US College AP Economics Micro Test 5

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20 questions · All questions on one page

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College Entrance — Test 5 (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 5 (Ap Economics Micro) · Education: High School (College Prep) · Part: College Entrance — Test 5 (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 oligopoly?

A) Few sellers

B) One seller

C) Many sellers

D) No sellers

Question 2

What is money supply?

A) Gold only

B) Cash plus deposits

C) Stocks

D) Bonds

Question 3

What is monopolistic?

A) One seller

B) Few sellers

C) Many sellers varied

D) No sellers

Question 4

What is a bond?

A) Share

B) Bill

C) Coin

D) Lent money paper

Question 5

What is the Phillips curve?

A) Inflation jobless tradeoff

B) No tradeoff

C) Same direction

D) Flat line

Question 6

Which of the following best defines competition?

A) One seller

B) Rival sellers

C) No sellers

D) Government only

Question 7

Which of the following best defines opportunity cost?

A) Money spent

B) No cost

C) Next-best given up

D) Total cost

Question 8

What best defines interest?

A) Free money

B) Savings gift

C) Tax refund

D) Borrowing cost

Question 9

What best defines stagflation?

A) Slow plus prices

B) Fast growth

C) Falling prices

D) Boom

Question 10

What best defines inflation?

A) Falling prices

B) Rising prices

C) Flat wages

D) High taxes

Question 11

Which term means "Lower opportunity cost"?

A) scarcity

B) opportunity cost

C) comparative advantage

D) equilibrium

Question 12

What best defines real GDP?

A) Nominal only

B) Debt total

C) Trade total

D) Inflation-adjusted

Question 13

What best defines a bank run?

A) Panic withdrawals

B) Long lines

C) New deposits

D) Calm day

Question 14

Which of the following best defines profit?

A) Loss

B) Gain over cost

C) Break even

D) No sales

Question 15

What best defines a surplus?

A) Deficit

B) Debt

C) Revenue over spending

D) No money

Question 16

What best defines scarcity?

A) Endless goods

B) No wants

C) Free all

D) Limited resources

Question 17

What best defines the Fed?

A) Central bank

B) Treasury office

C) Private bank

D) World bank

Question 18

Which term means "Spending ripple"?

A) scarcity

B) the multiplier

C) opportunity cost

D) equilibrium

Question 19

What best defines GDP?

A) Debt total

B) Tax total

C) Output value total

D) Trade total

Question 20

Provide the definition of the national debt:

A) Yearly deficit

B) State debts

C) Bank loans

D) Owed total

US College AP Economics Micro Test 5

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