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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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.
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. Unemployment that reflects changes in the business cycle; the difference between the official unemployment rate & the natural rate of unemployment.
demand
microeconomics
real GDP
cyclical unemployment
2. Expenditure by businesses on plant and equipment and the change in business invention.
investment expenditures
substitution effect
inelastic
market supply curve
3. The conflict between limited resources and unlimited human wants; the basic economic problem facing all societies.
law of demand
import quotas
perfectly elastic
scarcity
4. A relationship between two factors in which the factors move in the same direction.
demand
direct relationship
command economy
unemployed
5. The proportion of each additional dollar of income that is saved.
money multiplier
market economy
opportunity cost
Marginal Propensity to Save (MPS)
6. A way of measuring the GDP by adding up all spending on final goods and services during a given year.
command economy
expenditure approach
inverse relationship
law of demand
7. A period of slow economic growth - usually accompanied by rising unemployment; two consecutive quarters of declining output.
national economic accounts
recession
demand curve shifts
consumer good
8. A shift of the demand curve resulting from a change in consumer taste and preferences.
disposable personal income
total revenue
national economic accounts
consumer taste and preferences
9. Not significantly responsive to changes in price.
inelastic
consumption expenditures
depreciation
law of supply
10. A shift in the demand curve resulting from consumer expectations regarding future income or future price of Goods and Services.
changes in consumer expectations
national income (NI)
macroeconomics
direct relationship
11. A country has a trade surplus if the value of its commodity exports exceeds the value of its commodity imports.
inverse relationship
trade deficit
recession
trade surplus
12. An increase in the price level
required reserve ratio (RRR)
inflation
trade deficit
price index
13. States that as the price of a good increases - the quantity supplied of a good increases - and as the price of a good decreases - the quantity supplied of the good decreases.
expansionary monetary policy
normal good
law of supply
entrepreneurship
14. Long- run aggregate supply curve
oligopoly
LRAS curv
scarce
demand curve shifts
15. A country has a trade deficit if the value of its commodity imports exceeds the value of its commodity exports.
trade deficit
marginal revenue
fiscal policy
inflation
16. The lowest point of a business cycle
trough
market supply curve
marginal propensity to consume (MPC)
inverse relationship
17. The dollar value of all the goods and services sold to house holds.
inelastic
movement along a demand curve
structural unemployment
consumption expenditures
18. 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
marginal revenue
substitution effect
law of demand
interest
19. 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.
changes in consumer expectations
hidden unemployment
hyperinflation
elastic
20. Price control set when the market price is believed to be too high.
labor force
aggregate demand curve
macroeconomics
price ceiling
21. 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.
consumer good
expansion
money multiplier
aggregate demand curve
22. A measure of the price level - or the average level of prices.
price index
market supply curve
stagflation
law of demand
23. The dollar value of goods and services sold to governments.
government expenditures
aggregate demand curve
depression
oligopoly
24. Fluctuations in real GDP around the trend value; also called economic fluctuations.
monetary policy
consumer taste and preferences
susbtitute goods
business cycles
25. Anything that shows the economy as a whole.
cost-push inflation
Phillips curve
economic aggregates
labor force
26. The income earned by households and profits earned by firms after subtracting.
demand curve shifts
frictional unemployment
national income (NI)
recession
27. The addition to total revenue created by selling one additional unit of ouput.
national economic accounts
consumption expenditures
structural unemployment
marginal revenue
28. (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.
stagflation
number of composition of consumers
trough
law of demand
29. The proportion of each additional dollar of income that will go toward consumption expenditures.
oligopoly
complimentary goods
demand elasticity
marginal propensity to consume (MPC)
30. 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.
recession
purchasing power
Marginal Propensity to Save (MPS)
inelastic demand
31. A good the demand for which rises as income rises and falls as income falls; consumer income rises and demand rises.
fiscal policy
normal good
aggregate supply curve
elastic
32. Movement up or down a single demand curve - contrasted with movement of the demand curve itself.
consumer surplus
demand schedule
movement along a demand curve
real GDP
33. The deliberate control of the money supply by the Federal government.
exchange rate
consumer income rise
expansionary monetary policy
monetary policy
34. The study of scarcity and choice.
consumer income rise
monopoly
economics
real GDP
35. 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).
price ceiling
unit elastic
exchange rate
market demand curve
36. An industry structure in which there is only one seller for a product.
monopoly
expenditure approach
LRAS curv
land
37. Decisions of individual producers and consumers determine what how and for whom to reduce. Minor Government interference. Economy is run by itself.
diminishing marginal utility
microeconomics
market economy
number of composition of consumers
38. The dollar value of production by a country's citizens.
hidden unemployment
Gross National Product
market supply curve
law of supply
39. Consumer income rise - demand will rise.
microeconomics
demand schedule
number of composition of consumers
neutral good
40. A comprehensive group of statistics that measures various aspects of the economy's performance - net exports exports minus imports.
interest
diminishing marginal utility
cost-push inflation
national economic accounts
41. The willingness and ability of buyers to purchase a good or service.
recession
demand
simple money multiplier
demand curve
42. 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.
depreciation
inflation
investment expenditures
hidden unemployment
43. The graphical representation of the law of demand. Shows the amount of a good buyers are willing and able to buy at various prices.
law of supply
elastic demand
direct relationship
demand curve
44. The cost of something in terms of what one must give up to get it.
diminishing marginal utility
opportunity cost
stagflation
susbtitute goods
45. 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.
frictional unemployment
market demand curve
total revenue
aggregate demand curve
46. Period in which the economy moves from a trough to a peak and a real GDP is increasing; also called a boom.
frictional unemployment
stagflation
elastic
expansion
47. 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.
microeconomics
susbtitute goods
trough
demand schedule
48. Rising prices - across the board.
tariff
disposable personal income
elastic
inflation
49. Significantly responsive to a change in price.
elastic
inelastic demand
entrepreneurship
inferior good
50. The amount of money available to consumers to purchase goods and services.
purchasing power
fiscal policy
aggregate demand curve
national economic accounts
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