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






2. Specify maximum import levels for specific commodities






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






4. These create a foreign need for domestic money






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






6. LAS curve shifts this way to indicate economic growth






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






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






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






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






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






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






13. Increase aggregate demand during recession






14. What you give up to get what you want






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






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






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






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






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






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






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






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






23. An increase in real GDP that occurs over time






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






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






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






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






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






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






30. Shield domestic producers from foreign competition






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






32. Excise taxes on imported goods






33. Benefits of international trade






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






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






36. Imposed on goods not produced domestically






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






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






39. These create a domestic need for foreign money






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






41. PPC shifts this way to indicate economic growth






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






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






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






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






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






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






48. 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






49. Work to achieve full production or capacity potentials






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