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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. PPC shifts this way to indicate economic growth






2. Benefits of international trade






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






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






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






6. Work to achieve full production or capacity potentials






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






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






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






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






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






12. Changes the supply of dollars






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






14. LAS curve shifts this way to indicate economic growth






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






16. Imposed on goods not produced domestically






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






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






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






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






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






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






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






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






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






26. Excise taxes on imported goods






27. An increase in real GDP that occurs over time






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






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






30. These create a domestic need for foreign money






31. 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






32. What you give up to get what you want






33. Specify maximum import levels for specific commodities






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






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






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






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






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






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






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






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






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






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






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






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






46. These create a foreign need for domestic money






47. Shield domestic producers from foreign competition






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






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






50. Increase aggregate demand during recession