no cyclical unemployment and the economy is achieving its maximum potential
APC Consumption --------------- = ? Income
APS Saving ---------- = ? Income
MPC Change in Consumption ----------------------- = ? Change in Income
MPS Change in Savings ------------------- = ? Change in Income
Wealth Expectations Real Interest Rates Household Debts Determinates of Consumption and Savings
Gross Domestic Product (GDP) the dollar value of all final goods and services produced within a country's border in one year.
Created by: erikmurphy
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