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AP Macroeconomics

Subjects : economics, ap
Instructions:
  • Answer 50 questions in 15 minutes.
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  • 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. The percentage of the civilian labor force that is unemployed. The number of persons unemployed divided by the number of persons in the civilian labor force (expressed as a percentage).






2. 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.






3. A shift of the demand curve resulting from a change in consumer taste and preferences.






4. A law stating that as an additional unit of a particular food is consumed the utility (satisfaction) gained decreases.






5. Short-run aggregate supply curve






6. Consumer income rise - demand will rise.






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






8. Long- run aggregate supply curve






9. Enacted when the government deliberately increases its deficit to stimulate the economy; the government increases its spending (increases G) - cuts taxes (decreases T) - or both - and stimulates the economy by expanding aggregate demand (AD).






10. Economic tool used to determine exactly the amount of the new demand deposits that can be created from an initial deposit.






11. The study of scarcity and choice.






12. The long-run pattern of growth and recession.






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






14. When the price of one currency falls relative to another currency - the first currency has depreciated relative to the other one.






15. The dollar value of production by a country's citizens.






16. A curve depicting the relationship between real GDP demanded (i.e. - expenditures) and the price level in the economy; the aggregate demand curve slopes downward from left to right.






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






18. 1/RRR - where RRR is the required reserve ratio expressed as a decimal; if the required reserve ratio is 10% (0.1) - the money multiplier is 1/0.1 = 10.






19. Price control set when the market price is believed to be too low.






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






21. 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.






22. Period in which the economy moves from a trough to a peak and a real GDP is increasing; also called a boom.






23. 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.






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






25. Results an increase in the demand for normal goods and a decrease in the demand for inferior goods.






26. A country has a trade surplus if the value of its commodity exports exceeds the value of its commodity imports.






27. Law stating that as a price of a good increases - the quantity demanded of the good decreases - and vice versa.






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






29. The income of households after taxes have been paid






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






31. The effort of workers.






32. States that as the price of a good increases - the quantity supplied of a good increases - and as the price of a good decreases - the quantity supplied of the good decreases.






33. A person who has been unemployed and searching for a job for so long - that they have given up on finding a job and therefore forfeit unemployment.






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






35. Anything that shows the economy as a whole.






36. A shift in the demand curve resulting from consumer expectations regarding future income or future price of Goods and Services.






37. The income earned by households and profits earned by firms after subtracting.






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






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






40. Unemployment that reflects changes in the business cycle; the difference between the official unemployment rate & the natural rate of unemployment.






41. 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






42. Decisions by individuals about what to do and what not to do.






43. Goods that compete with one another. If the price for one goes up the demand for the other will go up.






44. (population); Then there is a shift in the demand curve resulting from and increase or decrease in market demand - as specific consumption related to demographics is concerned.






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






46. A special tax imposed on imported goods.






47. Real cost of an item is its opportunity cost.






48. Inflation that follows from an increase in aggregate demand - which will cause equilibrium real GDP (Y) to increase and the equilibrium price level (P) to increase.






49. Government officials make decisions about economy.






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







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