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






2. 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.






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






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






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






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






7. Short-run aggregate supply curve






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






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






10. The payment that capital receives in the factor market.






11. The lowest point of a business cycle






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






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






14. 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






15. 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).






16. 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.






17. 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.






18. 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.






19. Rising prices - across the board.






20. The income of households after taxes have been paid






21. Expenditure by businesses on plant and equipment and the change in business invention.






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






23. 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.






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






25. Anything that can be used to produce something else






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






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






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






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






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






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






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






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






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






35. 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






36. 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.






37. A relationship between two factors in which the factors move in the same direction.






38. Consumer income rise - demand will rise.






39. 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).






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






41. 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.






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






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






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






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






46. 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.






47. 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






48. The effort of workers.






49. The sum of each individual consumer's demand curves for a certain good in a market (e.g. - all the individual quantities of Good B demanded at each price).






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







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