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Test your basic knowledge |
AP Macroeconomics
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Subjects
:
economics
,
ap
Instructions:
Answer 50 questions in 15 minutes.
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study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. An industry structure in which there is only one seller for a product.
number of composition of consumers
national economic accounts
government expenditures
monopoly
2. Resource is unavailable in sufficient amounts to satisfy various ways society wants to use it.
required reserve ratio (RRR)
hidden unemployment
normal good
scarce
3. The dollar value of production within a nation's border.
complimentary goods
structural unemployment
monetary policy
Gross Domestic Product
4. Price control set when the market price is believed to be too high.
neutral good
consumption expenditures
price ceiling
inelastic demand
5. Mathematical approximation used to measure the effect of economic growth; this rule tells us the approximate number of years it will take for some measure (real GDP - price level - savings account - etc.) to double given a known annual percentage inc
marginal propensity to consume (MPC)
susbtitute goods
perfectly elastic
rule of 70
6. The income of households after taxes have been paid
depreciation
consumer surplus
disposable personal income
land
7. A curve depicting the relationship between real GDP demanded (i.e. - expenditures) and the price level in the economy; the aggregate demand curve slopes downward from left to right.
consumer taste and preferences
aggregate demand curve
opportunity cost
monetary policy
8. The effort of workers.
national income (NI)
demand-pull inflation
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
Labor
9. A table showing quantities of a good demanded at varying prices; a table demonstrating the number of units of a good demanded at various points.
consumer surplus
demand schedule
cyclical unemployment
changes in consumer expectations
10. A way of measuring the GDP by adding up all spending on final goods and services during a given year.
trade surplus
expenditure approach
consumer income rise
consumer taste and preferences
11. A type of inflation that occurs when an economy's output (real GDP decreases and its price level rises; production stagnates (as during a recession) while prices (and unemployment) go up.
depreciation
neutral good
stagflation
Gross National Product
12. Changes - adjustments - and strategies that the governments implements in spending or taxation to achieve particular economic goals.
depreciation
expansionary monetary policy
fiscal policy
economics
13. Decisions by individuals about what to do and what not to do.
individual choice
microeconomics
aggregate supply curve
LRAS curv
14. States that as prices rise - people are willing and able to buy less of a good and - hence - the quantity demanded decreases; as prices fall - people are willing and able to buy more - so the quantity demanded increases and the demand curve slopes do
SRAS curve
law of demand
movement along a demand curve
hyperinflation
15. The graphical representation of the law of demand. Shows the amount of a good buyers are willing and able to buy at various prices.
government expenditures
marginal revenue
demand curve
expansionary monetary policy
16. An increase or decrease in consumer income will cause a shift in the Demand Curve.
susbtitute goods
consumer good
depression
Marginal Propensity to Save (MPS)
17. Period in which the economy moves from a trough to a peak and a real GDP is increasing; also called a boom.
consumer taste and preferences
expansion
changes in consumer expectations
A decrease in TR following an increase in price = elastic demand
18. The transition point between economic recession and recovery.
trough
resource
perfectly elastic
fiscal policy
19. A specific percentage of checking account deposits that each bank must keep in liquid - zero-interest reserves; this amount is set by the Fed.
expansion
required reserve ratio (RRR)
land
expansionary fiscal policy
20. The amount of a good actually sold.
recession
consumer good
consumer surplus
quantity exchanged
21. Graphic representation of an inverse relationship between wage growth (percentage change in price level - such as inflation) and unemployment.
cost-push inflation
consumer good
Phillips curve
trough
22. Unemployment faced by workers who have lost their jobs because of changing market (demand) conditions & whose skills don't match the requirements of available jobs.
direct relationship
structural unemployment
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
macroeconomics
23. A Latin phrase meaning 'all things constant.'
opportunity cost
demand curve shifts
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
government expenditures
24. Fluctuations in real GDP around the trend value; also called economic fluctuations.
Labor
business cycles
elastic
purchasing power
25. Inflation that follows from an increase in aggregate demand - which will cause equilibrium real GDP (Y) to increase and the equilibrium price level (P) to increase.
