US College AP Economics Micro Test 8

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20 questions · All questions on one page

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College Entrance — Test 8 (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 8 (Ap Economics Micro) · Education: High School (College Prep) · Part: College Entrance — Test 8 (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 a monopoly?

A) Single seller

B) Many sellers

C) No sellers

D) Buyer group

Question 2

What is real GDP?

A) Nominal only

B) Inflation-adjusted

C) Debt total

D) Trade total

Question 3

What is scarcity?

A) Endless goods

B) No wants

C) Limited resources

D) Free all

Question 4

What is GDP?

A) Debt total

B) Tax total

C) Trade total

D) Output value total

Question 5

Which term means "Currency price"?

A) exchange rate

B) scarcity

C) opportunity cost

D) equilibrium

Question 6

Which term means "Fed money control"?

A) scarcity

B) monetary policy

C) opportunity cost

D) equilibrium

Question 7

Which of the following best defines oligopoly?

A) One seller

B) Many sellers

C) Few sellers

D) No sellers

Question 8

Which term means "Slow plus prices"?

A) scarcity

B) opportunity cost

C) equilibrium

D) stagflation

Question 9

Which of the following best defines crowding out?

A) Govt borrowing raises rates

B) More investment

C) Lower rates

D) No effect

Question 10

Which of the following best defines fiscal policy?

A) Court rulings

B) Tax-spend management

C) Trade deals

D) Money printing

Question 11

Which of the following best defines comparative advantage?

A) Absolute best

B) No trade

C) Lower opportunity cost

D) Tariffs

Question 12

Which of the following best defines unemployment?

A) All working

B) Retired

C) Students

D) Jobless seeking

Question 13

Which of the following best defines a trade deficit?

A) Imports over exports

B) Extra savings

C) Balanced books

D) No trade

Question 14

Which of the following best defines monopolistic?

A) One seller

B) Many sellers varied

C) Few sellers

D) No sellers

Question 15

Which of the following best defines a stock?

A) Bond

B) Loan

C) Company share

D) Bill

Question 16

Which of the following best defines perfect competition?

A) One seller

B) Few sellers

C) No sellers

D) Many sellers same good

Question 17

Which of the following best defines a budget deficit?

A) Spending over revenue

B) Extra savings

C) Balanced books

D) No taxes

Question 18

Which of the following best defines the multiplier?

A) Tax hike

B) Spending ripple

C) No effect

D) Savings only

Question 19

Which of the following best defines equilibrium?

A) Shortage

B) Surplus

C) Supply meets demand

D) No trade

Question 20

What best defines FDIC?

A) Farm agency

B) Dam builder

C) Art fund

D) Deposit insurance

US College AP Economics Micro Test 8

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