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






2. Specify maximum import levels for specific commodities






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






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






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






6. Imposed on goods not produced domestically






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






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






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






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






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






12. A change in this brings about a change in how much a country is willing to sell of its currency






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






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






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






16. These create a domestic need for foreign money






17. An x percent increase in capital per hour of work brings a 1/3 of x percent increase in output per hour of work






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






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






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






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






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






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






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






25. LAS curve shifts this way to indicate economic growth






26. These create a foreign need for domestic money






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






28. An increase in real GDP that occurs over time






29. Changes the supply of dollars






30. Excise taxes on imported goods






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






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






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






34. PPC shifts this way to indicate economic growth






35. What you give up to get what you want






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






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






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






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






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






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






42. Shield domestic producers from foreign competition






43. 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






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






45. The exchange rate - interest rates in that country and other countries - and the expected future exchange rate






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






47. Benefits of international trade






48. Work to achieve full production or capacity potentials






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






50. Increase aggregate demand during recession