AP Macroeconomics Unit 2 Progress Check: MCQ Questions and Correct Answers the Latest Update
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Course
AP Macroeconomics
Institution
AP Macroeconomics
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 product...
AP Macroeconomics Unit 2 Progress
Check: MCQ Questions and Correct
Answers the Latest Update
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
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.
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
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