AP Macro Economics Chapter Five
Multiple Choice
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25 Terms
GDP? final goods/services
included
GDP? new production
included
GDP? domestically produced goods/services
included
GDP? Market Transactions
included
GDP? Non-market transactions (e.g., paid for chores)
excluded
GDP? underground economy (e.g., black market)
excluded
GDP? Intermediate goods
excluded
GDP? Transfer payments (e.g., Social Security Benefits)
excluded
Does “Real GDP” adjust for inflation?
Yes
Does “Nominal GDP” adjust for inflation
No
Four phases of business cycle
expansion, peak, contraction, trough
business cycle expansion
rising
business cycle peak
highest point
business cycle contraction
falling
business cycle trough
lowest point
four parts of GDP
C, I, G, NX
Parts of GDP: C?
Consumption
Parts of GDP: I?
Investment
Parts of GDP: G?
Government Spending
Parts of GDP: NX?
Net Exports
Net exports formula
exports - imports
Nominal GDP formula
price x quantity
Real GDP formula
Nominal GDP / (GDP Deflator / 100)
Per Capita GDP Formula
GDP / Population
GDP Deflator Formula
(Nominal GDP / Real GDP) x 100
