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Test your basic knowledge |
CLEP Macroeconomics: International
Start Test
Study First
Subjects
:
clep
,
economics
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. An x percent increase in capital per hour of work brings a 1/3 of x percent increase in output per hour of work
the one-third rule
revenue tariffs
specialization and increased production
how exchange rate is determined
2. Growth potential cannot be reached unless AD increases and new resources are used...
efficiently/fully
decrease
tariffs
specialization and increased production
3. Shows the options one nation has by specializing in one product and trading another
trade in similar goods
trading possibilities line
decrease
foreign exchange market
4. A theory of economic growth based on the view that population growth is determined by income per person
supply of dollars
tariffs
trade in similar goods
classical growth theory
5. Imposed on goods not produced domestically
industrial growth policies
revenue tariffs
exports
foreign exporter
6. By the supply and demand in the foreign exchange market
economic growth
how exchange rate is determined
capital-intensive
foreign exchange rate
7. Records all the transactions that take place between residents and foreign nations
capital account
imports
other industries and consumers
Balance of International Payments
8. A tracking of all export and import goods and services
current account
foreign exchange rate
rightward
labor-intensive
9. Government interference in protecting certain industries comes at the expense of...
non-tariff barriers
productivity function
Balance of International Payments
other industries and consumers
10. Quantity and quality of a nation's natural resources - human resources - capital stock - and technology
change in interest rate
supply factors of economic growth
industrial growth policies
domestic government
11. PPC shifts this way to indicate economic growth
demand side growth policies
non-tariff barriers
outward
supply factors of economic growth
12. Occurs because of diversity of taste and economies of scale
trade in similar goods
foreign exchange market
balance of trade
growth accounting
13. The absence of government barriers to trade among firms and individuals in different nations
other industries and consumers
free trade
balance of trade
non-tariff barriers
14. If the interest rate decreases - the demand for the currency will
increase
decrease
change in interest rate
exports
15. The exchange rate - interest rates in that country and other countries - and the expected future exchange rate
labor-intensive
protective tariffs
three factors that determine how much money will be demanded
exports
16. Relationship between the quantity of currency to be sold and the exchange rate is the...
land-intensive
demand side growth policies
how exchange rate is determined
supply of dollars
17. Increase aggregate demand during recession
efficiently/fully
exports
imports
demand side growth policies
18. Specify maximum import levels for specific commodities
import quotas
foreign exchange rate
how exchange rate is determined
demand
19. The relationship between real GDP per hour of work and capital per hour of work
productivity function
specialization and increased production
General Agreement of Tariff and Trade
depreciates
20. Work to achieve full production or capacity potentials
classical growth theory
supply side growth policies
the one-third rule
economic growth
21. A global market in which the currency of one country is exchanged for the currency of another country
foreign exchange market
productivity function
tariffs
labor-intensive
22. A tracking of the investments made and loans extended to other countries
change in interest rate
demand
rightward
capital account
23. A theory of economic growth based on the idea that technological change results from people's choices and pursuit of profit
new growth theory
how Fed influences exchange rate
supply factors of economic growth
industrial growth policies
24. Benefits of international trade
change in interest rate
specialization and increased production
tariffs
three factors that determine how much money will be demanded
25. Nations with advanced industries are better at producing these kinds of commodities
capital-intensive
current account
free trade
trading possibilities line
26. If the number of Nation B's dollars that a Nation A dollar buys increases - then Nation A's dollar ___________.
three factors that determine how much money will be demanded
appreciates
exports
land-intensive
27. LAS curve shifts this way to indicate economic growth
depreciates
land-intensive
increase
rightward
28. An increase in real GDP that occurs over time
economic growth
foreign exchange market
growth accounting
how exchange rate is determined
29. A change in interest rates or a change in the expected future exchange rate changes the _________ for dollars.
depreciates
capital-intensive
trade in similar goods
demand
30. These create a foreign need for domestic money
exchange rate
neoclassical growth theory
exports
import quotas
31. Nations with a more highly skilled and larger workforce are better at producing these kinds of commodities
labor-intensive
balance of trade
supply factors of economic growth
domestic government
32. A theory of economic growth that believes growth is driven by technological change
tariffs
labor-intensive
change in interest rate
neoclassical growth theory
33. Shield domestic producers from foreign competition
three factors that determine how much money will be demanded
neoclassical growth theory
rightward
protective tariffs
34. Quotas increase the domestic price of the good and the increased revenue goes to the...
free trade
foreign exporter
demand
specialization and increased production
35. If the number of Nation B's dollars that Nation A buys decreases - then Nation A's dollar ___________.
depreciates
opportunity cost
classical growth theory
imports
36. Small tariffs put in place so the government can earn tax revenue
three factors that determine how much money will be demanded
tariffs
appreciates
revenue tariffs
37. The addition of all goods and services in the current account
classical growth theory
foreign exchange rate
how exchange rate is determined
balance of trade
38. These create a domestic need for foreign money
imports
other industries and consumers
tariffs
decrease
39. A change in this brings about a change in how much a country is willing to sell of its currency
exchange rate
protective tariffs
comparative advantage
demand side growth policies
40. Excise taxes on imported goods
exports
tariffs
supply factors of economic growth
supply of dollars
41. The attempt to measure the contributions to growth of labor - capital - and technological change
growth accounting
Balance of International Payments
classical growth theory
foreign exchange market
42. Licensing agreements - imposed product standards or levels of 'red tape' that a foreign producer must meet or qualify for before being allowed to export it
exports
demand side growth policies
demand
non-tariff barriers
43. Protective tariffs increase the domestic price of a good and the increased revenue goes to the...
comparative advantage
domestic government
foreign exchange rate
industrial growth policies
44. A forum for negotiating reduction of tariff barriers on a multilateral level
efficiently/fully
demand
General Agreement of Tariff and Trade
specialization and increased production
45. Changes the supply of dollars
supply of dollars
comparative advantage
rightward
change in interest rate
46. As the value of a nation's currency increases the exports of that nation will ________.
labor-intensive
land-intensive
capital-intensive
decrease
47. The total output will be greatest when each good is produced by that nation that has the lower opportunity cost for that good
foreign exchange rate
comparative advantage
Balance of International Payments
tariffs
48. Nations with a larger available land mass are better at producing these kinds of commodities
capital account
outward
land-intensive
productivity function
49. What you give up to get what you want
opportunity cost
three factors that determine how much money will be demanded
rightward
exports
50. Advocate government taking an active role in the structure and composition of industry
industrial growth policies
land-intensive
opportunity cost
comparative advantage