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. 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.
opportunity cost
normal good
stagflation
susbtitute goods
2. 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
SRAS curve
Marginal Propensity to Save (MPS)
tariff
unemployed
3. A law stating that as an additional unit of a particular food is consumed the utility (satisfaction) gained decreases.
diminishing marginal utility
inflation
Marginal Propensity to Save (MPS)
unit elastic
4. 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.
hidden unemployment
real GDP
number of composition of consumers
macroeconomics
5. Where the demand curve is horizontal - reflecting situation in which any change in price reduces quantity demanded to '0.' the result of a competitive market consumers will go elsewhere to purchase the product.
depreciation
tariff
government expenditures
perfectly elastic
6. Decisions of individual producers and consumers determine what how and for whom to reduce. Minor Government interference. Economy is run by itself.
neutral good
market economy
demand schedule
structural unemployment
7. Inflation created when an increase in the costs of production (wages or raw materials) shifts the short-run aggregate supply (AS) curve to the left; tends to push prices up while reducing the level of real GDP at the same time (stagflation).
consumption expenditures
cost-push inflation
number of composition of consumers
microeconomics
8. A Latin phrase meaning 'all things constant.'
hyperinflation
simple money multiplier
individual choice
Ceteris Paribus (sayr-iht-us pahr-ih-bos)
9. The conflict between limited resources and unlimited human wants; the basic economic problem facing all societies.
scarcity
consumption expenditures
Marginal Propensity to Save (MPS)
substitution effect
10. Law stating that as a price of a good increases - the quantity demanded of the good decreases - and vice versa.
expansionary monetary policy
changes in consumer expectations
law of demand
monopoly
11. A shift of the demand curve resulting from a change in consumer taste and preferences.
consumption expenditures
consumer taste and preferences
inferior good
depreciation
12. 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.
national income (NI)
inferior good
fiscal policy
complimentary goods
13. A country has a trade surplus if the value of its commodity exports exceeds the value of its commodity imports.
trade surplus
monopoly
SRAS curve
normal good
14. The proportion of each additional dollar of income that is saved.
inflation
Marginal Propensity to Save (MPS)
demand schedule
elastic
15. The addition to total revenue created by selling one additional unit of ouput.
marginal revenue
price index
expansionary monetary policy
rule of 70
16. When the percent of change in the quantity demanded equals the percent of change in price.
aggregate supply curve
unit elastic
law of demand
monopoly
17. A specific percentage of checking account deposits that each bank must keep in liquid - zero-interest reserves; this amount is set by the Fed.
SRAS curve
required reserve ratio (RRR)
Labor
opportunity cost
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
marginal revenue
trade surplus
change in quantity demanded
19. The proportion of each additional dollar of income that will go toward consumption expenditures.
consumption expenditures
marginal propensity to consume (MPC)
oligopoly
resource
20. A relationship between two factors in which the factors move in the same direction.
elastic demand
scarce
consumer taste and preferences
direct relationship
21. The price of a domestic currency in terms of a foreign currency.
business cycles
inelastic
exchange rate
expansion
22. Results an increase in the demand for normal goods and a decrease in the demand for inferior goods.
consumption expenditures
direct relationship
demand-pull inflation
consumer income rise
23. A period of slow economic growth - usually accompanied by rising unemployment; two consecutive quarters of declining output.
number of composition of consumers
expenditure approach
purchasing power
recession
24. The income of households after taxes have been paid
nominal GDP
disposable personal income
purchasing power
diminishing marginal utility
25. 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.
Gross Domestic Product
inflation
oligopoly
Phillips curve
26. Inflation that follows from an increase in aggregate demand - which will cause equilibrium real GDP (Y) to increase and the equilibrium price level (P) to increase.
resource
depression
demand-pull inflation
SRAS curve
27. Long- run aggregate supply curve
individual choice
LRAS curv
complimentary goods
economics
28. 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.
aggregate demand curve
LRAS curv
inflation
required reserve ratio (RRR)
29. The dollar value of all the goods and services sold to house holds.
consumption expenditures
money multiplier
complimentary goods
exchange rate
30. Unemployment that reflects changes in the business cycle; the difference between the official unemployment rate & the natural rate of unemployment.
investment expenditures
elastic
cyclical unemployment
economics
31. (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.
required reserve ratio (RRR)
marginal revenue
number of composition of consumers
normal good
32. A measure of the price level - or the average level of prices.
price index
exchange rate
inflation
inverse relationship
33. The long-run pattern of growth and recession.
recession
business cycle
marginal revenue
business cycles
34. Goods that go together - if price ? the demand for both that good and complimentary good ?.
frictional unemployment
inelastic demand
unemployed
complimentary goods
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).
LRAS curv
neutral good
market demand curve
changes in consumer expectations
36. Government officials make decisions about economy.
command economy
demand schedule
fiscal policy
consumer surplus
37. The dollar value of goods and services sold to governments.
hidden unemployment
scarce
government expenditures
import quotas
38. 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.
trade deficit
inelastic demand
demand curve shifts
consumption expenditures
39. When the price of one currency falls relative to another currency - the first currency has depreciated relative to the other one.
Phillips curve
marginal revenue
depreciation
market economy
40. A way of measuring the GDP by adding up all spending on final goods and services during a given year.
trade deficit
price floor
expenditure approach
national income (NI)
41. The study of scarcity and choice.
demand
frictional unemployment
A decrease in TR following an increase in price = elastic demand
economics
42. 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
trough
unemployed
unemployment rate
43. 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.
structural unemployment
normal good
monopoly
required reserve ratio (RRR)
44. 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
changes in consumer expectations
price floor
oligopoly
expansionary monetary policy
45. Fluctuations in real GDP around the trend value; also called economic fluctuations.
business cycles
tariff
nominal GDP
law of supply
46. The amount of money available to consumers to purchase goods and services.
monopoly
price index
quantity exchanged
purchasing power
47. Period in which the economy moves from a trough to a peak and a real GDP is increasing; also called a boom.
expansion
stagflation
market demand curve
market economy
48. Anything from the land and/or nature. Ex: minerals - timber - petroleum - cotton.
disposable personal income
marginal revenue
land
simple money multiplier
49. An increase in the price level
direct relationship
trade deficit
inflation
price floor
50. 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
government expenditures
purchasing power
nominal GDP
depreciation
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