US College AP Economics Advanced Test 6

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20 questions · All questions on one page

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College Entrance — Test 6 (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 6 (Ap Economics Advanced) · Education: High School (College Prep) · Part: College Entrance — Test 6 (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 a tariff?

A) Import tax

B) Export gift

C) Income tax

D) No tax

Question 2

What is real GDP?

A) Nominal only

B) Inflation-adjusted

C) Debt total

D) Trade total

Question 3

What is the money multiplier?

A) Tax rate

B) No expansion

C) Deposit expansion

D) Interest only

Question 4

What is comparative advantage?

A) Absolute best

B) No trade

C) Tariffs

D) Lower opportunity cost

Question 5

What is unemployment?

A) Jobless seeking

B) All working

C) Retired

D) Students

Question 6

What best defines stagflation?

A) Fast growth

B) Slow plus prices

C) Falling prices

D) Boom

Question 7

Which of the following best defines equilibrium?

A) Shortage

B) Surplus

C) Supply meets demand

D) No trade

Question 8

Provide the definition of interest:

A) Free money

B) Savings gift

C) Tax refund

D) Borrowing cost

Question 9

Provide the definition of a surplus:

A) Revenue over spending

B) Deficit

C) Debt

D) No money

Question 10

What best defines a stock?

A) Bond

B) Company share

C) Loan

D) Bill

Question 11

Which term means "Next-best given up"?

A) scarcity

B) equilibrium

C) opportunity cost

D) GDP

Question 12

Provide the definition of the Phillips curve:

A) No tradeoff

B) Same direction

C) Flat line

D) Inflation jobless tradeoff

Question 13

Provide the definition of a bank run:

A) Panic withdrawals

B) Long lines

C) New deposits

D) Calm day

Question 14

What best defines a budget deficit?

A) Extra savings

B) Spending over revenue

C) Balanced books

D) No taxes

Question 15

Which term means "Gain over cost"?

A) scarcity

B) opportunity cost

C) profit

D) equilibrium

Question 16

Provide the definition of monopolistic:

A) One seller

B) Few sellers

C) No sellers

D) Many sellers varied

Question 17

Provide the definition of a quota:

A) Import limit

B) Export gift

C) No limit

D) Tax rate

Question 18

What best defines the multiplier?

A) Tax hike

B) Spending ripple

C) No effect

D) Savings only

Question 19

Which term means "Output value total"?

A) scarcity

B) opportunity cost

C) GDP

D) equilibrium

Question 20

Which term means "Tax-spend management"?

A) scarcity

B) opportunity cost

C) equilibrium

D) fiscal policy

US College AP Economics Advanced Test 6

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