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






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






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






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






5. Changes the supply of dollars






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






7. 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






8. Imposed on goods not produced domestically






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






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






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






12. Benefits of international trade






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






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






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






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






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






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






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






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






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






22. Excise taxes on imported goods






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






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






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






26. An increase in real GDP that occurs over time






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






28. These create a foreign need for domestic money






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






30. Specify maximum import levels for specific commodities






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






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






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






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






35. What you give up to get what you want






36. LAS curve shifts this way to indicate economic growth






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






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






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






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






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






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






43. Increase aggregate demand during recession






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






45. Shield domestic producers from foreign competition






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






47. These create a domestic need for foreign money






48. Work to achieve full production or capacity potentials






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






50. PPC shifts this way to indicate economic growth