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