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