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AP Macroeconomics: Unit 2 Exam Questions and Answers 100% Pass
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AP Macroeconomics: Unit 2 Exam Questions and Answers 100% Pass national income accounting - The techniques used to measure the overall production of the economy and other related variables for the nation as a whole. gross domestic product - The total market value of all final goods and services...

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  • January 8, 2025
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  • 2024/2025
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  • ap macroeconomics unit 2 exam questions and answe

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AP Macroeconomics: Unit 2 Exam
Questions and Answers 100% Pass

national income accounting - ✔✔The techniques used to measure the overall production of the economy

and other related variables for the nation as a whole.


gross domestic product - ✔✔The total market value of all final goods and services produced annually

within the boundaries of the United States, whether by U.S. or foreign-supplied resources.


intermediate goods - ✔✔products that are purchased for resale or further processing or manufacturing.


final goods - ✔✔goods that have been purchased for final use and not for resale or further processing or

manufacturing.


multiple counting - ✔✔wrongly including the value of intermediate goods in the gross domestic product;

counting the same good or service more than once.


value added - ✔✔The value of the product sold by a firm less the value of the produces (materials)

purchased and used by the firm to produce the product.


expenditures approach - ✔✔the method that adds all expenditures made for final goods and services to

measure the gross domestic product.


income approach - ✔✔the method that adds all the income generated by the production of final goods

and services to measure the gross domestic product.


personal consumption expenditures (C) - ✔✔the expenditures of households for durable and nondurable

consumer goods and services.



Emily Charlene, ©2025 All Rights Reserved.

, 2|Page


gross private domestic investment (Ig) - ✔✔Expenditures for newly produced capital goods (such as

machinery, equipment, tools, and buildings) and for additions to inventories.


net private domestic investment - ✔✔gross private domestic investment less consumption of fixed

capital; the addition to the nation's stock of capital during a year.


government purchases (G) - ✔✔expenditures by government for goods and services that government

consumes in providing public goods and for public (or social) capital that has a long lifetime; the

expenditures of all governments in the economy for those final goods and services.


net exports (Xn) - ✔✔Exports minus imports


national income - ✔✔total income earned by resource suppliers for their contributions to gross domestic

product; equal to the gross domestic product minus nonincome charges, minus net foreign factor income.


indirect business taxes - ✔✔such taxes as sales, excise, and business property taxes, license fees, and

tariffs that firms treat as costs of producing a product and pass on (in whole or in part) to buyers by

charging higher prices.


consumption of fixed capital - ✔✔an estimate of the amount of capital worn out or used up (consumed)

in producing the gross domestic product; also called depreciation.


net domestic product (NDP) - ✔✔gross domestic product less the part of the year's output that is needed

to replace the capital goods worn out in producing the output; the nation's total output available for

consumption or additions to the capital stock.


personal income (PI) - ✔✔the earned and unearned income available to resource suppliers and others

before the payment of personal taxes.


disposable income (DI) - ✔✔personal income less personal taxes; income available for personal

consumption expenditures and personal saving.




Emily Charlene, ©2025 All Rights Reserved.

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