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Test your basic knowledge |
AP Macroeconomics
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Subjects
:
economics
,
ap
Instructions:
Answer 50 questions in 15 minutes.
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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 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.
expansionary monetary policy
scarce
hyperinflation
stagflation
2. A country has a trade surplus if the value of its commodity exports exceeds the value of its commodity imports.
consumer surplus
inferior good
trade surplus
expansionary fiscal policy
3. The dollar value of all the goods and services sold to house holds.
economic aggregates
consumption expenditures
price index
neutral good
4. The willingness and ability of buyers to purchase a good or service.
trough
exchange rate
demand
rule of 70
5. The proportion of each additional dollar of income that is saved.
demand curve shifts
change in quantity demanded
neutral good
Marginal Propensity to Save (MPS)
6. A bad depressingly prolonged recession in economic activity.
inverse relationship
Marginal Propensity to Save (MPS)
SRAS curve
depression
7. The branch of economics that deals with human behavior and choices as they relate to the entire economy.
perfectly elastic
macroeconomics
price floor
market economy
8. 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.
elastic demand
national economic accounts
marginal revenue
unemployment rate
9. The lowest point of a business cycle
trough
trade surplus
inferior good
law of supply
10. A relationship between two factors in which the factors move in opposite directions. ex: price increases - then quantity decreases.
susbtitute goods
opportunity cost
inverse relationship
market equilibrium
11. 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.
elastic demand
inferior good
hyperinflation
rule of 70
12. An increase or decrease in consumer income will cause a shift in the Demand Curve.
unemployed
import quotas
consumer good
number of composition of consumers
13. The difference between the maximum price a consume is (or would be) willing to pay and the price he or she actually pays.
consumer surplus
frictional unemployment
national economic accounts
demand
14. 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.
cyclical unemployment
consumer surplus
perfectly elastic
demand schedule
15. Occurs when supply and demand are balanced such that the market price and the quantity exchanged are under no market pressure to change.
entrepreneurship
market equilibrium
cyclical unemployment
inverse relationship
16. Expenditure by businesses on plant and equipment and the change in business invention.
tariff
investment expenditures
consumer income rise
marginal revenue
17. A special tax imposed on imported goods.
resource
inverse relationship
Phillips curve
tariff
18. (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.
price floor
number of composition of consumers
individual choice
market economy
19. 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.
inelastic demand
demand schedule
demand curve shifts
diminishing marginal utility
20. Goods that compete with one another. If the price for one goes up the demand for the other will go up.
demand curve
diminishing marginal utility
susbtitute goods
change in quantity demanded
21. The income earned by households and profits earned by firms after subtracting.
demand curve shifts
national income (NI)
real GDP
frictional unemployment
22. The conflict between limited resources and unlimited human wants; the basic economic problem facing all societies.
economic aggregates
scarcity
unemployed
economics
23. Price control set when the market price is believed to be too high.
microeconomics
law of supply
price ceiling
Labor
24. Decisions by individuals about what to do and what not to do.
individual choice
demand
elastic
monopoly
25. The cost of something in terms of what one must give up to get it.
opportunity cost
Phillips curve
import quotas
susbtitute goods
26. Anything that shows the economy as a whole.
economic aggregates
frictional unemployment
investment expenditures
rule of 70
27. Anything that can be used to produce something else
consumer income rise
inelastic demand
resource
structural unemployment
28. The study of scarcity and choice.
diminishing marginal utility
economics
consumer taste and preferences
expansion
29. Decisions of individual producers and consumers determine what how and for whom to reduce. Minor Government interference. Economy is run by itself.
market economy
fiscal policy
trough
Labor
30. 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.
law of demand
law of supply
Marginal Propensity to Save (MPS)
changes in consumer expectations
31. The efforts of entrepreneurs in organizing resources for production taking risk to create new enterprises and innovating to develop new product.
expenditure approach
unemployed
entrepreneurship
price ceiling
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
substitution effect
inelastic
exchange rate
unemployed
33. 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.
changes in consumer expectations
investment expenditures
import quotas
demand-pull inflation
34. Goods that go together - if price ? the demand for both that good and complimentary good ?.
complimentary goods
fiscal policy
change in quantity demanded
unemployed
35. The long-run pattern of growth and recession.
Gross Domestic Product
cyclical unemployment
business cycle
market equilibrium
36. The transition point between economic recession and recovery.
hidden unemployment
trough
demand elasticity
fiscal policy
37. A measure of the price level - or the average level of prices.
price floor
macroeconomics
price index
law of demand
38. 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
real GDP
market economy
diminishing marginal utility
inflation
39. Anything from the land and/or nature. Ex: minerals - timber - petroleum - cotton.
unemployed
demand-pull inflation
hyperinflation
land
40. When the price of one currency falls relative to another currency - the first currency has depreciated relative to the other one.
trough
depreciation
aggregate supply curve
trade surplus
41. Long- run aggregate supply curve
LRAS curv
movement along a demand curve
unit elastic
price index
42. The deliberate control of the money supply by the Federal government.
inverse relationship
resource
aggregate supply curve
monetary policy
43. A comprehensive group of statistics that measures various aspects of the economy's performance - net exports exports minus imports.
national economic accounts
labor force
market equilibrium
entrepreneurship
44. 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.
aggregate demand curve
demand elasticity
substitution effect
opportunity cost
45. 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.
inelastic demand
recession
command economy
hidden unemployment
46. 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).
expansionary fiscal policy
A decrease in TR following an increase in price = elastic demand
Phillips curve
macroeconomics
47. 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.
normal good
frictional unemployment
SRAS curve
elastic demand
48. The dollar value of production within a nation's border.
Gross Domestic Product
Labor
Gross National Product
expansionary monetary policy
49. The payment that capital receives in the factor market.
macroeconomics
interest
perfectly elastic
law of demand
50. A way of measuring the GDP by adding up all spending on final goods and services during a given year.
inflation
market supply curve
expenditure approach
hyperinflation
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