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CLEP Macroeconomics - 3

Subjects : clep, economics
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. That efficiency leads to economic prosperity for all.






2. (n) something of value; a resource; an advantage






3. Legal entity that has received a charter from a state or federal government.






4. A market with unrestricted trading of goods - where the prices of goods are determined by supply and demand.






5. Goods that are used in the production of final goods.






6. The portion of planned aggregate expenditure that is not based on output






7. An extreme decline in the rate of inflation. Can lead to high levels of unemployment and recessionary gaps.






8. Economies based on capitalism have microeconomic instability and that government is required to properly stabilize the economy.






9. The speed that money changes hands in order to buy and sell final goods and services.






10. A policy that affects potential output






11. Represents the governmental tax rate that will best maximize tax revenues.






12. Caused by changes in demand or technology. Long-term and continual unemployment that continues even though the economy is producing normally






13. Distributing a good or resource among consumers that would like to have more of that good or resource than is made available






14. Programs and economic policies such as income taxes - unemployment insurance and TANF (Temporary Aid to Needy Families) that are automatically in place - help to decrease fluctuations in the GDP.






15. Government policies intended to increase spending and output.






16. The economic theory that states the main cause of change in aggregate output and price level is the result of monetary supply and the interest rate that comes from the amount of monetary supply






17. The degree to which people have access to goods and services that make their lives better.






18. A measure of overall price levels at a specific point in the price index.






19. Can be found by multiplying the average labor productivity by the percentage of people that are working in the economy.






20. The relationship between disposable income and spending on consumable goods and services






21. The value of all goods and services produced anywhere in the world by a nation's citizens during a specified amount of time.






22. Organizations that act as moderators between employers and employees






23. Money multiplied by velocity equals nominal GDP.






24. In a traditional economic system - the availability of resources is based on inheritance. Goods are only produced for consumption and surpluses do not occur. This type of economy is normally found in South American - Asian - and African countries.






25. The difference between the price received by the seller and the seller's reservation price

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26. The difference between a buyer's reservation price (the price they want to pay) and the actual price paid for a good or service

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27. Used to demonstrate shifts in income distribution among a population over time.






28. Total supply of goods and services in an economy






29. The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.






30. The amount spent by a household on goods and services such as: entertainment - food - and other perishables.






31. A record of economic increases and decreases over time.






32. The real cost of changing a listed price.






33. A difference between the potential output (potential GDP) of an economy and its actual output (actual GDP)






34. Sole proprietorships - partnerships - and corporations are private producing units of the economy knows as __________.






35. An increase in spending due to a perceived increase in wealth.






36. Goods like food and clothing that have a short lifespan.






37. The total demand for a country's output. It includes demands for consumption - investment - government purchases - and net exports.






38. Refers to individuals between jobs seeking new employment - people re-entering the workforce (ie mom whose kids are grown) - and new entrants (ie college graduates).






39. The basic assumption of this model is that in the short run - firms meet demand at present price.






40. The difference between the buyer's reservation price and the seller's reservation price. Consumer surplus + Producer surplus






41. Involves increasing a nominal quantity so that it remains unaffected by increases in inflation






42. There is an ___________ ___ when aggregate output is above potential output






43. A law stating that as a person consumes additional units of a good - eventually the utility gained from each additional unit of the good decreases.






44. The slow change in inflation from year to year in industrialized nations






45. A law stating that as the price of a product increases the demand of that product decreases - while if the price of a product decreases the demand for that product increases.






46. When there is no cyclical unemployment and every person who wishes to work is able to find a job at the prevailing rate for wages and in the prevailing working conditions.






47. Business entity which legally has no separate existence from its owner.






48. The annual percentage rate of change in price level reflected by price indexes






49. The labor sector highlights the rate of ____ .






50. A large - unexpected change in the cost of resources.







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