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






3. A special tax imposed on imported goods.






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






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






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






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






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






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






10. Total revenue (TR) price of a good multiplied by the number of units sold; TR = P*Q.






11. The effort of workers.






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






13. A country has a trade deficit if the value of its commodity imports exceeds the value of its commodity exports.






14. Rising prices - across the board.






15. A bad depressingly prolonged recession in economic activity.






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






17. 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.






18. 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






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






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






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






22. 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.






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






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






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






26. 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.






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






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






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






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






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






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






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






34. Significantly responsive to a change in price.






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






36. 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.






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






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






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






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






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






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






43. Short-run aggregate supply curve






44. The efforts of entrepreneurs in organizing resources for production taking risk to create new enterprises and innovating to develop new product.






45. Consumer income rise - demand will rise.






46. The lowest point of a business cycle






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






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






49. 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






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







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