US College AP Economics Macro Test 8

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20 questions · All questions on one page

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College Entrance — Test 8 (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 8 (Ap Economics Macro) · Education: High School (College Prep) · Part: College Entrance — Test 8 (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 measures inflation?

A) CPI index

B) GDP

C) Stocks

D) Wages

Question 2

What is interest?

A) Free money

B) Borrowing cost

C) Savings gift

D) Tax refund

Question 3

What is exchange rate?

A) Stock price

B) Wage rate

C) Currency price

D) Tax rate

Question 4

What is scarcity?

A) Endless goods

B) No wants

C) Free all

D) Limited resources

Question 5

Which of the following best defines oligopoly?

A) Few sellers

B) One seller

C) Many sellers

D) No sellers

Question 6

What best defines a tariff?

A) Export gift

B) Import tax

C) Income tax

D) No tax

Question 7

What best defines a bond?

A) Share

B) Bill

C) Lent money paper

D) Coin

Question 8

What best defines the Phillips curve?

A) No tradeoff

B) Same direction

C) Flat line

D) Inflation jobless tradeoff

Question 9

Provide the definition of real GDP:

A) Inflation-adjusted

B) Nominal only

C) Debt total

D) Trade total

Question 10

Provide the definition of money supply:

A) Gold only

B) Cash plus deposits

C) Stocks

D) Bonds

Question 11

What best defines a monopoly?

A) Many sellers

B) No sellers

C) Single seller

D) Buyer group

Question 12

Provide the definition of FDIC:

A) Farm agency

B) Dam builder

C) Art fund

D) Deposit insurance

Question 13

Provide the definition of unemployment:

A) Jobless seeking

B) All working

C) Retired

D) Students

Question 14

Provide the definition of inflation:

A) Falling prices

B) Rising prices

C) Flat wages

D) High taxes

Question 15

What best defines a quota?

A) Export gift

B) No limit

C) Import limit

D) Tax rate

Question 16

Provide the definition of comparative advantage:

A) Absolute best

B) No trade

C) Tariffs

D) Lower opportunity cost

Question 17

Provide the definition of the multiplier:

A) Spending ripple

B) Tax hike

C) No effect

D) Savings only

Question 18

What best defines equilibrium?

A) Shortage

B) Supply meets demand

C) Surplus

D) No trade

Question 19

Which term means "Next-best given up"?

A) scarcity

B) equilibrium

C) opportunity cost

D) GDP

Question 20

Provide the definition of GDP:

A) Debt total

B) Tax total

C) Trade total

D) Output value total

US College AP Economics Macro Test 8

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