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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. 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
disposable personal income
trade surplus
opportunity cost
2. An industry structure in which there is only one seller for a product.
individual choice
cyclical unemployment
monopoly
demand curve shifts
3. When the percent of change in the quantity demanded equals the percent of change in price.
tariff
government expenditures
disposable personal income
unit elastic
4. Expenditure by businesses on plant and equipment and the change in business invention.
price index
investment expenditures
direct relationship
LRAS curv
5. Government officials make decisions about economy.
command economy
depression
money multiplier
business cycle
6. When consumers substitute a similar - lower priced product for a product which is relatively more expensive.
scarcity
disposable personal income
Marginal Propensity to Save (MPS)
substitution effect
7. The difference between the maximum price a consume is (or would be) willing to pay and the price he or she actually pays.
command economy
consumer surplus
inverse relationship
money multiplier
8. The sum of all the quantities of a good supplies by all producers at each price.
market supply curve
price index
Labor
consumer taste and preferences
9. A bad depressingly prolonged recession in economic activity.
aggregate demand curve
market equilibrium
depression
expansion
10. 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.
rule of 70
demand schedule
aggregate demand curve
demand
11. Long- run aggregate supply curve
marginal revenue
elastic
economic aggregates
LRAS curv
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.
land
money multiplier
number of composition of consumers
diminishing marginal utility
13. Significantly responsive to a change in price.
money multiplier
elastic
oligopoly
expansionary fiscal policy
14. Consumer income rise - demand will rise.
cyclical unemployment
demand elasticity
neutral good
national economic accounts
15. Period in which the economy moves from a trough to a peak and a real GDP is increasing; also called a boom.
investment expenditures
fiscal policy
business cycle
expansion
16. The conflict between limited resources and unlimited human wants; the basic economic problem facing all societies.
market supply curve
tariff
scarcity
government expenditures
17. The branch of economics that deals with human behavior and choices as they relate to the entire economy.
recession
demand curve shifts
microeconomics
macroeconomics
18. Occurs when supply and demand are balanced such that the market price and the quantity exchanged are under no market pressure to change.
market equilibrium
business cycle
LRAS curv
demand schedule
19. An increase or decrease in consumer income will cause a shift in the Demand Curve.
law of supply
consumer good
consumption expenditures
inferior good
20. The dollar value of production within a nation's border.
economics
Gross Domestic Product
peak
number of composition of consumers
21. A good the demand for which rises as income rises and falls as income falls; consumer income rises and demand rises.
expansion
scarcity
normal good
aggregate demand curve
22. 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?
interest
expenditure approach
investment expenditures
demand elasticity
23. The study of scarcity and choice.
law of demand
economics
oligopoly
expansion
24. The addition to total revenue created by selling one additional unit of ouput.
inelastic demand
marginal revenue
frictional unemployment
expenditure approach
25. A comprehensive group of statistics that measures various aspects of the economy's performance - net exports exports minus imports.
fiscal policy
national economic accounts
import quotas
peak
26. 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.
law of supply
inferior good
labor force
tariff
27. 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.
law of demand
demand schedule
inverse relationship
substitution effect
28. Anything that shows the economy as a whole.
rule of 70
economic aggregates
demand elasticity
price floor
29. 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
scarcity
rule of 70
inferior good
demand-pull inflation
30. The dollar value of production by a country's citizens.
Gross National Product
purchasing power
inelastic demand
microeconomics
31. When the price of one currency falls relative to another currency - the first currency has depreciated relative to the other one.
depreciation
hidden unemployment
normal good
recession
32. A shift in the demand curve resulting from consumer expectations regarding future income or future price of Goods and Services.
changes in consumer expectations
SRAS curve
disposable personal income
demand-pull inflation
33. 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
fiscal policy
A decrease in TR following an increase in price = elastic demand
consumer income rise
34. 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.
economic aggregates
oligopoly
consumer surplus
LRAS curv
35. Rising prices - across the board.
opportunity cost
LRAS curv
inflation
opportunity cost
36. 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.
national income (NI)
individual choice
labor force
oligopoly
37. Real cost of an item is its opportunity cost.
economics
disposable personal income
resource
opportunity cost
38. Goods that go together - if price ? the demand for both that good and complimentary good ?.
money multiplier
complimentary goods
unemployment rate
fiscal policy
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.
susbtitute goods
money multiplier
total revenue
structural unemployment
40. The dollar value of all the goods and services sold to house holds.
depression
market supply curve
consumption expenditures
resource
41. The income of households after taxes have been paid
perfectly elastic
demand schedule
disposable personal income
monetary policy
42. Results an increase in the demand for normal goods and a decrease in the demand for inferior goods.
consumer income rise
complimentary goods
Gross National Product
required reserve ratio (RRR)
43. Fluctuations in real GDP around the trend value; also called economic fluctuations.
business cycles
inferior good
movement along a demand curve
money multiplier
44. The income earned by households and profits earned by firms after subtracting.
structural unemployment
oligopoly
inelastic
national income (NI)
45. Price control set when the market price is believed to be too low.
national economic accounts
price floor
trade deficit
depression
46. A measure of the price level - or the average level of prices.
substitution effect
inelastic
marginal propensity to consume (MPC)
price index
47. Decisions by individuals about what to do and what not to do.
opportunity cost
price index
demand
individual choice
48. 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.
elastic demand
unemployment rate
consumer taste and preferences
cyclical unemployment
49. A law stating that as an additional unit of a particular food is consumed the utility (satisfaction) gained decreases.
diminishing marginal utility
price floor
required reserve ratio (RRR)
SRAS curve
50. Goods that compete with one another. If the price for one goes up the demand for the other will go up.
cost-push inflation
price ceiling
susbtitute goods
rule of 70
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