AP Macroeconomics Measuring Economic Output — practice questions
18 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice AP Macroeconomics Measuring Economic Output in the app →Gross domestic product is defined as the value of all final goods and services produced:Economists measure growth by the percentage change in which measure?The word real in real GDP signals that the figure has been adjusted for:A country's production is broken into durable goods, nondurable goods, services, structures and:Durable and nondurable goods together constitute which sector?GDP per capita is calculated as GDP divided by the:The manufacturing share of GDP is described as having moved from 45 percent in 1960 to:The highest point of the economy, before a recession begins, is called the:The lowest point of a recession, before a recovery begins, is called the:The economy's movement from peak to trough and trough to peak is called the:Only final goods and services are counted in GDP, which avoids counting the same output:Comparing two countries' living standards is better done with GDP per capita than total GDP because it accountStructures are counted in GDP as one of the categories alongside goods, services and:An economy whose nominal GDP rises while prices rise faster has real GDP that is:A country with rapidly growing GDP but even faster population growth will see GDP per capita:Because GDP counts output produced within a country, it excludes production located:The peak and the trough are best described as the two:A shift from manufacturing toward services shows up in GDP as a change in its: