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Test your basic knowledge |
AP Macroeconomics
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Subjects
:
economics
,
ap
Instructions:
Answer 50 questions in 15 minutes.
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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. An industry structure in which there is only one seller for a product.
business cycles
frictional unemployment
interest
monopoly
2. 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.
national economic accounts
stagflation
law of supply
hidden unemployment
3. Unemployment that reflects changes in the business cycle; the difference between the official unemployment rate & the natural rate of unemployment.
trough
cyclical unemployment
inverse relationship
demand elasticity
4. 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.
change in quantity demanded
land
interest
business cycles
5. Occurs when supply and demand are balanced such that the market price and the quantity exchanged are under no market pressure to change.
Marginal Propensity to Save (MPS)
market equilibrium
law of demand
trade deficit
6. 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.
inelastic demand
quantity exchanged
nominal GDP
recession
7. An increase or decrease in consumer income will cause a shift in the Demand Curve.
structural unemployment
consumer good
trough
cyclical unemployment
8. The branch of economics that deals with human behavior and choices as they relate to the entire economy.
hidden unemployment
consumption expenditures
trade surplus
macroeconomics
9. Significantly responsive to a change in price.
expansionary monetary policy
consumer income rise
elastic
opportunity cost
10. The proportion of each additional dollar of income that will go toward consumption expenditures.
fiscal policy
individual choice
microeconomics
marginal propensity to consume (MPC)
11. Consumer income rise - demand will rise.
scarcity
changes in consumer expectations
neutral good
LRAS curv
12. Where the demand curve is horizontal - reflecting situation in which any change in price reduces quantity demanded to '0.' the result of a competitive market consumers will go elsewhere to purchase the product.
opportunity cost
consumer good
perfectly elastic
purchasing power
13. The amount of money available to consumers to purchase goods and services.
purchasing power
trade surplus
opportunity cost
price floor
14. The difference between the maximum price a consume is (or would be) willing to pay and the price he or she actually pays.
resource
labor force
scarce
consumer surplus
15. The dollar value of production by a country's citizens.
movement along a demand curve
elastic demand
Gross National Product
national income (NI)
16. The transition point between economic recession and recovery.
market equilibrium
trough
expenditure approach
consumption expenditures
17. The income earned by households and profits earned by firms after subtracting.
trough
national income (NI)
exchange rate
direct relationship
18. Price control set when the market price is believed to be too low.
individual choice
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
depression
price floor
19. 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.
demand curve shifts
quantity exchanged
demand curve
demand-pull inflation
20. The effort of workers.
Labor
aggregate demand curve
marginal revenue
number of composition of consumers
21. A country has a trade surplus if the value of its commodity exports exceeds the value of its commodity imports.
unit elastic
trade surplus
substitution effect
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
22. The graphical representation of the law of demand. Shows the amount of a good buyers are willing and able to buy at various prices.
rule of 70
movement along a demand curve
quantity exchanged
demand curve
23. Changes - adjustments - and strategies that the governments implements in spending or taxation to achieve particular economic goals.
fiscal policy
diminishing marginal utility
expansionary fiscal policy
scarce
24. A Latin phrase meaning 'all things constant.'
stagflation
money multiplier
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
neutral good
25. A very high rate of inflation - under which prices go up very rapidly - often more than 1 -000 percent in a year. This causes money to become a poor store of value.
scarce
oligopoly
price ceiling
hyperinflation
26. The addition to total revenue created by selling one additional unit of ouput.
oligopoly
marginal revenue
demand
neutral good
27. Law stating that as a price of a good increases - the quantity demanded of the good decreases - and vice versa.
law of demand
neutral good
elastic demand
A decrease in TR following an increase in price = elastic demand
28. A way of measuring the GDP by adding up all spending on final goods and services during a given year.
expansionary monetary policy
trough
expenditure approach
entrepreneurship
29. The willingness and ability of buyers to purchase a good or service.
inflation
demand
money multiplier
expenditure approach
30. The dollar value of all the goods and services sold to house holds.
marginal revenue
hidden unemployment
consumption expenditures
diminishing marginal utility
31. When the percent of change in the quantity demanded equals the percent of change in price.
unit elastic
normal good
hyperinflation
government expenditures
32. 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
law of demand
national income (NI)
disposable personal income
demand elasticity
33. 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.
inflation
normal good
frictional unemployment
hyperinflation
34. Anything that shows the economy as a whole.
perfectly elastic
economic aggregates
demand
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
35. 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).
labor force
unemployment rate
microeconomics
cost-push inflation
36. The dollar value of goods and services sold to governments.
required reserve ratio (RRR)
scarcity
fiscal policy
government expenditures
37. Rising prices - across the board.
inflation
price floor
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
neutral good
38. 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
expansionary monetary policy
SRAS curve
monetary policy
economic aggregates
39. Goods that compete with one another. If the price for one goes up the demand for the other will go up.
exchange rate
susbtitute goods
Gross Domestic Product
law of supply
40. 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
expansionary fiscal policy
resource
real GDP
opportunity cost
41. 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
stagflation
unemployed
demand curve
aggregate demand curve
42. 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.
inelastic demand
microeconomics
price index
demand-pull inflation
43. 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?
hidden unemployment
demand elasticity
direct relationship
national income (NI)
44. 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.
national economic accounts
trade surplus
nominal GDP
demand-pull inflation
45. A law stating that as an additional unit of a particular food is consumed the utility (satisfaction) gained decreases.
consumer income rise
monopoly
hyperinflation
diminishing marginal utility
46. A relationship between two factors in which the factors move in the same direction.
cyclical unemployment
direct relationship
changes in consumer expectations
market economy
47. A bad depressingly prolonged recession in economic activity.
real GDP
depression
unit elastic
interest
48. Expenditure by businesses on plant and equipment and the change in business invention.
consumption expenditures
law of demand
quantity exchanged
investment expenditures
49. The price of a domestic currency in terms of a foreign currency.
peak
total revenue
labor force
exchange rate
50. A relationship between two factors in which the factors move in opposite directions. ex: price increases - then quantity decreases.
individual choice
Marginal Propensity to Save (MPS)
inverse relationship
Labor
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