US College AP Economics Advanced Test 7

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20 questions · All questions on one page

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College Entrance — Test 7 (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 7 (Ap Economics Advanced) · Education: High School (College Prep) · Part: College Entrance — Test 7 (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 interest?

A) Borrowing cost

B) Free money

C) Savings gift

D) Tax refund

Question 2

What is opportunity cost?

A) Money spent

B) Next-best given up

C) No cost

D) Total cost

Question 3

What is profit?

A) Loss

B) Break even

C) Gain over cost

D) No sales

Question 4

What is a monopoly?

A) Many sellers

B) No sellers

C) Buyer group

D) Single seller

Question 5

What is the national debt?

A) Owed total

B) Yearly deficit

C) State debts

D) Bank loans

Question 6

Provide the definition of stagflation:

A) Fast growth

B) Slow plus prices

C) Falling prices

D) Boom

Question 7

What best defines equilibrium?

A) Shortage

B) Surplus

C) Supply meets demand

D) No trade

Question 8

Which term means "Cash plus deposits"?

A) scarcity

B) opportunity cost

C) equilibrium

D) money supply

Question 9

Which term means "Many sellers same good"?

A) perfect competition

B) scarcity

C) opportunity cost

D) equilibrium

Question 10

Provide the definition of a stock:

A) Bond

B) Company share

C) Loan

D) Bill

Question 11

Provide the definition of real GDP:

A) Nominal only

B) Debt total

C) Inflation-adjusted

D) Trade total

Question 12

Which term means "Central bank"?

A) scarcity

B) opportunity cost

C) equilibrium

D) the Fed

Question 13

Which term means "Lent money paper"?

A) a bond

B) scarcity

C) opportunity cost

D) equilibrium

Question 14

Provide the definition of a budget deficit:

A) Extra savings

B) Spending over revenue

C) Balanced books

D) No taxes

Question 15

Provide the definition of the money multiplier:

A) Tax rate

B) No expansion

C) Deposit expansion

D) Interest only

Question 16

Which term means "Rising prices"?

A) scarcity

B) opportunity cost

C) equilibrium

D) inflation

Question 17

Which term means "Limited resources"?

A) scarcity

B) opportunity cost

C) equilibrium

D) GDP

Question 18

Provide the definition of the multiplier:

A) Tax hike

B) Spending ripple

C) No effect

D) Savings only

Question 19

Provide the definition of comparative advantage:

A) Absolute best

B) No trade

C) Lower opportunity cost

D) Tariffs

Question 20

Which of the following best defines fiscal policy?

A) Court rulings

B) Trade deals

C) Money printing

D) Tax-spend management

US College AP Economics Advanced Test 7

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