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AP Macroeconomics

Subjects : economics, ap
Instructions:
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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. When the percent of change in the quantity demanded equals the percent of change in price.






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






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






4. 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.






5. Anything that shows the economy as a whole.






6. Significantly responsive to a change in price.






7. The highest point of a business cycle.






8. When Price and TR move in opposite directions..... P?/TR? or P?/TR?






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. The income of households after taxes have been paid






11. 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.






12. A period of slow economic growth - usually accompanied by rising unemployment; two consecutive quarters of declining output.






13. 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.






14. Law stating that as a price of a good increases - the quantity demanded of the good decreases - and vice versa.






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






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






17. Inflation created when an increase in the costs of production (wages or raw materials) shifts the short-run aggregate supply (AS) curve to the left; tends to push prices up while reducing the level of real GDP at the same time (stagflation).






18. Rising prices - across the board.






19. 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.






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






21. Nominal GDP corrected for inflation; real GDP is calculated using prices from a given base year - which may not be the same as the year being measured or the year in which the calculations are made. Real GDP allows economists to compare changes in pr






22. 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.






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






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






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






26. 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.






27. (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.






28. A bad depressingly prolonged recession in economic activity.






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






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






31. The amount of a good actually sold.






32. The study of scarcity and choice.






33. Government officials make decisions about economy.






34. 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.






35. 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).






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






37. Monetary policy methods by which the Fed aims to increase the money supply and lower interest rates - thereby creating an increase in output; in pursuit of expansionary policy goals - the Fed can lower the required reserve ratio - lower the discount






38. The transition point between economic recession and recovery.






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






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






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






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






43. 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.






44. 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






45. The gross domestic product calculated using current-year prices; for example - the nominal GDP for 2001 would calculate the value of production using2001 prices for goods and services. Nominal GDP can vary widely from year to year - due to forces suc






46. 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.






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






48. An increase in the price level






49. The effort of workers.






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







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