To browse Academia. Skip to main content. Log In Sign Up. T7k Evby2g. The Mercantilists did not advocate: a. According to Adam Smith, international trade is based on: a. What proportion of international trade is based on absolute advantage? All b. The commodity in which the nation has the smallest absolute disadvantage is the commodity of its: a.
If in a two-nation A and Btwo-commodity X and Y world, it is established that nation A has a comparative advantage in commodity X, then nation B must have: a.
If with one hour of labor time nation A can produce either 3X or 3Y while nation B can produce either 1X or 3Y and labor is the only input : a. With one hour of labor time nation A can produce either 3X or 3Y, while nation B can produce either 1X or 3Y and labor is the only input. If 3X is exchanged for 3Y: a. With one hour of labor time nation A can produce either 3X or 3Y while nation B can produce either 1X or 3Y and labor is the only input.
The range of mutually beneficial trade between nation A and B is: a. Ricardo explained the law of comparative advantage on the basis of: a. Which of the following statements is true? The combined demand for each commodity by the two nations is negatively sloped b. All of the above statements are true. A difference in relative commodity prices between two nations can be based upon a difference in: a.
In trade between a small and a large nation: a. Small countries are likely to gain a great deal from trade since they have little impact on world prices. Small countries are likely to gain a great deal from trade because they will be able to sell large amounts on world markets.
Test Bank (Download Only) for Macroeconomics, 7th Edition
Large countries are likely to gain a great deal from trade since they have a large impact on world prices. All countries are will gain from trade because every country will have a comparative advantage in at least one good. The Ricardian trade model has been empirically a. The first empirical test of the comparative advantage trade model was conducted by a. MacDougall b. Marshall c. Jevons d. If nation A can produce 5 units of good X or 10 units of good Y and nation B can produce 4 units of good X or 12 units of good Y we can conclude that nation A has a a.
Comparative advantage in X and an absolute advantage in Y b. Comparative advantage in X and an absolute advantage in X c. Comparative advantage in Y and an absolute advantage in X d. The Mercantilists believed in a.
The theory of comparative advantage was first proposed by a. Adam Smith b. David Ricardo c.Go to AP Central for resources for teachers, administrators, and coordinators.
See the course schedule or browse the YouTube playlist. We'll also offer at-home testing for AP Exams. Note that any related adjustments to AP Exams, such as length or content covered, may not be reflected on all AP Students pages. Explore the principles of economics that apply to an economic system as a whole.
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The course content outlined below is organized into commonly taught units of study that provide one possible sequence for the course. Your teacher may choose to organize the course content differently based on local priorities and preferences. This is the core document for the course.
It clearly lays out the course content and describes the exam and AP Program in general. Choosing Your AP Courses. Join Your Class Section Online. AP Students. Not a Student? Go to My AP.
About the Course About the Exam. Skills You'll Learn Define economic principles and models Explain given economic outcomes Determine outcomes of specific economic situations Model economic situations using graphs or visual representations.
College Course Equivalent A one-semester, introductory college course in macroeconomics. Recommended Prerequisites None. About the Units The course content outlined below is organized into commonly taught units of study that provide one possible sequence for the course. Course Content. Expand All Collapse All. Topics may include: Scarcity Opportunity cost and the Production Possibilities Curve Comparative advantage and gains from trade Supply and demand Market equilibrium, disequilibrium, and changes in equilibrium.
Topics may include: Financial assets Definition, measurement, and functions of money Banking and the expansion of the money supply Monetary policy. Start a Search. Course Resources resource. Explore Your Future.
Career Areas Majors Additional Information. Previous Why Take the Course. Next About the Exam. Not a student? Go to AP Central for resources for educators.Download instructor resources. Additional order info. Pearson offers special pricing when you package your text with other student resources. If you're interested in creating a cost-saving package for your students, contact your Pearson rep.
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Overview Order Downloadable Resources Overview. Download Resources. Previous editions. Test Bank Download only for Macroeconomics, 6th Edition. Sign In We're sorry! Username Password Forgot your username or password? Sign Up Already have an access code? Instructor resource file download The work is protected by local and international copyright laws and is provided solely for the use of instructors in teaching their courses and assessing student learning.
