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AP Macroeconomics

Subjects : economics, ap
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can 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 income of households after taxes have been paid






2. 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.






3. Significantly responsive to a change in price.






4. A shift of the demand curve resulting from a change in consumer taste and preferences.






5. A measure of the price level - or the average level of prices.






6. The lowest point of a business cycle






7. Anything that shows the economy as a whole.






8. Goods that go together - if price ? the demand for both that good and complimentary good ?.






9. The amount of money available to consumers to purchase goods and services.






10. Price control set when the market price is believed to be too low.






11. The dollar value of production by a country's citizens.






12. Economic tool used to determine exactly the amount of the new demand deposits that can be created from an initial deposit.






13. Rising prices - across the board.






14. Changes - adjustments - and strategies that the governments implements in spending or taxation to achieve particular economic goals.






15. Goods that compete with one another. If the price for one goes up the demand for the other will go up.






16. The branch of economics that deals with human behavior and choices as they relate to relatively small units--the individual - the business firm - a single market.






17. 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.






18. 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






19. The study of scarcity and choice.






20. The efforts of entrepreneurs in organizing resources for production taking risk to create new enterprises and innovating to develop new product.






21. A law stating that as an additional unit of a particular food is consumed the utility (satisfaction) gained decreases.






22. 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.






23. A civilian - non-institutionalized adult is considered to be unemployed when he or she does not have a job but is actively looking for one; unemployment figures reflect the number of individuals meeting this definition who are parts of the labor forc






24. Anything from the land and/or nature. Ex: minerals - timber - petroleum - cotton.






25. The conflict between limited resources and unlimited human wants; the basic economic problem facing all societies.






26. Restrictions on the quantity of a good that can be imported






27. Movement up or down a single demand curve - contrasted with movement of the demand curve itself.






28. 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.






29. 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.






30. When the percent of change in the quantity demanded equals the percent of change in price.






31. When the price of one currency falls relative to another currency - the first currency has depreciated relative to the other one.






32. A relationship between two factors in which the factors move in opposite directions. ex: price increases - then quantity decreases.






33. Long- run aggregate supply curve






34. Fluctuations in real GDP around the trend value; also called economic fluctuations.






35. A shift in the demand curve resulting from consumer expectations regarding future income or future price of Goods and Services.






36. A country has a trade surplus if the value of its commodity exports exceeds the value of its commodity imports.






37. The long-run pattern of growth and recession.






38. The graphical representation of the law of demand. Shows the amount of a good buyers are willing and able to buy at various prices.






39. A bad depressingly prolonged recession in economic activity.






40. 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.






41. The willingness and ability of buyers to purchase a good or service.






42. Occurs when supply and demand are balanced such that the market price and the quantity exchanged are under no market pressure to change.






43. 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.






44. The sum of all the quantities of a good supplies by all producers at each price.






45. (population); Then there is a shift in the demand curve resulting from and increase or decrease in market demand - as specific consumption related to demographics is concerned.






46. Consumer income rise - demand will rise.






47. Decisions by individuals about what to do and what not to do.






48. An increase or decrease in consumer income will cause a shift in the Demand Curve.






49. A comprehensive group of statistics that measures various aspects of the economy's performance - net exports exports minus imports.






50. A good the demand for which rises as income rises and falls as income falls; consumer income rises and demand rises.