US College AP Economics Advanced Test 1

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20 questions · All questions on one page

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College Entrance — Test 1 (Ap Economics Advanced) High School (Grades 11-12, College Entrance, USA) USA College Board (SAT/ACT/AP) — USA

What is this test? for College Entrance prep (SAT/ACT/PSAT/AP), USA — high school to college transition — High School (Grades 11-12, College Entrance, USA) level, USA.
Is this for you? For High School students (grades 11-12) preparing for SAT, ACT, PSAT or AP in the USA
Section: College Entrance — Test 1 (Ap Economics Advanced) · Education: High School (College Prep) · Part: College Entrance — Test 1 (Ap Economics Advanced) · Country: USA

Economics is a fundamental social science examining the relationship between unlimited wants and scarce resources.

This test will help you assess your knowledge of micro- and macro-economics.

By solving this test of 20 questions, you can both test your knowledge and identify the topics you need to improve.

Question 1

What is exchange rate?

A) Currency price

B) Stock price

C) Wage rate

D) Tax rate

Question 2

What measures inflation?

A) GDP

B) CPI index

C) Stocks

D) Wages

Question 3

What is the Fed?

A) Treasury office

B) Private bank

C) Central bank

D) World bank

Question 4

What is inflation?

A) Falling prices

B) Flat wages

C) High taxes

D) Rising prices

Question 5

What is oligopoly?

A) Few sellers

B) One seller

C) Many sellers

D) No sellers

Question 6

Which term means "Slow plus prices"?

A) scarcity

B) stagflation

C) opportunity cost

D) equilibrium

Question 7

Which of the following best defines competition?

A) One seller

B) No sellers

C) Rival sellers

D) Government only

Question 8

What best defines a tariff?

A) Export gift

B) Income tax

C) No tax

D) Import tax

Question 9

Which of the following best defines money supply?

A) Cash plus deposits

B) Gold only

C) Stocks

D) Bonds

Question 10

What best defines perfect competition?

A) One seller

B) Many sellers same good

C) Few sellers

D) No sellers

Question 11

What best defines monetary policy?

A) Congress taxes

B) Courts fine

C) Fed money control

D) States borrow

Question 12

What best defines opportunity cost?

A) Money spent

B) No cost

C) Total cost

D) Next-best given up

Question 13

Which term means "Panic withdrawals"?

A) a bank run

B) scarcity

C) opportunity cost

D) equilibrium

Question 14

What best defines a bond?

A) Share

B) Lent money paper

C) Bill

D) Coin

Question 15

What best defines crowding out?

A) More investment

B) Lower rates

C) Govt borrowing raises rates

D) No effect

Question 16

What best defines profit?

A) Loss

B) Break even

C) No sales

D) Gain over cost

Question 17

Which term means "Import limit"?

A) a quota

B) scarcity

C) opportunity cost

D) equilibrium

Question 18

What best defines scarcity?

A) Endless goods

B) Limited resources

C) No wants

D) Free all

Question 19

What best defines a monopoly?

A) Many sellers

B) No sellers

C) Single seller

D) Buyer group

Question 20

Which of the following best defines GDP?

A) Debt total

B) Tax total

C) Trade total

D) Output value total

US College AP Economics Advanced Test 1

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