US College AP Economics Micro Test 1

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20 questions · All questions on one page

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College Entrance — Test 1 (Ap Economics Micro) 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 1 (Ap Economics Micro) · Education: High School (College Prep) · Part: College Entrance — Test 1 (Ap Economics Micro) · 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 exchange rate?

A) Currency price

B) Stock price

C) Wage rate

D) Tax rate

Question 2

What is stagflation?

A) Fast growth

B) Slow plus prices

C) Falling prices

D) Boom

Question 3

What is unemployment?

A) All working

B) Retired

C) Jobless seeking

D) Students

Question 4

What is perfect competition?

A) One seller

B) Few sellers

C) No sellers

D) Many sellers same good

Question 5

What is equilibrium?

A) Supply meets demand

B) Shortage

C) Surplus

D) No trade

Question 6

Which term means "Rival sellers"?

A) scarcity

B) competition

C) opportunity cost

D) equilibrium

Question 7

Which of the following best defines monetary policy?

A) Congress taxes

B) Courts fine

C) Fed money control

D) States borrow

Question 8

What best defines oligopoly?

A) One seller

B) Many sellers

C) No sellers

D) Few sellers

Question 9

Which of the following best defines a monopoly?

A) Single seller

B) Many sellers

C) No sellers

D) Buyer group

Question 10

What best defines crowding out?

A) More investment

B) Govt borrowing raises rates

C) Lower rates

D) No effect

Question 11

What best defines fiscal policy?

A) Court rulings

B) Trade deals

C) Tax-spend management

D) Money printing

Question 12

What best defines comparative advantage?

A) Absolute best

B) No trade

C) Tariffs

D) Lower opportunity cost

Question 13

Which term means "Panic withdrawals"?

A) a bank run

B) scarcity

C) opportunity cost

D) equilibrium

Question 14

What best defines a trade deficit?

A) Extra savings

B) Imports over exports

C) Balanced books

D) No trade

Question 15

What best defines monopolistic?

A) One seller

B) Few sellers

C) Many sellers varied

D) No sellers

Question 16

What best defines a stock?

A) Bond

B) Loan

C) Bill

D) Company share

Question 17

Which term means "Central bank"?

A) the Fed

B) scarcity

C) opportunity cost

D) equilibrium

Question 18

What best defines a budget deficit?

A) Extra savings

B) Spending over revenue

C) Balanced books

D) No taxes

Question 19

What best defines the multiplier?

A) Tax hike

B) No effect

C) Spending ripple

D) Savings only

Question 20

Which of the following best defines the national debt?

A) Yearly deficit

B) State debts

C) Bank loans

D) Owed total

US College AP Economics Micro Test 1

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