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






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






3. The deliberate control of the money supply by the Federal government.






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






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






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






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






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






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






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






11. Significantly responsive to a change in price.






12. 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.






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






14. 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.






15. Short-run aggregate supply curve






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






17. Enacted when the government deliberately increases its deficit to stimulate the economy; the government increases its spending (increases G) - cuts taxes (decreases T) - or both - and stimulates the economy by expanding aggregate demand (AD).






18. 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






19. 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.






20. Decisions of individual producers and consumers determine what how and for whom to reduce. Minor Government interference. Economy is run by itself.






21. Rising prices - across the board.






22. 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.






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






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






25. The difference between the maximum price a consume is (or would be) willing to pay and the price he or she actually pays.






26. The proportion of each additional dollar of income that is saved.






27. A curve defining the relationship between real production and price level.






28. 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.






29. Period in which a recession becomes prolonged and deep - involving high unemployment.






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






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






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






33. Long- run aggregate supply curve






34. Anything that can be used to produce something else






35. 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.






36. 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.






37. Not significantly responsive to changes in price.






38. The dollar value of all the goods and services sold to house holds.






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






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






41. 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.






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






43. 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.






44. The proportion of each additional dollar of income that will go toward consumption expenditures.






45. Results an increase in the demand for normal goods and a decrease in the demand for inferior goods.






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






47. Anything that shows the economy as a whole.






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






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






50. (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.







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