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Test your basic knowledge |
AP Macroeconomics
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Subjects
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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. 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.
rule of 70
scarcity
cyclical unemployment
elastic demand
2. The deliberate control of the money supply by the Federal government.
recession
cyclical unemployment
monopoly
monetary policy
3. The dollar value of goods and services sold to governments.
substitution effect
business cycle
government expenditures
demand schedule
4. 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
unemployed
resource
disposable personal income
5. A good the demand for which rises as income rises and falls as income falls; consumer income rises and demand rises.
consumption expenditures
trade surplus
purchasing power
normal good
6. Consumer income rise - demand will rise.
resource
neutral good
changes in consumer expectations
entrepreneurship
7. Restrictions on the quantity of a good that can be imported
Gross National Product
substitution effect
import quotas
price index
8. The difference between the maximum price a consume is (or would be) willing to pay and the price he or she actually pays.
expansionary fiscal policy
monopoly
consumer income rise
consumer surplus
9. Rising prices - across the board.
inflation
consumer income rise
interest
complimentary goods
10. The addition to total revenue created by selling one additional unit of ouput.
change in quantity demanded
monopoly
inelastic demand
marginal revenue
11. The income earned by households and profits earned by firms after subtracting.
national income (NI)
scarce
demand-pull inflation
neutral good
12. 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).
depression
nominal GDP
expansionary fiscal policy
purchasing power
13. 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.
A decrease in TR following an increase in price = elastic demand
trough
inferior good
structural unemployment
14. Movement up or down a single demand curve - contrasted with movement of the demand curve itself.
complimentary goods
unit elastic
movement along a demand curve
nominal GDP
15. 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.
trough
opportunity cost
interest
hidden unemployment
16. 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?
consumer surplus
demand
demand elasticity
entrepreneurship
17. Inflation created when an increase in the costs of production (wages or raw materials) shifts the short-run aggregate supply (AS) curve to the left; tends to push prices up while reducing the level of real GDP at the same time (stagflation).
depression
monetary policy
diminishing marginal utility
cost-push inflation
18. The branch of economics that deals with human behavior and choices as they relate to the entire economy.
tariff
rule of 70
trough
macroeconomics
19. The price of a domestic currency in terms of a foreign currency.
monetary policy
exchange rate
business cycles
number of composition of consumers
20. The cost of something in terms of what one must give up to get it.
SRAS curve
trough
opportunity cost
Gross National Product
21. An increase or decrease in consumer income will cause a shift in the Demand Curve.
inflation
rule of 70
hyperinflation
consumer good
22. Goods that go together - if price ? the demand for both that good and complimentary good ?.
market supply curve
hyperinflation
national economic accounts
complimentary goods
23. The study of scarcity and choice.
land
demand schedule
economics
elastic demand
24. The long-run pattern of growth and recession.
expansionary fiscal policy
business cycle
required reserve ratio (RRR)
tariff
25. An increase in the price level
inflation
law of demand
opportunity cost
inelastic
26. Price control set when the market price is believed to be too low.
demand
purchasing power
price floor
business cycles
27. Economic tool used to determine exactly the amount of the new demand deposits that can be created from an initial deposit.
consumer income rise
marginal propensity to consume (MPC)
money multiplier
national economic accounts
28. A law stating that as an additional unit of a particular food is consumed the utility (satisfaction) gained decreases.
rule of 70
depression
diminishing marginal utility
opportunity cost
29. A specific percentage of checking account deposits that each bank must keep in liquid - zero-interest reserves; this amount is set by the Fed.
required reserve ratio (RRR)
inferior good
disposable personal income
susbtitute goods
30. Price control set when the market price is believed to be too high.
labor force
demand elasticity
market demand curve
price ceiling
31. Expenditure by businesses on plant and equipment and the change in business invention.
opportunity cost
consumer income rise
investment expenditures
scarcity
32. 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).
hidden unemployment
Phillips curve
market demand curve
inflation
33. The lowest point of a business cycle
economic aggregates
expenditure approach
trough
law of demand
34. Government officials make decisions about economy.
command economy
law of demand
price ceiling
opportunity cost
35. States that as prices rise - people are willing and able to buy less of a good and - hence - the quantity demanded decreases; as prices fall - people are willing and able to buy more - so the quantity demanded increases and the demand curve slopes do
frictional unemployment
law of demand
command economy
elastic demand
36. When Price and TR move in opposite directions..... P?/TR? or P?/TR?
market supply curve
recession
price index
A decrease in TR following an increase in price = elastic demand
37. A market with only a few sellers - each offering a product that is largely the same as the others' products; in an oligopoly - there is always a tension between cooperation and competition.
oligopoly
price floor
money multiplier
Labor
38. A shift of the demand curve resulting from a change in consumer taste and preferences.
tariff
consumer taste and preferences
inelastic
frictional unemployment
39. Real cost of an item is its opportunity cost.
demand curve
investment expenditures
monopoly
opportunity cost
40. The dollar value of all the goods and services sold to house holds.
labor force
movement along a demand curve
demand
consumption expenditures
41. 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.
inverse relationship
inelastic demand
elastic demand
demand schedule
42. The amount of a good actually sold.
trade surplus
government expenditures
depression
quantity exchanged
43. A curve defining the relationship between real production and price level.
aggregate supply curve
Gross Domestic Product
tariff
real GDP
44. Anything that can be used to produce something else
market supply curve
resource
aggregate supply curve
Phillips curve
45. When consumers substitute a similar - lower priced product for a product which is relatively more expensive.
business cycle
demand curve shifts
substitution effect
trade deficit
46. 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.
number of composition of consumers
command economy
perfectly elastic
required reserve ratio (RRR)
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.
Marginal Propensity to Save (MPS)
entrepreneurship
monopoly
demand curve
48. Significantly responsive to a change in price.
labor force
recession
change in quantity demanded
elastic
49. The proportion of each additional dollar of income that is saved.
demand schedule
labor force
Marginal Propensity to Save (MPS)
nominal GDP
50. Unemployment that reflects changes in the business cycle; the difference between the official unemployment rate & the natural rate of unemployment.
depression
inferior good
cyclical unemployment
national economic accounts
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