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