The AP Macro Unit Three Exam assesses understanding of macroeconomic principles focusing on aggregate supply and demand. Topics include shifts in aggregate demand and supply curves, impacts of fiscal policies, and changes in consumer wealth and input prices on economic indicators.
Energy prices
Productivity rates
Consumer wealth
Prices of consumer goods
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The substitution effect
A negative externality
The Pareto effect
The real-balance effect
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Government spending decreases to maintain a balanced budget
Consumption spending incrases because disposable personal income increases
Investment spending decreases because disposable personal income increases
Consumer spending increases and government spending decreases
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The amount buyers plan to spend on output
A schedule showing the relationship between inputs and outputs
A schedule indicating the level of real output that will be purchased at each possible price level
A schedule indicating the level of real output that will be produced at each possible price level
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Energy prices increase
Government regulation increases
Prices of inputs decrease
Productivity rates decrease
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A decrease in personal income taxes
A decrease in government spending
An increase in corporate income taxes
A sale of government bonds by the Federal Reserve
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Recessionary period decrease, inflationary period decrease
Recessionary period decrease, inflationary period increase
Recessionary period increase, inflationary period decrease
Recessionary period increase, inflationary period increase
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Real GDP increase, price level increase
Real GDP increase, price level decrease
Real GDP increase, price level has no change
Real GDP decrease, price level increase
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$25 billion decrease in taxes, $25 billion decrease in government spending
$25 billion decrease in taxes, $25 billion increase in government spending
$25 billion decrease in taxes, no change in government spending
$25 billion increase in taxes, $25 billion increase in government spending
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Consume is 0.8
Consume is 0.4
Consume is 0.25
Save is 0.25
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A progressive personal income tax and Congressional action that increases tax rates
Unemployment compensation and Congressional action that increases tax rates
A progressive personal income tax and unemployment compensation
A progressive personal income tax and Philips reductions
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Price level increase, unemployment no change
Price level decrease, unemployment decrease
Price level decrease, unemployment increase
Price level decrease, unemployment no change
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Aggregate demand curve to shift left
PPC to shift in
LRAS curve to shift right
Philips curve to shift out
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Excess productive capacity
An increase in corporate business taxes
Firms becoming more optimistic with respect to future business conditions
A decrease in the real interest rate
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The Keynesian effect
The real-balance effect
The money illusion effect
The Phillips effect
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Remain at the new price and output level
Continue to have rising prices and decreasing real GDP
Experience increasing nominal wages
Return to the original output and price level
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Employment increases, Price level increases
Employment increases, Price level decreases
Employment increases, Price level has no change
Employment decreases, Price level decreases
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Equal increases in government spending and taxation will make a recession worse
Equal increases in government spending and taxation will increase total spending
Government deficits might have contractionary impact on the economy
The level of GDP is never less than the level of disposable income
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An increase in the amount of consumer indebtedness
A reduction in the wealth or assets held by consumers
An expectation of future declines in the consumer price index
An expectation of future shortages of essential consumer goods
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Increase transfer payments
Increase personal income taxes
Reduce government spending on defense and increase transfer payments
Reduce government expenditures for space research and increase personal income taxes
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SRAS decrease, LRAS no change, PPC shift outward
SRAS decrease, LRAS decrease, PPC shift outward
SRAS decrease, LRAS decrease, PPC shift inward
SRAS increase, LRAS no change, PPC no change
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MPC 0.5, MPS 0.5, Multiplier 4
MPC 0.6, MPS 0.4, Multiplier 4
MPC 0.75, MPS 0.25, Multiplier 4
MPC 0.8, MPS 0.2 Mutiplier 4
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Price level increase, real GDP increase
Price level increase, real GDP decrease
Price level increase, real GDP no change
Price level decrease, real GDP decrease
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A decrease in consumption of $100
A decrease in autonomous investment of $100
A decrease in consumption of $67 and an increase in savings of $33
A decrease in consumption of $67 and a decrease in savings of $33
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Real GDP decrease, price level decrease
Real GDP decrease, price level increase
Real GDP increase, price level no change
Real GDP increase, price level increase
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$6 billion
$8 billion
$12 billion
$24 billion
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The initial change in spending by the change in real GDP
The change in real GDP by the initial change in spending
One by one plus the marginal propensity to consume
The propensity to save by the propensity to consume
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Equilibrium total income is $800 billion
Planned investment is $50 billion
Equilibrium aggregate expenditure is $600 billion
Planned investment is $50 billion AND equilibrium aggregate expenditure is $600 billion
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$200 billion
$100 billion
$50 billion
Zero because total income is already at full employment
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