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Test your basic knowledge |

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. Movement up or down a single demand curve - contrasted with movement of the demand curve itself.






2. 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.






3. A good the demand for which rises as income rises and falls as income falls; consumer income rises and demand rises.






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






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






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






7. 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.






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






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






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






11. 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.






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






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






14. The sum of each individual consumer's demand curves for a certain good in a market (e.g. - all the individual quantities of Good B demanded at each price).






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






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






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






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






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






20. 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.






21. Government officials make decisions about economy.






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






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






24. 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.






25. A relationship between two factors in which the factors move in opposite directions. ex: price increases - then quantity decreases.






26. 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.






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






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






29. 1/RRR - where RRR is the required reserve ratio expressed as a decimal; if the required reserve ratio is 10% (0.1) - the money multiplier is 1/0.1 = 10.






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






31. 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






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






33. The income of households after taxes have been paid






34. 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.






35. 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






36. The transition point between economic recession and recovery.






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






38. 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.






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






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






41. 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.






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






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






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






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






46. The lowest point of a business cycle






47. Rising prices - across the board.






48. Short-run aggregate supply curve






49. 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.






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