Signed out You have successfully signed out and will be required to sign back in should you need to download more resources.The prospect of taking AP Macroeconomics during junior or senior year of high school is the cause of a lot of apprehension amongst high school students.
Even if you consider yourself an economics expert, you may also find yourself feeling nervous upon enrolling for this class, simply because AP classes are known for being extremely demanding in terms of the amount of material they cover and the depth at which they cover that material. When looking ahead to having to learn everything taught in AP Macroeconomics, you may find yourself wondering how this information is organized, and what you should focus on in order to adequately prepare yourself for the AP exam, not just in the weeks before it, but throughout your class experience.
Armed with this knowledge and these resources, you will have no reason to be nervous about facing AP Macroeconomics—you might even find yourself excited to take the class! Like all AP courses, AP Macroeconomics aims to replicate the experience of an introductory collegiate course for advanced high schoolers who are intellectually prepared for such a demanding course. In the case of AP Macroeconomics, this course is an introductory collegiate macroeconomics course.
As opposed to AP Microeconomics, which focuses on economic principles as they influence the decisions of producers and consumers, AP Macroeconomics takes a larger view of economics by examining how economic principles can be applied to the actions of an entire government or the interactions between various nations. Students who successfully complete an AP Macroeconomics course typically take the AP Macroeconomics exam in order to attempt to demonstrate their knowledge and earn college credit for their efforts.
The AP Macroeconomics exam consists of two sections: a multiple-choice section and a free response section. The free response section of the AP Macroeconomics exam lasts for one hour. It is recommended that students split their composition time equally between the one long and two short free-response questions. Now that you have a general sense of the topics that AP Macroeconomics expects you to learn, you may be wondering where you can find additional resources to help you make sure that you keep up with the class without accidentally leaving gaps in your AP Macroeconomics knowledge.
AP Macroeconomics Practice Exams
Each free AP Macroeconomics Practice Test consists of about a dozen AP Macroeconomics problems; think of each Practice Test as being a little quiz which you can use to test your skills.
After completing an AP Macroeconomics Practice Test, you receive detailed statistics about your performance, including how you did in relation to students who answered the same problems and how long it took you to answer each problem. You also get to view full explanations of how to arrive at the correct answer for each question, so if you missed a question, you can figure out where you went wrong and not make the same mistake again later.
We are open Saturday and Sunday! Subject optional. Home Embed. Email address: Your name:. Our completely free AP Macroeconomics practice tests are the perfect way to brush up your skills. Take one of our many AP Macroeconomics practice tests for a run-through of commonly asked questions.
You will receive incredibly detailed scoring results at the end of your AP Macroeconomics practice test to help you identify your strengths and weaknesses. Pick one of our AP Macroeconomics practice tests now and begin! Questions : 3. Average Time Spent : 5 mins.
Questions : 1. Average Time Spent : 13 secs. Average Time Spent : 14 secs. Questions : 2. Average Time Spent : 36 secs. Average Time Spent : 3 mins. Average Time Spent : 1 mins 6 secs.
Average Time Spent : 1 mins 44 secs.Micro Unit 1 Summary- Basic Economic Concepts
Average Time Spent : 12 secs. Average Time Spent : 39 secs. Average Time Spent : 8 secs.To browse Academia. Skip to main content. Log In Sign Up. Jenny Ahn. B a trade surplus exists.
C a trade deficit exists. D receipts of factor income from the rest of the world exceed payments of factor income to the rest of the world.
B GNP minus consumption of fixed capital. C GDP plus consumption of fixed capital. D national income plus consumption of fixed capital. A nondurable goods B purchase of a new condominium C education expenses D none of the above Answer: B Diff: 1 5 Changes in business inventories will be positive when A production exceeds sales. B production is less than sales.
C a trade surplus exists. D a budget surplus exists. Given this information, we know with certainty that A a trade surplus exists. D the change in business inventories is positive. A indirect taxes B consumption of fixed capital C proprietors' income D all of the above Answer: C Diff: 2 9 Which of the following is not included in investment? D none of the above Answer: D Diff: 2 11 Changes in business inventories will be negative when A production exceeds sales.
