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AP Macroeconomics
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Subjects
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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. When the price of one currency falls relative to another currency - the first currency has depreciated relative to the other one.
depreciation
national income (NI)
neutral good
investment expenditures
2. Movement up or down a single demand curve - contrasted with movement of the demand curve itself.
depression
movement along a demand curve
elastic
market equilibrium
3. The deliberate control of the money supply by the Federal government.
demand elasticity
monetary policy
national economic accounts
Labor
4. Price control set when the market price is believed to be too low.
price floor
law of supply
import quotas
individual choice
5. The willingness and ability of buyers to purchase a good or service.
inverse relationship
demand
inflation
depreciation
6. A good the demand for which rises as income rises and falls as income falls; consumer income rises and demand rises.
normal good
interest
expansionary monetary policy
A decrease in TR following an increase in price = elastic demand
7. The dollar value of goods and services sold to governments.
Labor
government expenditures
disposable personal income
Phillips curve
8. A way of measuring the GDP by adding up all spending on final goods and services during a given year.
rule of 70
substitution effect
expenditure approach
law of supply
9. Real cost of an item is its opportunity cost.
opportunity cost
recession
economics
purchasing power
10. A relationship between two factors in which the factors move in opposite directions. ex: price increases - then quantity decreases.
price ceiling
elastic
cyclical unemployment
inverse relationship
11. Significantly responsive to a change in price.
Marginal Propensity to Save (MPS)
elastic
consumer taste and preferences
demand-pull inflation
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.
trough
change in quantity demanded
tariff
expansion
13. Price control set when the market price is believed to be too high.
unemployed
expansionary monetary policy
Gross Domestic Product
price ceiling
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.
interest
substitution effect
frictional unemployment
stagflation
15. Short-run aggregate supply curve
elastic demand
monopoly
SRAS curve
Gross Domestic Product
16. When consumers substitute a similar - lower priced product for a product which is relatively more expensive.
national income (NI)
substitution effect
national economic accounts
nominal GDP
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).
inferior good
direct relationship
demand curve
expansionary fiscal policy
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
national economic accounts
expansionary fiscal policy
nominal GDP
Gross Domestic Product
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.
entrepreneurship
demand curve shifts
A decrease in TR following an increase in price = elastic demand
elastic demand
20. Decisions of individual producers and consumers determine what how and for whom to reduce. Minor Government interference. Economy is run by itself.
aggregate demand curve
market economy
monopoly
expansionary monetary policy
21. Rising prices - across the board.
inflation
disposable personal income
neutral good
normal good
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.
consumer surplus
inferior good
expansionary monetary policy
market demand curve
23. A period of slow economic growth - usually accompanied by rising unemployment; two consecutive quarters of declining output.
recession
exchange rate
business cycle
labor force
24. Goods that go together - if price ? the demand for both that good and complimentary good ?.
consumer surplus
law of demand
marginal propensity to consume (MPC)
complimentary goods
25. The difference between the maximum price a consume is (or would be) willing to pay and the price he or she actually pays.
consumer surplus
market demand curve
unit elastic
expenditure approach
26. The proportion of each additional dollar of income that is saved.
elastic demand
Labor
individual choice
Marginal Propensity to Save (MPS)
27. A curve defining the relationship between real production and price level.
consumer good
nominal GDP
aggregate supply curve
rule of 70
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.
demand schedule
cost-push inflation
structural unemployment
perfectly elastic
29. Period in which a recession becomes prolonged and deep - involving high unemployment.
peak
trade surplus
market economy
depression
30. When the percent of change in the quantity demanded equals the percent of change in price.
unemployed
movement along a demand curve
investment expenditures
unit elastic
31. The branch of economics that deals with human behavior and choices as they relate to the entire economy.
interest
purchasing power
macroeconomics
substitution effect
32. A law stating that as an additional unit of a particular food is consumed the utility (satisfaction) gained decreases.
command economy
investment expenditures
diminishing marginal utility
scarcity
33. Long- run aggregate supply curve
national economic accounts
LRAS curv
trough
hidden unemployment
34. Anything that can be used to produce something else
resource
price floor
trough
complimentary goods
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.
demand elasticity
diminishing marginal utility
aggregate supply curve
microeconomics
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.
entrepreneurship
frictional unemployment
trade deficit
government expenditures
37. Not significantly responsive to changes in price.
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
inelastic
disposable personal income
simple money multiplier
38. The dollar value of all the goods and services sold to house holds.
consumption expenditures
hyperinflation
demand
purchasing power
39. A Latin phrase meaning 'all things constant.'
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
complimentary goods
oligopoly
microeconomics
40. Resource is unavailable in sufficient amounts to satisfy various ways society wants to use it.
movement along a demand curve
Labor
interest
scarce
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.
unemployment rate
Phillips curve
individual choice
aggregate demand curve
42. Goods that compete with one another. If the price for one goes up the demand for the other will go up.
susbtitute goods
trade surplus
aggregate supply curve
substitution effect
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.
inverse relationship
demand schedule
interest
price floor
44. The proportion of each additional dollar of income that will go toward consumption expenditures.
LRAS curv
marginal propensity to consume (MPC)
marginal revenue
price index
45. Results an increase in the demand for normal goods and a decrease in the demand for inferior goods.
consumer income rise
consumer good
marginal revenue
number of composition of consumers
46. The amount of money available to consumers to purchase goods and services.
required reserve ratio (RRR)
trough
purchasing power
land
47. Anything that shows the economy as a whole.
trade surplus
economic aggregates
simple money multiplier
fiscal policy
48. The sum of all the quantities of a good supplies by all producers at each price.
tariff
market supply curve
business cycle
price floor
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.
required reserve ratio (RRR)
marginal revenue
aggregate supply curve
demand curve
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.
land
number of composition of consumers
changes in consumer expectations
trade surplus
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