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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. 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.






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






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






4. Graphic representation of an inverse relationship between wage growth (percentage change in price level - such as inflation) and unemployment.






5. 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.






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






7. The study of scarcity and choice.






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






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






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. Anything that shows the economy as a whole.






12. 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






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






14. Monetary policy methods by which the Fed aims to increase the money supply and lower interest rates - thereby creating an increase in output; in pursuit of expansionary policy goals - the Fed can lower the required reserve ratio - lower the discount






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






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






17. Significantly responsive to a change in price.






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






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






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






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






22. 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.






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






24. 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






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






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






27. The transition point between economic recession and recovery.






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






29. A special tax imposed on imported goods.






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






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






32. Rising prices - across the board.






33. An increase in the price level






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






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






36. The highest point of a business cycle.






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






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






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






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






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






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






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






44. 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.






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






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






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






48. Consumer income rise - demand will rise.






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






50. 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.