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. 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






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






3. What you give up to get what you want






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






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






6. PPC shifts this way to indicate economic growth






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






8. Excise taxes on imported goods






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






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






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






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






13. Increase aggregate demand during recession






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






15. These create a foreign need for domestic money






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






17. Work to achieve full production or capacity potentials






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






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






20. LAS curve shifts this way to indicate economic growth






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






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






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






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






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






26. Imposed on goods not produced domestically






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






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






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






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






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






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






33. An increase in real GDP that occurs over time






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






35. Specify maximum import levels for specific commodities






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






37. These create a domestic need for foreign money






38. Benefits of international trade






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






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






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






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






43. Shield domestic producers from foreign competition






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






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






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






47. Changes the supply of dollars






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






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






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