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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. Occurs because of diversity of taste and economies of scale






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






3. Imposed on goods not produced domestically






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






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






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






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






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






9. Changes the supply of dollars






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






11. These create a domestic need for foreign money






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






13. Shield domestic producers from foreign competition






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






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






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






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






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






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






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






21. Increase aggregate demand during recession






22. 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






23. Specify maximum import levels for specific commodities






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






25. These create a foreign need for domestic money






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






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






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






29. An increase in real GDP that occurs over time






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






31. Excise taxes on imported goods






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






33. LAS curve shifts this way to indicate economic growth






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






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






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






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






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






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






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






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






42. Benefits of international trade






43. What you give up to get what you want






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






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






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






47. Work to achieve full production or capacity potentials






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






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






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