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






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






3. A result of there only being one buyer of a resource input - good - or service.






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






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






6. That efficiency leads to economic prosperity for all.






7. 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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8. Goods not counted in the nation's GDP.






9. Government policies aimed at stabilizing the economy by eliminating output gaps






10. Government policies intended to avoid inflation and other effects due to increased expansion. Includes: Action such as decreasing government spending - increasing taxes - and decreasing the supply of money - and raising interest rates.






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






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






13. Unicorporated entity that has shared ownership.






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






15. The beginning of a recession






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






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






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






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






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






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






22. Organizations that act as moderators between employers and employees






23. The time period between a policy's implementation and its desired effects on an economy.






24. 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






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






26. The output per employed worker






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






28. 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.






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






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






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






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






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






34. When goods and services are made and consumed at the best levels for the society. Nothing more can be acheived with the resources available.






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






36. When quantity supplied is more than quantity demanded. The formula for excess supply is: Supply - Demand = Excess Supply






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






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






39. Government policies intended to increase spending and output.






40. An increase in this would cause an increase in the aggregate supply






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






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






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






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






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






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






47. 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.






48. The labor sector highlights the rate of ____ .






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






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







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