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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. 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.






2. An industry structure in which there is only one seller for a product.






3. When the percent of change in the quantity demanded equals the percent of change in price.






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






5. Government officials make decisions about economy.






6. When consumers substitute a similar - lower priced product for a product which is relatively more expensive.






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






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






9. A bad depressingly prolonged recession in economic activity.






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.






11. Long- run aggregate supply curve






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.






13. Significantly responsive to a change in price.






14. Consumer income rise - demand will rise.






15. Period in which the economy moves from a trough to a peak and a real GDP is increasing; also called a boom.






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






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






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






19. An increase or decrease in consumer income will cause a shift in the Demand Curve.






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






21. A good the demand for which rises as income rises and falls as income falls; consumer income rises and demand rises.






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?






23. The study of scarcity and choice.






24. The addition to total revenue created by selling one additional unit of ouput.






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






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.






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. Anything that shows the economy as a whole.






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






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






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






32. A shift in the demand curve resulting from consumer expectations regarding future income or future price of Goods and Services.






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.






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.






35. Rising prices - across the board.






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.






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






38. Goods that go together - if price ? the demand for both that good and complimentary good ?.






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.






40. The dollar value of all the goods and services sold to house holds.






41. The income of households after taxes have been paid






42. Results an increase in the demand for normal goods and a decrease in the demand for inferior goods.






43. Fluctuations in real GDP around the trend value; also called economic fluctuations.






44. The income earned by households and profits earned by firms after subtracting.






45. Price control set when the market price is believed to be too low.






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






47. Decisions by individuals about what to do and what not to do.






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.






49. A law stating that as an additional unit of a particular food is consumed the utility (satisfaction) gained decreases.






50. Goods that compete with one another. If the price for one goes up the demand for the other will go up.







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