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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. An industry structure in which there is only one seller for a product.






2. Resource is unavailable in sufficient amounts to satisfy various ways society wants to use it.






3. The dollar value of production within a nation's border.






4. Price control set when the market price is believed to be too high.






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






6. The income of households after taxes have been paid






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.






8. The effort of workers.






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.






10. A way of measuring the GDP by adding up all spending on final goods and services during a given year.






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.






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






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






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






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.






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






17. Period in which the economy moves from a trough to a peak and a real GDP is increasing; also called a boom.






18. The transition point between economic recession and recovery.






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.






20. The amount of a good actually sold.






21. Graphic representation of an inverse relationship between wage growth (percentage change in price level - such as inflation) and unemployment.






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.






23. A Latin phrase meaning 'all things constant.'






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






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.






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






27. The branch of economics that deals with human behavior and choices as they relate to the entire economy.






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






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.






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.






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.






32. When consumers substitute a similar - lower priced product for a product which is relatively more expensive.






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






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).






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






36. Not significantly responsive to changes in price.






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






38. A bad depressingly prolonged recession in economic activity.






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.






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






41. The price of a domestic currency in terms of a foreign currency.






42. Real cost of an item is its opportunity cost.






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






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






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






46. A country has a trade deficit if the value of its commodity imports exceeds the value of its commodity exports.






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






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






49. The dollar value of goods and services sold to governments.






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?







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