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






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






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






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






5. Benefits of international trade






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






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






8. Changes the supply of dollars






9. The relationship between real GDP per hour of work and capital per hour of work






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






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






12. Imposed on goods not produced domestically






13. What you give up to get what you want






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






15. Excise taxes on imported goods






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






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






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






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






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






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






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






23. An increase in real GDP that occurs over time






24. Quotas increase the domestic price of the good and the increased revenue goes to the...






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






26. PPC shifts this way to indicate economic growth






27. Increase aggregate demand during recession






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






29. LAS curve shifts this way to indicate economic growth






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






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






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






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






34. Specify maximum import levels for specific commodities






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






36. Shield domestic producers from foreign competition






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






38. Work to achieve full production or capacity potentials






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






40. These create a domestic need for foreign money






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






42. These create a foreign need for domestic money






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






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






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






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






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






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






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






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