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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. The output per employed worker






2. Money multiplied by velocity equals nominal GDP.






3. The adding up of individual economic variables to obtain a large - general picture of the economy.






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






5. 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.






6. The opposite of a substitute good - because it usually completes another item and may lead to more consumption of that item.






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






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






9. 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).






10. 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.






11. Extreme economic growth






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






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






14. The continuing increase in the average level of prices of goods and services over time.






15. A macroeconomic policy that directly affects the structure and various institutions of an economy






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






17. The labor sector highlights the rate of ____ .






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






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






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






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






22. A Scottish man (1723-1790) who is known as the father of modern economics.






23. Concerned with analyzing whether or not a policy should be used.






24. The price of a good or service in relation to the price of other goods and services.






25. Real Estate - Equipment - and Cash (physical assets)






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






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






28. When an economic unit makes more than it spends






29. Total tax paid divided by total (taxable) income - as a percentage.






30. The price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time.






31. When prices fall consistently over time - leading to negative inflation.






32. Measures the ability of an economy to produce (output) goods and services in the short-term and the long-term.






33. The rate of price increase on all things except food and energy






34. 1 percent more unemployment results in 2 percent less output.

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35. 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.






36. 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.






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






38. Unicorporated entity that has shared ownership.






39. The international sector emphasizes the ________ rate.






40. Describes how the economy directly effects the actions policymakers take.






41. 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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42. The tendency for nominal interest rates to be high when inflation rates are high and low when inflation rates are low.






43. The real cost of changing a listed price.






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






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

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46. Goods and services sector - Labor sector - monetary sector - international sector.






47. A phrase coined by Adam Smith to describe the process that turns self directed gain into social and economic benefits for all.






48. Long Run Aggregate Supply - The natural level of GDP - shown vertical on a graph. When LRAS shifts - SRAS (Short Run Aggregate Supply) will follow .






49. 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






50. The amount of workers that are willing to work for a real wage.







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