Given this information, we know with certainty that A a trade deficit exists. B determine which variables in a model are endogenous and which are exogenous. C obtain a bar graph showing successive quarterly increases in output. D obtain a line describing consumption behavior in the real world. E determine the direction of causation between consumption and income. Answer: D Diff: 1 2 When we estimate a regression to determine the relationship between changes in consumption and changes in current income, we find that A there are no residuals.
B the R2 is zero. C the MPC is larger than one. D all of the above E none of the above Answer: E Diff: 1 3 When we use ordinary least squares to determine the relationship between changes in consumption and changes in both current and lagged income, we find that A only current income influences current consumption.
B current income has no impact on current consumption.The exam tests your conceptual, mathematical and graphical understanding of the material covered in this portion of the course. Please review the content from the units covered before attempting the exam. The summary notes below are concise outlines of the main points covered in each session, but are presented only as a study aid in reviewing for the exam.
They do not provide the in-depth knowledge needed to successfully complete the exam problems. Once you are comfortable with the course content, complete the following practice exams. These exams are from Professor William Wheaton's course site, The exam should be completed in 2 hours. This is a closed book exam. You are not allowed to use notes, equation sheets, books or any other aids. Don't show me this again. This is one of over 2, courses on OCW.
Find materials for this course in the pages linked along the left. No enrollment or registration. Freely browse and use OCW materials at your own pace. There's no signup, and no start or end dates. Knowledge is your reward. Use OCW to guide your own life-long learning, or to teach others.
We don't offer credit or certification for using OCW. Made for sharing. Download files for later. Send to friends and colleagues. Modify, remix, and reuse just remember to cite OCW as the source. Midterm Exam 1. Course Home Syllabus.
Principles of Macroeconomics
Unit 1: Supply and Demand. Unit 2: Consumer Theory. Unit 3: Producer Theory. Unit 4: Welfare Economics. Unit 5: Monopoly and Oligopoly. Unit 6: Topics in Intermediate Microeconomics.Publisher: University of Minnesota Libraries Publishing. The textbook covers all the topics that would typically be covered in a one semester principles of macro course. Measurement of production, employment, prices, interest rates.
Short run cycles and long run growth. Theoretical perspectives Comprehensiveness rating: 5 see less. Theoretical perspectives from the Keynesian and classical perspectives.
International topics trade, globalization. The index looks reasonable. It appears accurate to me. I teach principles of macro every semester so I am familiar with the basic content. I have not used it in a class yet, so I have not been through this book in detail. The information is up to date as of I assume that this will be periodically updated. Not much has changed in principles of macro recently, so keeping this text current will not be much of an issue until the next recession occurs.
This is based on Tim Taylors book they bought the rights so the original text was written by a respected economist. It is clearly written and undergrads should find this engaging and accessible. The jargon is minimal. The terminology and framework are completely standard for a principles of macro text. Again, I have taught principles of macro every semester for the last years, and the terminology and framework here are what would be expected.
No long blocks of text. Frequent and clear subheadings. If anything, the chapters appear to be quite short. Some of the chapters appear to be approximately one 75 minute lecture of material. Very typical organization for a principles of macro text. I have used several two in the last 3 years - John Taylor and Coppock and Mateerand they all have the same basic organization. I did not see any grammatical errors.
I did not read every chapter, but I'm sure Tim Taylor's book was thoroughly edited when it was being published by a for-profit publishing house. Examples are drawn fro all over the world, and the photos are inclusive. I did not see any culturally insensitive passages. Each chapter has about multiple choice questions.
This probably not enough for use in a large enrollment section - most test banks from for-profit publishers contain at least multiple choice questions per chapter. The multiple questions all look fine to me. They basically contain some of the figures, photos, and tables from the text. It will take some time and effort for instructors to develop complete PowerPoint slides for this book. Having spent a bit of time working my way through other textbooks to arrive at one that seemed to fit my style of teaching, I am pleasantly surprised at the comprehensiveness of this text.
It covers all the main principles that would typically be