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