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AP Macroeconomics - Unit 2 Study Guide Questions And Answers
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AP Macroeconomics - Unit 2 Study Guide Questions And Answers Final good or service A good or service that is produced for its final user and not as a component of another good or service Final goods are... Intended for consumers (example: ford car) Intermediate goods are... Not counted in the...

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  • October 13, 2024
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  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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AP Macroeconomics - Unit 2 Study Guide
Questions And Answers

Final good or service A good or service that is produced for its final user and not as a

component of another good or service




Final goods are... Intended for consumers (example: ford car)




Intermediate goods are... Not counted in the GDP (example: Bose stereo that is built into

the ford car)




How often does the GDP measure economic performance? Annually




How do you measure GDP growth? (Equation) % Change in GDP = (Year 2 - Year

1)/(Year 1) x 100




Does GDP accurately measure standard of living? No, but GDP per Capita does




GDP per capita GDP divided by the population, identifies on average how many products

each person makes

, AP Macroeconomics - Unit 2 Study Guide
Questions And Answers

Why do some countries have higher GDPs than others? 1. Economic System


2. Property Rights

3. Capital

4. Human Capital (Knowledge)

5. Natural Resources




What is NOT included in the GDP? - Intermediate goods (goods inside the final goods -

see intermediate good)

- Non-production transactions (stocks & bonds)

- non-market and illegal activities (volunteer work, black markets, etc.)




Expenditures Approach Add up all the income that resulted from selling all final goods

and services produced in a given year




Income Approach Add up all the income that resulted from selling all final good and

services produced in a given year

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