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Test your basic knowledge |
CLEP Macroeconomics: International
Start Test
Study First
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. If the interest rate decreases - the demand for the currency will
foreign exchange market
Balance of International Payments
outward
increase
2. An x percent increase in capital per hour of work brings a 1/3 of x percent increase in output per hour of work
the one-third rule
how Fed influences exchange rate
growth accounting
land-intensive
3. A forum for negotiating reduction of tariff barriers on a multilateral level
labor-intensive
free trade
General Agreement of Tariff and Trade
neoclassical growth theory
4. As the value of a nation's currency increases the exports of that nation will ________.
non-tariff barriers
import quotas
imports
decrease
5. What you give up to get what you want
rightward
opportunity cost
revenue tariffs
exchange rate
6. Work to achieve full production or capacity potentials
free trade
comparative advantage
supply side growth policies
foreign exchange rate
7. Changes the supply of dollars
efficiently/fully
opportunity cost
foreign exchange rate
change in interest rate
8. By the supply and demand in the foreign exchange market
new growth theory
classical growth theory
how exchange rate is determined
the one-third rule
9. Imposed on goods not produced domestically
productivity function
appreciates
three factors that determine how much money will be demanded
revenue tariffs
10. Quotas increase the domestic price of the good and the increased revenue goes to the...
balance of trade
foreign exporter
capital-intensive
how Fed influences exchange rate
11. Shield domestic producers from foreign competition
protective tariffs
classical growth theory
trading possibilities line
land-intensive
12. These create a foreign need for domestic money
neoclassical growth theory
comparative advantage
exports
tariffs
13. 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
appreciates
non-tariff barriers
change in interest rate
Balance of International Payments
14. Is the price at which the currency of one country is exchanged for the currency of another country
imports
protective tariffs
current account
foreign exchange rate
15. The absence of government barriers to trade among firms and individuals in different nations
free trade
trade in similar goods
balance of trade
decrease
16. A global market in which the currency of one country is exchanged for the currency of another country
three factors that determine how much money will be demanded
foreign exchange market
capital-intensive
trade in similar goods
17. Small tariffs put in place so the government can earn tax revenue
revenue tariffs
rightward
supply side growth policies
exports
18. Relationship between the quantity of currency to be sold and the exchange rate is the...
General Agreement of Tariff and Trade
supply of dollars
tariffs
change in interest rate
19. Protective tariffs increase the domestic price of a good and the increased revenue goes to the...
domestic government
Balance of International Payments
how Fed influences exchange rate
foreign exporter
20. Nations with advanced industries are better at producing these kinds of commodities
capital-intensive
demand side growth policies
comparative advantage
non-tariff barriers
21. The attempt to measure the contributions to growth of labor - capital - and technological change
foreign exchange rate
revenue tariffs
protective tariffs
growth accounting
22. Shows the options one nation has by specializing in one product and trading another
imports
rightward
trading possibilities line
outward
23. Quantity and quality of a nation's natural resources - human resources - capital stock - and technology
domestic government
foreign exchange market
supply factors of economic growth
demand
24. A theory of economic growth based on the idea that technological change results from people's choices and pursuit of profit
new growth theory
economic growth
opportunity cost
other industries and consumers
25. A theory of economic growth that believes growth is driven by technological change
appreciates
productivity function
neoclassical growth theory
revenue tariffs
26. The exchange rate - interest rates in that country and other countries - and the expected future exchange rate
economic growth
other industries and consumers
three factors that determine how much money will be demanded
neoclassical growth theory
27. A tracking of all export and import goods and services
foreign exporter
current account
exchange rate
growth accounting
28. If the number of Nation B's dollars that a Nation A dollar buys increases - then Nation A's dollar ___________.
rightward
capital-intensive
appreciates
supply of dollars
29. Records all the transactions that take place between residents and foreign nations
Balance of International Payments
tariffs
outward
increase
30. PPC shifts this way to indicate economic growth
outward
three factors that determine how much money will be demanded
foreign exporter
productivity function
31. Growth potential cannot be reached unless AD increases and new resources are used...
revenue tariffs
efficiently/fully
exchange rate
new growth theory
32. A change in this brings about a change in how much a country is willing to sell of its currency
labor-intensive
exchange rate
the one-third rule
revenue tariffs
33. The total output will be greatest when each good is produced by that nation that has the lower opportunity cost for that good
how Fed influences exchange rate
foreign exchange rate
how exchange rate is determined
comparative advantage
34. LAS curve shifts this way to indicate economic growth
trade in similar goods
neoclassical growth theory
tariffs
rightward
35. A change in interest rates or a change in the expected future exchange rate changes the _________ for dollars.
demand
new growth theory
protective tariffs
Balance of International Payments
36. Government interference in protecting certain industries comes at the expense of...
outward
other industries and consumers
protective tariffs
exchange rate
37. If the number of Nation B's dollars that Nation A buys decreases - then Nation A's dollar ___________.
outward
depreciates
import quotas
trading possibilities line
38. By influencing interest rates and direct intervention in the foreign exchange market
how Fed influences exchange rate
decrease
demand
imports
39. The addition of all goods and services in the current account
comparative advantage
balance of trade
classical growth theory
foreign exchange market
40. Nations with a larger available land mass are better at producing these kinds of commodities
depreciates
land-intensive
comparative advantage
demand side growth policies
41. Excise taxes on imported goods
productivity function
industrial growth policies
tariffs
General Agreement of Tariff and Trade
42. Advocate government taking an active role in the structure and composition of industry
revenue tariffs
Balance of International Payments
non-tariff barriers
industrial growth policies
43. A tracking of the investments made and loans extended to other countries
General Agreement of Tariff and Trade
trading possibilities line
foreign exchange market
capital account
44. An increase in real GDP that occurs over time
economic growth
trade in similar goods
demand
revenue tariffs
45. Benefits of international trade
foreign exchange rate
revenue tariffs
specialization and increased production
how exchange rate is determined
46. Nations with a more highly skilled and larger workforce are better at producing these kinds of commodities
rightward
neoclassical growth theory
labor-intensive
supply of dollars
47. Increase aggregate demand during recession
trading possibilities line
demand side growth policies
domestic government
capital account
48. Occurs because of diversity of taste and economies of scale
classical growth theory
trade in similar goods
trading possibilities line
import quotas
49. A theory of economic growth based on the view that population growth is determined by income per person
decrease
supply side growth policies
Balance of International Payments
classical growth theory
50. These create a domestic need for foreign money
foreign exporter
change in interest rate
imports
revenue tariffs