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






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






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






4. Organizations that act as moderators between employers and employees






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






6. 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






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






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






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






10. Money multiplied by velocity equals nominal GDP.






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






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






13. The international sector emphasizes the ________ rate.






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






15. Caused by changes in the overall economy.






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






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






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






19. The monetary sector focuses on the ________ rate.






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






21. When an economic unit makes more than it spends






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






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






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






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






26. The part of economics study that looks at the operation of a nation's economy as a whole






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






28. 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.






29. The labor sector highlights the rate of ____ .






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






31. When the rate of inflation is extremely high.






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






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






34. The increase in total cost that comes from producing one additional unit of a specific good or service.






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






36. Total supply of goods and services in an economy






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






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






39. That efficiency leads to economic prosperity for all.






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






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






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






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






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






45. The increase in total benefit that comes from producing one additional unit.






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

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






48. Unicorporated entity that has shared ownership.






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






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