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AP Macroeconomics Unit 2 Progress Check: MCQ Questions and Answers 100% Pass £10.45
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AP Macroeconomics Unit 2 Progress Check: MCQ Questions and Answers 100% Pass
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AP Macroeconomics Unit 2 Progress Check: MCQ Questions and Answers 100% Pass Which statement is true about the circular flow diagram of an economy? A) The market for goods and services connects household spending to government spending. B) The market for factors of production connects househol...

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  • January 8, 2025
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • ap macroeconomics unit 2 progress check mcq quest

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  • AP Macroeconomics
  • AP Macroeconomics

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AP Macroeconomics Unit 2 Progress
Check: MCQ Questions and Answers
100% Pass

Which statement is true about the circular flow diagram of an economy?


A) The market for goods and services connects household spending to government spending.


B) The market for factors of production connects household spending to goods produced by firms.


C) The market for factors of production connects spending by firms to household income.


D) The market for goods and services connects labor income to firms as employers.


E) The market for goods and services connects labor income to household spending. - ✔✔C) The market

for factors of production connects spending by firms to household income.




Correct. The market for factors of production connects spending by firms to household income.


Which statement is true about the approaches used to measure the value of a nation's gross domestic

product (GDP) ?


A) The expenditure approach to calculating GDP sums the components of the supply side of the

economy.


B) The income approach to calculating GDP sums the income earned by the factors of production

excluding profits.




Emily Charlene, ©2025 All Rights Reserved.

, 2|Page


C) The value-added approach to calculating GDP sums the final monetary value of output at each stage

of production.


D) The expenditure approach to calculating GDP sums the market value of all final goods and services

produced by foreigners in a given period of time.


E) The expenditure approach to calculating GDP sums consumption spending, investment spending,

government spending, and net exports. - ✔✔E) The expenditure approach to calculating GDP sums

consumption spending, investment spending, government spending, and net exports.




Correct. The expenditure approach to calculating GDP sums the components of the demand side of the

economy - consumption spending, investment spending, government spending, and net exports.


Calculate Country X's nominal gross domestic product (GDP) for 2017 using the expenditures approach.


A) 14 billion dollars


B) 18 billion dollars


C) 19 billion dollars


D) 20 billion dollars


E) 21 billion dollars - ✔✔C) 19 billion dollars




Correct. The expenditure approach to calculating GDP sums consumption spending, government

spending, investment spending, and net exports. Using the numbers provided in the table, the country's

nominal GDP for 2017 is therefore 13+3+4+(−1)=19 billion dollars.


Which of the following describes a limitation of gross domestic product (GDP) ?




Emily Charlene, ©2025 All Rights Reserved.

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