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Test your basic knowledge |
CLEP Macroeconomics - 3
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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. Business entity which legally has no separate existence from its owner.
decreases increases
Sole proprietorship
Automatic stabilizers
Liquidity
2. A GDP decline that lasts two-quarters (six months). A period of slow economic growth
Fractional
Recession
Command economic system
Aggregate demand
3. The smallest dollar amount for which a seller would be willing to sell an additional unit - generally equal to marginal cost
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4. Caused by changes in the overall economy.
Inflation
decreases increases
Recession
Cyclical unemployment
5. The difference between the price received by the seller and the seller's reservation price
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6. The goods and services sector focuses largely on the level of ______ .
Buyer's surplus
Aggregation
Substitution effect
Income
7. A market with unrestricted trading of goods - where the prices of goods are determined by supply and demand.
Inside lag
Trough
Free market
Anchored inflation expectations
8. A difference between the potential output (potential GDP) of an economy and its actual output (actual GDP)
Partnership
Short run equilibrium output
Output gap
Deflation
9. The time between the need for a macroeconomic policy and its implementation
Okun's Law
Boom
Inside lag
Fisher effect
10. The labor sector highlights the rate of ____ .
Capital income
Pay
Business cycle
Output gap
11. Maximum price that a customer is willing to pay for a good
Output gap
Reservation price
Inflationary gap
Outside lag
12. The portion of planned aggregate expenditure that is not based on output
Asset
Income
Excess Supply
Autonomous Expenditure
13. There is an ___________ ___ when aggregate output is above potential output
Inflationary gap
decreases increases
Aggregate supply
Aggregation
14. Legal entity that has received a charter from a state or federal government.
Capital goods
Interest
Traditional economic system
Corporation
15. When inflation suddenly deviates from its normal course.
Congressional budget office
Aggregate Supply
Autonomous Expenditure
Inflation shock
16. When the people believe that the nation's central bank will keep inflation rates low.
Indexing
Unemployment insurance
NRU
Credibility of monetary policy
17. Gross domestic product adjusted for inflation; gross domestic product in a year divided by the GDP price index for that year - the index expressed as a decimal
Intermediate Goods
Real GDP
Unemployment insurance
AD curve intersects the SAS curve
18. The international sector emphasizes the ________ rate.
Exchange
Sunk cost
Economic efficiency
Marginal benefit
19. On a demand curve - the _____ of the item is placed on the vertical axis of the graph.
Price
Sunk cost
Monopsony
Inside lag
20. When both producers and consumers are satisfied with their quantities at market price.
Market equilibrium
Marginal cost
Worker mobility
Law of Supply
21. 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).
Free market
Inflation inertia
Reservation price
Frictional unemployment
22. Patents - Goodwill - and Trademarks (lack physical substance)
Intangible Assets
Marginal cost
Exchange
Business cycle
23. Unicorporated entity that has shared ownership.
Average tax rate
Aggregate supply shock
Structural policy
Partnership
24. The amount spent by a household on goods and services such as: entertainment - food - and other perishables.
Consumption
Intangible Assets
Worker mobility
Credibility of monetary policy
25. A flaw in the CPI that exaggerates real increases in the cost of living by failing to take into account customers ability to choose equally desirable goods or services when the price of their preferred good or service increases
Substitution bias
Inflation shock
Stabilization policies
Free market
26. When people's expectations of future inflation do not change even though inflation rates change.
Anchored inflation expectations
Sole proprietorship
Monopsony
Free market
27. Economic rule stating that if two items satisfy the same need and the price of one rises - people will buy the other.
Exchange
Lorenz curve
AD curve intersects the SAS curve
Substitution effect
28. Represents the governmental tax rate that will best maximize tax revenues.
AD curve intersects the SAS curve
Sole proprietorship
Laffer curve
Average tax rate
29. The difference between the buyer's reservation price and the seller's reservation price. Consumer surplus + Producer surplus
Fisher effect
Keynesian model
Adam Smith
Total surplus
30. The increase in total cost that comes from producing one additional unit of a specific good or service.
Inflation
Marginal cost
Capitalism
Market equilibrium
31. Combines pure market and command. Example: Japan
Capital income
Lorenz curve
Phillips curve
Mixed market
32. A cost that is beyond recovery the moment a consumer decides to purchase a certain good or service is made
Traditional economic system
Standard of living
Automatic stabilizers
Sunk cost
33. The opposite of a substitute good - because it usually completes another item and may lead to more consumption of that item.
Excess Supply
Interest
Marginal cost
Complement
34. Caused by changes in demand or technology. Long-term and continual unemployment that continues even though the economy is producing normally
Partnership
Structural unemployment
Congressional budget office
Exchange
35. A quantity that is measured in real terms - the actual quantity of a good or service
Real quantity
Labor productivity
Recession
Autonomous Expenditure
36. Total supply of goods and services in an economy
Rationing
Aggregate supply
Gross Domestic Product (GDP)
Mixed market
37. The monetary sector focuses on the ________ rate.
Complement
Supply-side policy
Inflation shock
Interest
38. Goods like food and clothing that have a short lifespan.
Consumer Nondurables
Unemployment insurance
Four sectors of the economy
Boom
39. Is equal to Consumption + Government Expenditures + Investment + Exports - Imports The market value of all goods and services produced within a nation during a specified amount of time.
Sunk cost
Intermediate Goods
Gross Domestic Product (GDP)
Frictional unemployment
40. 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.
Real employment
Labor unions
Equilibrium price
Keynesian economic theory
41. A large - unexpected change in the cost of resources.
Gross National Product (GNP)
Capital income
Labor unions
Aggregate supply shock
42. Used to demonstrate shifts in income distribution among a population over time.
Lorenz curve
Seller's surplus
Contractionary policies
Boom
43. The annual percentage rate of change in price level reflected by price indexes
Fractional
Corporation
The rate of inflation
Nominal GDP
44. The percentage of working-age people within the labor force
Interest
Monetarism
Participation rate
Laffer curve
45. 1 percent more unemployment results in 2 percent less output.
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46. The price of a good or service in relation to the price of other goods and services.
Planned aggregate expenditure (PAE)
The rate of inflation
Keynesian economic theory
Relative price
47. Government policies aimed at stabilizing the economy by eliminating output gaps
Laffer curve
Business cycle
Stabilization policies
Frictional unemployment
48. A phrase coined by Adam Smith to describe the process that turns self directed gain into social and economic benefits for all.
Gross Domestic Product (GDP)
The Wealth Effect
Invisible hand
Partnership
49. The output per employed worker
Interest
Real GDP
Partnership
Labor productivity
50. Concerned with analyzing whether or not a policy should be used.
Economic efficiency
Normative analysis
Recession
Nominal GDP
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