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






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






3. 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.






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






5. When Price and TR move in opposite directions..... P?/TR? or P?/TR?






6. A bad depressingly prolonged recession in economic activity.






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






8. The deliberate control of the money supply by the Federal government.






9. 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?






10. A special tax imposed on imported goods.






11. Short-run aggregate supply curve






12. Significantly responsive to a change in price.






13. Movement up or down a single demand curve - contrasted with movement of the demand curve itself.






14. The conflict between limited resources and unlimited human wants; the basic economic problem facing all societies.






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






16. 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.






17. 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.






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






19. 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.






20. The lowest point of a business cycle






21. The difference between the maximum price a consume is (or would be) willing to pay and the price he or she actually pays.






22. The branch of economics that deals with human behavior and choices as they relate to the entire economy.






23. The highest point of a business cycle.






24. Changes - adjustments - and strategies that the governments implements in spending or taxation to achieve particular economic goals.






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






26. 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






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.






28. Period in which a recession becomes prolonged and deep - involving high unemployment.






29. A relationship between two factors in which the factors move in the same direction.






30. The dollar value of production within a nation's border.






31. Restrictions on the quantity of a good that can be imported






32. Rising prices - across the board.






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






34. An increase in the price level






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






36. When the price of one currency falls relative to another currency - the first currency has depreciated relative to the other one.






37. Expenditure by businesses on plant and equipment and the change in business invention.






38. (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.






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






40. 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).






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






42. 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.






43. Law stating that as a price of a good increases - the quantity demanded of the good decreases - and vice versa.






44. The dollar value of production by a country's citizens.






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






46. A comprehensive group of statistics that measures various aspects of the economy's performance - net exports exports minus imports.






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






48. The income of households after taxes have been paid






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






50. 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.







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