US College AP Economics Micro Test 6

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20 questions · All questions on one page

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College Entrance — Test 6 (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 6 (Ap Economics Micro) · Education: High School (College Prep) · Part: College Entrance — Test 6 (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 shifts demand?

A) Tastes income prices

B) No factors

C) Supply only

D) Weather only

Question 2

What is comparative advantage?

A) Absolute best

B) Lower opportunity cost

C) No trade

D) Tariffs

Question 3

What is a surplus?

A) Deficit

B) Debt

C) Revenue over spending

D) No money

Question 4

What is the multiplier?

A) Tax hike

B) No effect

C) Savings only

D) Spending ripple

Question 5

What is a quota?

A) Import limit

B) Export gift

C) No limit

D) Tax rate

Question 6

What best defines competition?

A) One seller

B) Rival sellers

C) No sellers

D) Government only

Question 7

What best defines opportunity cost?

A) Money spent

B) No cost

C) Next-best given up

D) Total cost

Question 8

Provide the definition of interest:

A) Free money

B) Savings gift

C) Tax refund

D) Borrowing cost

Question 9

Provide the definition of stagflation:

A) Slow plus prices

B) Fast growth

C) Falling prices

D) Boom

Question 10

Provide the definition of inflation:

A) Falling prices

B) Rising prices

C) Flat wages

D) High taxes

Question 11

What best defines money supply?

A) Gold only

B) Stocks

C) Cash plus deposits

D) Bonds

Question 12

Provide the definition of real GDP:

A) Nominal only

B) Debt total

C) Trade total

D) Inflation-adjusted

Question 13

Provide the definition of a bank run:

A) Panic withdrawals

B) Long lines

C) New deposits

D) Calm day

Question 14

What best defines profit?

A) Loss

B) Gain over cost

C) Break even

D) No sales

Question 15

Which term means "Company share"?

A) scarcity

B) opportunity cost

C) a stock

D) equilibrium

Question 16

Provide the definition of scarcity:

A) Endless goods

B) No wants

C) Free all

D) Limited resources

Question 17

Provide the definition of the Fed:

A) Central bank

B) Treasury office

C) Private bank

D) World bank

Question 18

What best defines a bond?

A) Share

B) Lent money paper

C) Bill

D) Coin

Question 19

Provide the definition of GDP:

A) Debt total

B) Tax total

C) Output value total

D) Trade total

Question 20

Which term means "Deposit insurance"?

A) scarcity

B) opportunity cost

C) equilibrium

D) FDIC

US College AP Economics Micro Test 6

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