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CLEP Macroeconomics: International

Subjects : clep, economics
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. Quotas increase the domestic price of the good and the increased revenue goes to the...






2. Licensing agreements - imposed product standards or levels of 'red tape' that a foreign producer must meet or qualify for before being allowed to export it






3. Work to achieve full production or capacity potentials






4. PPC shifts this way to indicate economic growth






5. If the number of Nation B's dollars that a Nation A dollar buys increases - then Nation A's dollar ___________.






6. What you give up to get what you want






7. Shows the options one nation has by specializing in one product and trading another






8. Protective tariffs increase the domestic price of a good and the increased revenue goes to the...






9. A forum for negotiating reduction of tariff barriers on a multilateral level






10. A change in this brings about a change in how much a country is willing to sell of its currency






11. A change in interest rates or a change in the expected future exchange rate changes the _________ for dollars.






12. Imposed on goods not produced domestically






13. Shield domestic producers from foreign competition






14. Records all the transactions that take place between residents and foreign nations






15. A global market in which the currency of one country is exchanged for the currency of another country






16. The exchange rate - interest rates in that country and other countries - and the expected future exchange rate






17. Growth potential cannot be reached unless AD increases and new resources are used...






18. The addition of all goods and services in the current account






19. Nations with a larger available land mass are better at producing these kinds of commodities






20. A theory of economic growth that believes growth is driven by technological change






21. Nations with a more highly skilled and larger workforce are better at producing these kinds of commodities






22. Government interference in protecting certain industries comes at the expense of...






23. The absence of government barriers to trade among firms and individuals in different nations






24. An increase in real GDP that occurs over time






25. A tracking of the investments made and loans extended to other countries






26. The attempt to measure the contributions to growth of labor - capital - and technological change






27. Quantity and quality of a nation's natural resources - human resources - capital stock - and technology






28. These create a domestic need for foreign money






29. By influencing interest rates and direct intervention in the foreign exchange market






30. Excise taxes on imported goods






31. Advocate government taking an active role in the structure and composition of industry






32. If the number of Nation B's dollars that Nation A buys decreases - then Nation A's dollar ___________.






33. Nations with advanced industries are better at producing these kinds of commodities






34. Occurs because of diversity of taste and economies of scale






35. By the supply and demand in the foreign exchange market






36. Is the price at which the currency of one country is exchanged for the currency of another country






37. Benefits of international trade






38. A tracking of all export and import goods and services






39. The total output will be greatest when each good is produced by that nation that has the lower opportunity cost for that good






40. A theory of economic growth based on the view that population growth is determined by income per person






41. Relationship between the quantity of currency to be sold and the exchange rate is the...






42. Small tariffs put in place so the government can earn tax revenue






43. A theory of economic growth based on the idea that technological change results from people's choices and pursuit of profit






44. These create a foreign need for domestic money






45. If the interest rate decreases - the demand for the currency will






46. Changes the supply of dollars






47. An x percent increase in capital per hour of work brings a 1/3 of x percent increase in output per hour of work






48. LAS curve shifts this way to indicate economic growth






49. Increase aggregate demand during recession






50. As the value of a nation's currency increases the exports of that nation will ________.