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CLEP Macroeconomics: International

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






2. By the supply and demand in the foreign exchange market






3. Protective tariffs increase the domestic price of a good and the increased revenue goes to the...






4. A theory of economic growth that believes growth is driven by technological change






5. These create a domestic need for foreign money






6. The total output will be greatest when each good is produced by that nation that has the lower opportunity cost for that good






7. A theory of economic growth based on the view that population growth is determined by income per person






8. Specify maximum import levels for specific commodities






9. Advocate government taking an active role in the structure and composition of industry






10. Small tariffs put in place so the government can earn tax revenue






11. These create a foreign need for domestic money






12. The attempt to measure the contributions to growth of labor - capital - and technological change






13. The absence of government barriers to trade among firms and individuals in different nations






14. The relationship between real GDP per hour of work and capital per hour of work






15. LAS curve shifts this way to indicate economic growth






16. A forum for negotiating reduction of tariff barriers on a multilateral level






17. Relationship between the quantity of currency to be sold and the exchange rate is the...






18. Nations with a larger available land mass are better at producing these kinds of commodities






19. PPC shifts this way to indicate economic growth






20. Occurs because of diversity of taste and economies of scale






21. Growth potential cannot be reached unless AD increases and new resources are used...






22. Increase aggregate demand during recession






23. Benefits of international trade






24. By influencing interest rates and direct intervention in the foreign exchange market






25. 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






26. Government interference in protecting certain industries comes at the expense of...






27. Work to achieve full production or capacity potentials






28. A global market in which the currency of one country is exchanged for the currency of another country






29. What you give up to get what you want






30. Shows the options one nation has by specializing in one product and trading another






31. Nations with advanced industries are better at producing these kinds of commodities






32. Records all the transactions that take place between residents and foreign nations






33. An increase in real GDP that occurs over time






34. Quotas increase the domestic price of the good and the increased revenue goes to the...






35. If the number of Nation B's dollars that Nation A buys decreases - then Nation A's dollar ___________.






36. A tracking of the investments made and loans extended to other countries






37. Nations with a more highly skilled and larger workforce are better at producing these kinds of commodities






38. Shield domestic producers from foreign competition






39. If the interest rate decreases - the demand for the currency will






40. Imposed on goods not produced domestically






41. As the value of a nation's currency increases the exports of that nation will ________.






42. Changes the supply of dollars






43. Quantity and quality of a nation's natural resources - human resources - capital stock - and technology






44. Excise taxes on imported goods






45. If the number of Nation B's dollars that a Nation A dollar buys increases - then Nation A's dollar ___________.






46. Is the price at which the currency of one country is exchanged for the currency of another country






47. A change in interest rates or a change in the expected future exchange rate changes the _________ for dollars.






48. A theory of economic growth based on the idea that technological change results from people's choices and pursuit of profit






49. A tracking of all export and import goods and services






50. The addition of all goods and services in the current account