US College AP Economics Macro Test 3

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20 questions · All questions on one page

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College Entrance — Test 3 (Ap Economics Macro) 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 3 (Ap Economics Macro) · Education: High School (College Prep) · Part: College Entrance — Test 3 (Ap Economics Macro) · 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 profit?

A) Loss

B) Gain over cost

C) Break even

D) No sales

Question 3

What is unemployment?

A) All working

B) Retired

C) Jobless seeking

D) Students

Question 4

What is stagflation?

A) Fast growth

B) Falling prices

C) Boom

D) Slow plus prices

Question 5

What is GDP?

A) Output value total

B) Debt total

C) Tax total

D) Trade total

Question 6

Provide the definition of oligopoly:

A) One seller

B) Few sellers

C) Many sellers

D) No sellers

Question 7

Which of the following best defines fiscal policy?

A) Court rulings

B) Trade deals

C) Tax-spend management

D) Money printing

Question 8

What best defines the national debt?

A) Yearly deficit

B) State debts

C) Bank loans

D) Owed total

Question 9

What best defines a bank run?

A) Panic withdrawals

B) Long lines

C) New deposits

D) Calm day

Question 10

Which term means "Cash plus deposits"?

A) scarcity

B) money supply

C) opportunity cost

D) equilibrium

Question 11

What best defines competition?

A) One seller

B) No sellers

C) Rival sellers

D) Government only

Question 12

What best defines interest?

A) Free money

B) Savings gift

C) Tax refund

D) Borrowing cost

Question 13

Which of the following best defines crowding out?

A) Govt borrowing raises rates

B) More investment

C) Lower rates

D) No effect

Question 14

What best defines perfect competition?

A) One seller

B) Many sellers same good

C) Few sellers

D) No sellers

Question 15

What best defines a surplus?

A) Deficit

B) Debt

C) Revenue over spending

D) No money

Question 16

What best defines exchange rate?

A) Stock price

B) Wage rate

C) Tax rate

D) Currency price

Question 17

Which term means "Spending ripple"?

A) the multiplier

B) scarcity

C) opportunity cost

D) equilibrium

Question 18

What best defines the money multiplier?

A) Tax rate

B) Deposit expansion

C) No expansion

D) Interest only

Question 19

What best defines a stock?

A) Bond

B) Loan

C) Company share

D) Bill

Question 20

Which of the following best defines opportunity cost?

A) Money spent

B) No cost

C) Total cost

D) Next-best given up

US College AP Economics Macro Test 3

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