consumer surplus
aggregate supply curve
demand-pull inflation
peak
26. A law stating that as an additional unit of a particular food is consumed the utility (satisfaction) gained decreases.
demand curve shifts
demand curve
frictional unemployment
diminishing marginal utility
27. The branch of economics that deals with human behavior and choices as they relate to the entire economy.
number of composition of consumers
movement along a demand curve
macroeconomics
consumer income rise
28. The efforts of entrepreneurs in organizing resources for production taking risk to create new enterprises and innovating to develop new product.
demand-pull inflation
entrepreneurship
expansion
trade deficit
29. States that as the price of a good increases - the quantity supplied of a good increases - and as the price of a good decreases - the quantity supplied of the good decreases.
real GDP
movement along a demand curve
consumer surplus
law of supply
30. When the percent of change in the quantity demanded is less than then percent of change in price; when there is a small change in the quantity of a good demanded - and a large change in the price of the good.
market supply curve
law of demand
expenditure approach
inelastic demand
31. Unemployment faced by workers who have lost their jobs because of changing market (demand) conditions & who have transferable skills; unemployment due to the natural frictions of the economy.
frictional unemployment
consumer income rise
depression
unit elastic
32. When consumers substitute a similar - lower priced product for a product which is relatively more expensive.
unemployed
inflation
substitution effect
inelastic demand
33. The willingness and ability of buyers to purchase a good or service.
demand
total revenue
interest
disposable personal income
34. The percentage of the civilian labor force that is unemployed. The number of persons unemployed divided by the number of persons in the civilian labor force (expressed as a percentage).
changes in consumer expectations
unemployment rate
aggregate supply curve
complimentary goods
35. The long-run pattern of growth and recession.
price floor
elastic
business cycle
monetary policy
36. Not significantly responsive to changes in price.
inelastic demand
unit elastic
inelastic
investment expenditures
37. The sum of all the quantities of a good supplies by all producers at each price.
inelastic demand
frictional unemployment
market supply curve
required reserve ratio (RRR)
38. A bad depressingly prolonged recession in economic activity.
diminishing marginal utility
consumption expenditures
Marginal Propensity to Save (MPS)
depression
39. A movement along the demand curve in response to a change in price - ceteris paribus; change in price means move along the demand curve; movement = money.
change in quantity demanded
import quotas
purchasing power
unemployment rate
40. The dollar value of production by a country's citizens.
command economy
frictional unemployment
A decrease in TR following an increase in price = elastic demand
Gross National Product
41. The price of a domestic currency in terms of a foreign currency.
exchange rate
monopoly
elastic
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
42. Real cost of an item is its opportunity cost.
business cycles
cost-push inflation
opportunity cost
Marginal Propensity to Save (MPS)
43. Anything from the land and/or nature. Ex: minerals - timber - petroleum - cotton.
trade deficit
peak
land
changes in consumer expectations
44. The amount of money available to consumers to purchase goods and services.
microeconomics
purchasing power
land
elastic demand
45. A relationship between two factors in which the factors move in opposite directions. ex: price increases - then quantity decreases.
expansionary fiscal policy
susbtitute goods
inverse relationship
market equilibrium
46. A country has a trade deficit if the value of its commodity imports exceeds the value of its commodity exports.
trade deficit
trade surplus
expansion
elastic demand
47. A good the demand for which rises as income rises and falls as income falls; consumer income rises and demand rises.
normal good
opportunity cost
resource
macroeconomics
48. Goods that compete with one another. If the price for one goes up the demand for the other will go up.
command economy
inelastic
susbtitute goods
perfectly elastic
49. The dollar value of goods and services sold to governments.
demand-pull inflation
oligopoly
government expenditures
A decrease in TR following an increase in price = elastic demand
50. Can be measured by using TR as a gauge; a decrease in TR following an increase in Price = Elastic Demand - When Price and TR move in opposite directions..... P?/TR? or P?/TR?
diminishing marginal utility
marginal revenue
market equilibrium
demand elasticity
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