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






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






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






4. 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).






5. A specific percentage of checking account deposits that each bank must keep in liquid - zero-interest reserves; this amount is set by the Fed.






6. 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






7. A table showing quantities of a good demanded at varying prices; a table demonstrating the number of units of a good demanded at various points.






8. 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.






9. 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.






10. The lowest point of a business cycle






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






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






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






14. 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.






15. The dollar value of all the goods and services sold to house holds.






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






17. Occurs when supply and demand are balanced such that the market price and the quantity exchanged are under no market pressure to change.






18. An increase in the price level






19. 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.






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






21. Rising prices - across the board.






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






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






24. Anything that shows the economy as a whole.






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






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






27. When the percent of change in the quantity demanded is less than then percent of change in price; when there is a small change in the quantity of a good demanded - and a large change in the price of the good.






28. The highest point of a business cycle.






29. A way of measuring the GDP by adding up all spending on final goods and services during a given year.






30. A movement along the demand curve in response to a change in price - ceteris paribus; change in price means move along the demand curve; movement = money.






31. States that as prices rise - people are willing and able to buy less of a good and - hence - the quantity demanded decreases; as prices fall - people are willing and able to buy more - so the quantity demanded increases and the demand curve slopes do






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






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






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






35. The income of households after taxes have been paid






36. Fluctuations in real GDP around the trend value; also called economic fluctuations.






37. Government officials make decisions about economy.






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






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






40. 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?






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






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






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. The gross domestic product calculated using current-year prices; for example - the nominal GDP for 2001 would calculate the value of production using2001 prices for goods and services. Nominal GDP can vary widely from year to year - due to forces suc






45. 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.






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






47. The dollar value of production within a nation's border.






48. 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.






49. A special tax imposed on imported goods.






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