SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
AP Macroeconomics
Start Test
Study First
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. The conflict between limited resources and unlimited human wants; the basic economic problem facing all societies.
nominal GDP
unemployed
scarcity
expansionary monetary policy
2. A law stating that as an additional unit of a particular food is consumed the utility (satisfaction) gained decreases.
marginal revenue
complimentary goods
diminishing marginal utility
depression
3. 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.
market demand curve
demand schedule
frictional unemployment
exchange rate
4. The difference between the maximum price a consume is (or would be) willing to pay and the price he or she actually pays.
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
consumer surplus
command economy
diminishing marginal utility
5. Changes - adjustments - and strategies that the governments implements in spending or taxation to achieve particular economic goals.
fiscal policy
labor force
quantity exchanged
unit elastic
6. The proportion of each additional dollar of income that will go toward consumption expenditures.
marginal propensity to consume (MPC)
consumption expenditures
inflation
perfectly elastic
7. Total revenue (TR) price of a good multiplied by the number of units sold; TR = P*Q.
simple money multiplier
total revenue
government expenditures
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
8. 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.
marginal revenue
land
labor force
frictional unemployment
9. Consumer income rise - demand will rise.
unemployed
labor force
demand curve shifts
neutral good
10. A curve defining the relationship between real production and price level.
inelastic
expenditure approach
aggregate supply curve
law of demand
11. Anything that can be used to produce something else
resource
Gross Domestic Product
market economy
business cycles
12. (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.
substitution effect
number of composition of consumers
opportunity cost
hidden unemployment
13. Price control set when the market price is believed to be too low.
resource
macroeconomics
consumption expenditures
price floor
14. The amount of money available to consumers to purchase goods and services.
frictional unemployment
diminishing marginal utility
purchasing power
cyclical unemployment
15. The study of scarcity and choice.
inferior good
economics
susbtitute goods
unit elastic
16. The cost of something in terms of what one must give up to get it.
changes in consumer expectations
purchasing power
opportunity cost
market demand curve
17. The addition to total revenue created by selling one additional unit of ouput.
land
disposable personal income
law of demand
marginal revenue
18. The lowest point of a business cycle
trough
rule of 70
expenditure approach
national economic accounts
19. A special tax imposed on imported goods.
perfectly elastic
Marginal Propensity to Save (MPS)
fiscal policy
tariff
20. The deliberate control of the money supply by the Federal government.
business cycles
import quotas
monetary policy
market demand curve
21. 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).
expansionary fiscal policy
diminishing marginal utility
purchasing power
monopoly
22. 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.
rule of 70
labor force
market equilibrium
stagflation
23. 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.
trade deficit
demand curve shifts
aggregate demand curve
exchange rate
24. Law stating that as a price of a good increases - the quantity demanded of the good decreases - and vice versa.
recession
law of demand
inflation
scarcity
25. The dollar value of goods and services sold to governments.
peak
labor force
government expenditures
nominal GDP
26. The income of households after taxes have been paid
disposable personal income
cost-push inflation
hyperinflation
normal good
27. 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.
structural unemployment
economic aggregates
elastic demand
SRAS curve
28. Price control set when the market price is believed to be too high.
nominal GDP
price ceiling
opportunity cost
inferior good
29. A relationship between two factors in which the factors move in opposite directions. ex: price increases - then quantity decreases.
aggregate supply curve
inverse relationship
consumer good
recession
30. Economic tool used to determine exactly the amount of the new demand deposits that can be created from an initial deposit.
government expenditures
market equilibrium
perfectly elastic
money multiplier
31. An increase or decrease in consumer income will cause a shift in the Demand Curve.
unemployed
movement along a demand curve
stagflation
consumer good
32. 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.
national income (NI)
demand schedule
neutral good
cyclical unemployment
33. 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
government expenditures
consumer income rise
unemployed
depreciation
34. 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
market equilibrium
scarce
nominal GDP
SRAS curve
35. A bad depressingly prolonged recession in economic activity.
peak
scarcity
depression
Gross National Product
36. Rising prices - across the board.
inflation
money multiplier
business cycle
aggregate supply curve
37. Goods that go together - if price ? the demand for both that good and complimentary good ?.
complimentary goods
scarcity
inferior good
consumer good
38. 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?
demand elasticity
diminishing marginal utility
LRAS curv
resource
39. 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.
macroeconomics
structural unemployment
market economy
law of demand
40. Movement up or down a single demand curve - contrasted with movement of the demand curve itself.
market demand curve
movement along a demand curve
trade surplus
monetary policy
41. 1/RRR - where RRR is the required reserve ratio expressed as a decimal; if the required reserve ratio is 10% (0.1) - the money multiplier is 1/0.1 = 10.
disposable personal income
simple money multiplier
national income (NI)
market supply curve
42. 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.
price index
law of supply
consumer surplus
inverse relationship
43. Graphic representation of an inverse relationship between wage growth (percentage change in price level - such as inflation) and unemployment.
Phillips curve
business cycles
macroeconomics
perfectly elastic
44. The long-run pattern of growth and recession.
rule of 70
demand curve shifts
market equilibrium
business cycle
45. A market with only a few sellers - each offering a product that is largely the same as the others' products; in an oligopoly - there is always a tension between cooperation and competition.
oligopoly
business cycle
exchange rate
substitution effect
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
law of demand
real GDP
command economy
business cycle
47. A comprehensive group of statistics that measures various aspects of the economy's performance - net exports exports minus imports.
consumption expenditures
aggregate supply curve
elastic demand
national economic accounts
48. Decisions of individual producers and consumers determine what how and for whom to reduce. Minor Government interference. Economy is run by itself.
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
market economy
land
depreciation
49. Expenditure by businesses on plant and equipment and the change in business invention.
trough
investment expenditures
Gross Domestic Product
unemployed
50. The branch of economics that deals with human behavior and choices as they relate to the entire economy.
entrepreneurship
Labor
macroeconomics
Phillips curve
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
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests