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Test your basic knowledge |
AP Macroeconomics
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Subjects
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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. The graphical representation of the law of demand. Shows the amount of a good buyers are willing and able to buy at various prices.
consumer good
inelastic demand
demand curve
government expenditures
2. The proportion of each additional dollar of income that will go toward consumption expenditures.
marginal propensity to consume (MPC)
complimentary goods
Labor
market economy
3. The addition to total revenue created by selling one additional unit of ouput.
depression
marginal revenue
Phillips curve
expansionary monetary policy
4. A very high rate of inflation - under which prices go up very rapidly - often more than 1 -000 percent in a year. This causes money to become a poor store of value.
structural unemployment
exchange rate
opportunity cost
hyperinflation
5. 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.
elastic
business cycles
business cycle
law of supply
6. Results an increase in the demand for normal goods and a decrease in the demand for inferior goods.
consumer income rise
frictional unemployment
trough
economics
7. Decisions by individuals about what to do and what not to do.
scarce
neutral good
movement along a demand curve
individual choice
8. The difference between the maximum price a consume is (or would be) willing to pay and the price he or she actually pays.
consumer surplus
total revenue
elastic demand
recession
9. Anything that shows the economy as a whole.
perfectly elastic
aggregate demand curve
cost-push inflation
economic aggregates
10. Law stating that as a price of a good increases - the quantity demanded of the good decreases - and vice versa.
consumer good
monopoly
law of demand
price index
11. Real cost of an item is its opportunity cost.
opportunity cost
cyclical unemployment
national economic accounts
scarcity
12. 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
perfectly elastic
LRAS curv
consumer income rise
13. The study of scarcity and choice.
land
Gross National Product
required reserve ratio (RRR)
economics
14. A person who has been unemployed and searching for a job for so long - that they have given up on finding a job and therefore forfeit unemployment.
unit elastic
market supply curve
movement along a demand curve
hidden unemployment
15. Occurs when supply and demand are balanced such that the market price and the quantity exchanged are under no market pressure to change.
market equilibrium
elastic demand
aggregate demand curve
diminishing marginal utility
16. Short-run aggregate supply curve
individual choice
consumer good
movement along a demand curve
SRAS curve
17. The willingness and ability of buyers to purchase a good or service.
demand elasticity
demand
depreciation
law of demand
18. Period in which the economy moves from a trough to a peak and a real GDP is increasing; also called a boom.
import quotas
purchasing power
expansion
change in quantity demanded
19. Resource is unavailable in sufficient amounts to satisfy various ways society wants to use it.
money multiplier
scarce
price floor
unit elastic
20. The group of individuals who are either working or actively looking for work; the labor force includes the unemployed: labor force = number of individuals in labor force/number of individuals in the adult population - expressed as a percentage.
trade surplus
microeconomics
recession
labor force
21. When Price and TR move in opposite directions..... P?/TR? or P?/TR?
A decrease in TR following an increase in price = elastic demand
frictional unemployment
trade deficit
price ceiling
22. A special tax imposed on imported goods.
tariff
inflation
inelastic
business cycle
23. Restrictions on the quantity of a good that can be imported
import quotas
monopoly
inverse relationship
cost-push inflation
24. A good for which there is less demand as income rises; a good the demand for which falls as income rises and rises as income falls; consumer income rises while demand decreases.
inferior good
recession
law of demand
demand curve
25. Rising prices - across the board.
inflation
law of demand
national income (NI)
expansion
26. 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).
Labor
SRAS curve
nominal GDP
unemployment rate
27. A country has a trade surplus if the value of its commodity exports exceeds the value of its commodity imports.
trade surplus
inferior good
expansion
business cycle
28. An industry structure in which there is only one seller for a product.
monopoly
scarce
number of composition of consumers
trough
29. Anything that can be used to produce something else
marginal propensity to consume (MPC)
resource
hidden unemployment
expansionary fiscal policy
30. A Latin phrase meaning 'all things constant.'
business cycles
substitution effect
entrepreneurship
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
31. A bad depressingly prolonged recession in economic activity.
movement along a demand curve
depression
consumer taste and preferences
market equilibrium
32. 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
money multiplier
demand curve shifts
rule of 70
labor force
33. When the price of one currency falls relative to another currency - the first currency has depreciated relative to the other one.
real GDP
depreciation
diminishing marginal utility
microeconomics
34. A market with only a few sellers - each offering a product that is largely the same as the others' products; in an oligopoly - there is always a tension between cooperation and competition.
consumption expenditures
oligopoly
demand schedule
normal good
35. A curve defining the relationship between real production and price level.
macroeconomics
market economy
aggregate supply curve
perfectly elastic
36. Movement up or down a single demand curve - contrasted with movement of the demand curve itself.
price ceiling
trough
marginal revenue
movement along a demand curve
37. A measure of the price level - or the average level of prices.
neutral good
monopoly
change in quantity demanded
price index
38. The branch of economics that deals with human behavior and choices as they relate to the entire economy.
price ceiling
business cycle
macroeconomics
price index
39. Will shift either to the left(decrease) in demand - or to the right(increase) in demand; shift is caused by a change in one of the non-price determinates for the good.
expansion
economic aggregates
demand curve shifts
consumption expenditures
40. Government officials make decisions about economy.
A decrease in TR following an increase in price = elastic demand
law of demand
oligopoly
command economy
41. The dollar value of production within a nation's border.
inflation
rule of 70
perfectly elastic
Gross Domestic Product
42. 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.
monopoly
demand schedule
opportunity cost
A decrease in TR following an increase in price = elastic demand
43. 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.
aggregate supply curve
national economic accounts
consumer income rise
stagflation
44. A law stating that as an additional unit of a particular food is consumed the utility (satisfaction) gained decreases.
hidden unemployment
depreciation
diminishing marginal utility
direct relationship
45. Long- run aggregate supply curve
money multiplier
import quotas
LRAS curv
demand
46. When the percent of change in quantity demanded is greater than the percent of change in price; when there is a large change in the quantity of a good demanded - and a small change in price of the good.
elastic demand
movement along a demand curve
perfectly elastic
structural unemployment
47. A shift of the demand curve resulting from a change in consumer taste and preferences.
consumer taste and preferences
marginal revenue
law of demand
demand schedule
48. Unemployment that reflects changes in the business cycle; the difference between the official unemployment rate & the natural rate of unemployment.
direct relationship
number of composition of consumers
marginal revenue
cyclical unemployment
49. The income of households after taxes have been paid
disposable personal income
changes in consumer expectations
opportunity cost
market equilibrium
50. A way of measuring the GDP by adding up all spending on final goods and services during a given year.
trade deficit
expenditure approach
market demand curve
investment expenditures
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