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






2. Total supply of goods and services in an economy






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






4. The government office that is responsible for projecting federal surpluses and deficits






5. 1 percent more unemployment results in 2 percent less output.

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6. A quantity that is measured in real terms - the actual quantity of a good or service






7. 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).






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






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






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






11. 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.






12. The rise in taxes that occurs when before-tax income increases by one dollar






13. Economic rule stating that if two items satisfy the same need and the price of one rises - people will buy the other.






14. Goods not counted in the nation's GDP.






15. A GDP decline that lasts two-quarters (six months). A period of slow economic growth






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






17. The total value of goods and services produced in a country valued at current prices.






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






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






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






21. Used in the production of final goods - but instead of being consumed - are available for reuse.






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






23. 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






24. A policy that affects potential output






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






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






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






28. Combines pure market and command. Example: Japan






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






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






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






32. When both producers and consumers are satisfied with their quantities at market price.






33. Natural Rate of Unemployment - a rate that will always exist






34. The total planned spending on final goods and services.






35. Unicorporated entity that has shared ownership.






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






37. An economic system in which all factors of production are owned and controlled by the government. Often referred to as a centrally planned economic system. Example: Former Soviet Union.






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






39. When the people believe that the nation's central bank will keep inflation rates low.






40. 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.






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






42. The maximum amount that an economy can output over a period of time






43. On a demand curve - the _____ of the item is placed on the vertical axis of the graph.






44. The percentage of working-age people within the labor force






45. The goods and services sector focuses largely on the level of ______ .






46. Includes payment to the owners of tangible and intangible capital items such as: factories - machines - and copyrights.






47. When the rate of inflation is extremely high.






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






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






50. The lowest point of the recession






Can you answer 50 questions in 15 minutes?



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