US College AP Economics Advanced Test 8

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20 questions · All questions on one page

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College Entrance — Test 8 (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 8 (Ap Economics Advanced) · Education: High School (College Prep) · Part: College Entrance — Test 8 (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 money supply?

A) Cash plus deposits

B) Gold only

C) Stocks

D) Bonds

Question 2

What is the Phillips curve?

A) No tradeoff

B) Inflation jobless tradeoff

C) Same direction

D) Flat line

Question 3

What is monopolistic?

A) One seller

B) Few sellers

C) Many sellers varied

D) No sellers

Question 4

What is GDP?

A) Debt total

B) Tax total

C) Trade total

D) Output value total

Question 5

Which term means "Currency price"?

A) exchange rate

B) scarcity

C) opportunity cost

D) equilibrium

Question 6

Which term means "Rival sellers"?

A) scarcity

B) competition

C) opportunity cost

D) equilibrium

Question 7

Provide the definition of equilibrium:

A) Shortage

B) Surplus

C) Supply meets demand

D) No trade

Question 8

Which term means "Revenue over spending"?

A) scarcity

B) opportunity cost

C) equilibrium

D) a surplus

Question 9

Which of the following best defines perfect competition?

A) Many sellers same good

B) One seller

C) Few sellers

D) No sellers

Question 10

Which of the following best defines monetary policy?

A) Congress taxes

B) Fed money control

C) Courts fine

D) States borrow

Question 11

Which of the following best defines opportunity cost?

A) Money spent

B) No cost

C) Next-best given up

D) Total cost

Question 12

Which of the following best defines the Fed?

A) Treasury office

B) Private bank

C) World bank

D) Central bank

Question 13

Which of the following best defines a bond?

A) Lent money paper

B) Share

C) Bill

D) Coin

Question 14

Which of the following best defines crowding out?

A) More investment

B) Govt borrowing raises rates

C) Lower rates

D) No effect

Question 15

Which of the following best defines profit?

A) Loss

B) Break even

C) Gain over cost

D) No sales

Question 16

Which of the following best defines inflation?

A) Falling prices

B) Flat wages

C) High taxes

D) Rising prices

Question 17

Which of the following best defines scarcity?

A) Limited resources

B) Endless goods

C) No wants

D) Free all

Question 18

Which of the following best defines a monopoly?

A) Many sellers

B) Single seller

C) No sellers

D) Buyer group

Question 19

Which of the following best defines oligopoly?

A) One seller

B) Many sellers

C) Few sellers

D) No sellers

Question 20

What best defines fiscal policy?

A) Court rulings

B) Trade deals

C) Money printing

D) Tax-spend management

US College AP Economics Advanced Test 8

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