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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. (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.






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






3. Consumer income rise - demand will rise.






4. 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.






5. Anything that shows the economy as a whole.






6. Total revenue (TR) price of a good multiplied by the number of units sold; TR = P*Q.






7. 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).






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






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






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






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






12. The study of scarcity and choice.






13. 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.






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






15. 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.






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






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






18. The addition to total revenue created by selling one additional unit of ouput.






19. 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.






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






21. Significantly responsive to a change in price.






22. The income earned by households and profits earned by firms after subtracting.






23. An increase in the price level






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






25. 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.






26. The amount of a good actually sold.






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






28. Short-run aggregate supply curve






29. 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).






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






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






32. 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.






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






34. The cost of something in terms of what one must give up to get it.






35. Not significantly responsive to changes in price.






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






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






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






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






40. The effort of workers.






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






42. The lowest point of a business cycle






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






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






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






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






47. Government officials make decisions about economy.






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






49. 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






50. 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






Can you answer 50 questions in 15 minutes?



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