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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. 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.






2. 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.






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






4. The study of scarcity and choice.






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






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






7. A very high rate of inflation - under which prices go up very rapidly - often more than 1 -000 percent in a year. This causes money to become a poor store of value.






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






9. 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.






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






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






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






13. 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?






14. Price control set when the market price is believed to be too high.






15. The branch of economics that deals with human behavior and choices as they relate to the entire economy.






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






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






18. Not significantly responsive to changes in price.






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






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






21. The income of households after taxes have been paid






22. Rising prices - across the board.






23. Decisions of individual producers and consumers determine what how and for whom to reduce. Minor Government interference. Economy is run by itself.






24. Unemployment faced by workers who have lost their jobs because of changing market (demand) conditions & whose skills don't match the requirements of available jobs.






25. When consumers substitute a similar - lower priced product for a product which is relatively more expensive.






26. A special tax imposed on imported goods.






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






28. An increase in the price level






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






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






31. When Price and TR move in opposite directions..... P?/TR? or P?/TR?






32. 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






33. 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).






34. 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.






35. 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.






36. Mathematical approximation used to measure the effect of economic growth; this rule tells us the approximate number of years it will take for some measure (real GDP - price level - savings account - etc.) to double given a known annual percentage inc






37. (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.






38. 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).






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






40. The group of individuals who are either working or actively looking for work; the labor force includes the unemployed: labor force = number of individuals in labor force/number of individuals in the adult population - expressed as a percentage.






41. Anything that can be used to produce something else






42. Anything from the land and/or nature. Ex: minerals - timber - petroleum - cotton.






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






44. The deliberate control of the money supply by the Federal government.






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






46. Significantly responsive to a change in price.






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






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






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






50. The amount of a good actually sold.







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