Test your basic knowledge |

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






2. What you give up to get what you want






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






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






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






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






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






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






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






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






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






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






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






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






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






16. Excise taxes on imported goods






17. Benefits of international trade






18. 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






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






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






21. These create a domestic need for foreign money






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






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






24. PPC shifts this way to indicate economic growth






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






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






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






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






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






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






31. Changes the supply of dollars






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






33. LAS curve shifts this way to indicate economic growth






34. Work to achieve full production or capacity potentials






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






36. An increase in real GDP that occurs over time






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






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






39. Specify maximum import levels for specific commodities






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






41. These create a foreign need for domestic money






42. Shield domestic producers from foreign competition






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






44. Imposed on goods not produced domestically






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






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






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






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






49. Increase aggregate demand during recession






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