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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. 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).






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






3. The transition point between economic recession and recovery.






4. 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.






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






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






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






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






9. 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.






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






11. 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.






12. Unemployment that reflects changes in the business cycle; the difference between the official unemployment rate & the natural rate of unemployment.






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






14. 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).






15. Anything that shows the economy as a whole.






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






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






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






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






20. 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.






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






22. Economic tool used to determine exactly the amount of the new demand deposits that can be created from an initial deposit.






23. The effort of workers.






24. Anything that can be used to produce something else






25. Not significantly responsive to changes in price.






26. 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.






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






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






29. 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.






30. The income of households after taxes have been paid






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






32. A special tax imposed on imported goods.






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






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






35. 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






36. (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.






37. 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?






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






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






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






41. A bad depressingly prolonged recession in economic activity.






42. Occurs when supply and demand are balanced such that the market price and the quantity exchanged are under no market pressure to change.






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






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






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






46. 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






47. 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).






48. 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.






49. 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.






50. Government officials make decisions about economy.







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