AP Macroeconomics Unit 2 Test Review

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Across
  1. 2. The sum of frictional and structural unemployment (no spaces).
  2. 4. This exchange of money occurs when business pay for resources.
  3. 6. The percentage of the population that is considered part of the labor force (acronym).
  4. 8. Caused by too much money chasing too few goods, higher bids drive the price up (no spaces).
  5. 11. Sell resources to businesses through the resource market.
  6. 16. Increase in average level of prices.
  7. 18. Provides public goods and services to businesses and households.
  8. 22. When workers take on work that is beneath their skill level or for fewer hours than full-time employment.
  9. 23. This exchange of money occurs when households pay for products.
  10. 25. This exchange of money occurs when businesses pay for labor.
  11. 28. Caused by producers raising prices and producing less because of increased production costs (no spaces).
  12. 29. Level of employment when the economy is operating exactly at its full potential (no space).
  13. 31. Negative net exports (no space)
  14. 33. Per Capita GDP does not consider ___ cost of living.
  15. 34. A rise in prices is equivalent to a ___ in wages.
  16. 37. Increased transaction costs caused by inflation (no spaces).
  17. 39. Unemployment caused by a fundamental shift in the economy.
  18. 41. The amount of physical goods and services that can be bought by a given amount of money (no space).
  19. 45. The CPI may not reflect the consumption patterns of all households (no spaces).
  20. 46. goldilocks rate of inflation that causes neither increase or decrease in inflation (acronym).
  21. 47. This transfer of money is the incentive for land.
  22. 49. Workers who are able and willing to work but who cannot find jobs
  23. 50. Decrease in average level of prices.
  24. 51. Unemployment caused by the weather or calendar.
  25. 55. This CPI includes all prices in the basket
  26. 56. Sell goods and services to households through the product market
  27. 57. Government pay to businesses.
Down
  1. 1. The cost of having a less reliable unit of measurement (no spaces).
  2. 3. Government pay to households.
  3. 5. Trading a financial instrument involving high risk, in expectation of significant returns.
  4. 7. Borrowers with ___ rate loans are not hurt by inflation.
  5. 9. Unemployment caused by the usual coming and going of people between jobs.
  6. 10. Means that a price from the past has been adjusted for inflation.
  7. 12. Means that a price from the past hasn't been adjusted for inflation.
  8. 13. Buying capital
  9. 14. This CPI excludes volatile energy and food prices
  10. 15. The CPI assumes that consumers continue to purchase the same basket of goods and services even as prices change (no space).
  11. 17. Per Capita GDP helps compare the wealth of nations and the wealth of a nation over ____.
  12. 19. This transfer of money is the incentive for capital.
  13. 20. Positive net exports (no space).
  14. 21. When "true" unemployment is not visible to statistics (no space).
  15. 24. This transfer of money is the incentive for labor.
  16. 26. The cost of changing a listed price (no space).
  17. 27. Unemployment caused by recessions in the business cycle.
  18. 30. This transfer of money is the incentive for entrepreneurship.
  19. 32. The CPI does not account for changes in quality (no space).
  20. 35. Government purchases wherein nothing is produced (no space).
  21. 36. A measure of the overall price level, a number reflecting average level of prices (no space).
  22. 38. Per Capita GDP is skewed by people with ___ incomes.
  23. 40. List of goods that the average consumer buys in a year (no space).
  24. 42. Businesses who ___ prices quickly are not hurt by inflation.
  25. 43. This exchange of money occurs when businesses are paid for products.
  26. 44. The unemployment rate is published ___ in the United States.
  27. 48. Total number of people who are willing and able to work (no space).
  28. 52. The US has had a trade ___ since the 1980s.
  29. 53. A market phenomenon characterized by surges in asset prices to levels significantly above the fundamental value of that asset.
  30. 54. These fund government programs (income and sales).