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






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






4. PPC shifts this way to indicate economic growth






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






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






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






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






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






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






11. Benefits of international trade






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






13. These create a domestic need for foreign money






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






15. Shield domestic producers from foreign competition






16. An increase in real GDP that occurs over time






17. Changes the supply of dollars






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






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






20. Increase aggregate demand during recession






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






22. Work to achieve full production or capacity potentials






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






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






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






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






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






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






29. Specify maximum import levels for specific commodities






30. LAS curve shifts this way to indicate economic growth






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






32. What you give up to get what you want






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






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






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






36. Imposed on goods not produced domestically






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






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






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






40. 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






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






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






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






44. Excise taxes on imported goods






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






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






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






48. These create a foreign need for domestic money






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






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