Test your basic knowledge |

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. 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?






2. 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






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






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






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






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






7. 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






8. The highest point of a business cycle.






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






10. The graphical representation of the law of demand. Shows the amount of a good buyers are willing and able to buy at various prices.






11. Significantly responsive to a change in price.






12. Anything that can be used to produce something else






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






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






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






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






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. Not significantly responsive to changes in price.






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






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






21. 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.






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






23. Anything that shows the economy as a whole.






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






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. 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.






27. (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.






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






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






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






31. The transition point between economic recession and recovery.






32. The effort of workers.






33. 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.






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






35. A measure of the price level - or the average level of prices.






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






37. 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






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






39. The amount of a good actually sold.






40. Long- run aggregate supply curve






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






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






43. The lowest point of a business cycle






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






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






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






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






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






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






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests