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AP Macroeconomics

Subjects : economics, ap
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. When Price and TR move in opposite directions..... P?/TR? or P?/TR?






2. Changes - adjustments - and strategies that the governments implements in spending or taxation to achieve particular economic goals.






3. Movement up or down a single demand curve - contrasted with movement of the demand curve itself.






4. The conflict between limited resources and unlimited human wants; the basic economic problem facing all societies.






5. Short-run aggregate supply curve






6. Goods that go together - if price ? the demand for both that good and complimentary good ?.






7. The effort of workers.






8. Can be measured by using TR as a gauge; a decrease in TR following an increase in Price = Elastic Demand - When Price and TR move in opposite directions..... P?/TR? or P?/TR?






9. The graphical representation of the law of demand. Shows the amount of a good buyers are willing and able to buy at various prices.






10. A good for which there is less demand as income rises; a good the demand for which falls as income rises and rises as income falls; consumer income rises while demand decreases.






11. The transition point between economic recession and recovery.






12. The addition to total revenue created by selling one additional unit of ouput.






13. A special tax imposed on imported goods.






14. Rising prices - across the board.






15. Unemployment faced by workers who have lost their jobs because of changing market (demand) conditions & who have transferable skills; unemployment due to the natural frictions of the economy.






16. The study of scarcity and choice.






17. A Latin phrase meaning 'all things constant.'






18. The payment that capital receives in the factor market.






19. The amount of a good actually sold.






20. The sum of all the quantities of a good supplies by all producers at each price.






21. The price of a domestic currency in terms of a foreign currency.






22. Period in which a recession becomes prolonged and deep - involving high unemployment.






23. A period of slow economic growth - usually accompanied by rising unemployment; two consecutive quarters of declining output.






24. Resource is unavailable in sufficient amounts to satisfy various ways society wants to use it.






25. The dollar value of goods and services sold to governments.






26. A comprehensive group of statistics that measures various aspects of the economy's performance - net exports exports minus imports.






27. Will shift either to the left(decrease) in demand - or to the right(increase) in demand; shift is caused by a change in one of the non-price determinates for the good.






28. When the percent of change in the quantity demanded equals the percent of change in price.






29. Nominal GDP corrected for inflation; real GDP is calculated using prices from a given base year - which may not be the same as the year being measured or the year in which the calculations are made. Real GDP allows economists to compare changes in pr






30. The income of households after taxes have been paid






31. The proportion of each additional dollar of income that will go toward consumption expenditures.






32. Expenditure by businesses on plant and equipment and the change in business invention.






33. A market with only a few sellers - each offering a product that is largely the same as the others' products; in an oligopoly - there is always a tension between cooperation and competition.






34. Where the demand curve is horizontal - reflecting situation in which any change in price reduces quantity demanded to '0.' the result of a competitive market consumers will go elsewhere to purchase the product.






35. Restrictions on the quantity of a good that can be imported






36. The difference between the maximum price a consume is (or would be) willing to pay and the price he or she actually pays.






37. The branch of economics that deals with human behavior and choices as they relate to relatively small units--the individual - the business firm - a single market.






38. The proportion of each additional dollar of income that is saved.






39. The willingness and ability of buyers to purchase a good or service.






40. The amount of money available to consumers to purchase goods and services.






41. A measure of the price level - or the average level of prices.






42. The sum of each individual consumer's demand curves for a certain good in a market (e.g. - all the individual quantities of Good B demanded at each price).






43. A type of inflation that occurs when an economy's output (real GDP decreases and its price level rises; production stagnates (as during a recession) while prices (and unemployment) go up.






44. A civilian - non-institutionalized adult is considered to be unemployed when he or she does not have a job but is actively looking for one; unemployment figures reflect the number of individuals meeting this definition who are parts of the labor forc






45. Anything that shows the economy as a whole.






46. An increase or decrease in consumer income will cause a shift in the Demand Curve.






47. A curve defining the relationship between real production and price level.






48. An industry structure in which there is only one seller for a product.






49. A relationship between two factors in which the factors move in the same direction.






50. The cost of something in terms of what one must give up to get it.