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CLEP Macroeconomics - 3
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Subjects
:
clep
,
economics
Instructions:
Answer 50 questions in 15 minutes.
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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 relationship between disposable income and spending on consumable goods and services
Excess Supply
Okun's Law
Consumption function
Law of Supply
2. When the rate of inflation is extremely high.
Excess Supply
Hyperinflation
Short run equilibrium output
Supply-side policy
3. Goods not counted in the nation's GDP.
Monetarism
Anchored inflation expectations
Seller's reservation price
Intermediate Goods
4. When economists fail to account for improvements in goods or services and incorrectly report inflation as higher.
Intangible Assets
The quality adjustment bias
Law of Diminishing Marginal Utility
Nominal GDP
5. Real Estate - Equipment - and Cash (physical assets)
Anchored inflation expectations
Tangible Assets
Frictional unemployment
Substitution effect
6. Involves increasing a nominal quantity so that it remains unaffected by increases in inflation
Indexing
Menu cost
Capital income
Saving
7. Maximum price that a customer is willing to pay for a good
Labor productivity
Outside lag
Reservation price
Okun's Law
8. Caused by changes in demand or technology. Long-term and continual unemployment that continues even though the economy is producing normally
Structural unemployment
Buyer's surplus
Aggregation
NRU
9. The goods and services sector focuses largely on the level of ______ .
Indexing
Income
Fractional
Participation rate
10. The part of economics study that looks at the operation of a nation's economy as a whole
Normative analysis
Macroeconomics
Complement
Keynesian economic theory
11. The lowest point of the recession
Partnership
Trough
Consumption
Velocity
12. Government policies aimed at stabilizing the economy by eliminating output gaps
Income
Monopsony
Stabilization policies
Cyclical unemployment
13. The difference between the buyer's reservation price and the seller's reservation price. Consumer surplus + Producer surplus
Corporation
Total surplus
Structural unemployment
Gross Domestic Product (GDP)
14. Legal entity that has received a charter from a state or federal government.
Outside lag
Recession
Corporation
Capital income
15. Includes payment to the owners of tangible and intangible capital items such as: factories - machines - and copyrights.
Price level
Expansionary policies
Gross Domestic Product (GDP)
Capital income
16. When inflation suddenly deviates from its normal course.
Inflation shock
Marginal tax rate
Tangible Assets
The real GDP per person
17. Used in the production of final goods - but instead of being consumed - are available for reuse.
Equilibrium price
Credibility of monetary policy
Aggregate demand
Capital goods
18. A record of economic increases and decreases over time.
Law of Supply
Business cycle
Reservation price
Consumption function
19. 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.
Macroeconomics
Inflationary gap
Automatic stabilizers
Planned aggregate expenditure (PAE)
20. Goods that are used in the production of final goods.
Core rate of inflation
Income
Complement
Intermediate goods
21. The continuing increase in the average level of prices of goods and services over time.
Law of Supply
Inflation
The Wealth Effect
Trough
22. Money multiplied by velocity equals nominal GDP.
Quantity equation
Cyclical unemployment
Excess Supply
Capital goods
23. When quantity supplied is more than quantity demanded. The formula for excess supply is: Supply - Demand = Excess Supply
Socially optimal quantity
Excess Supply
Boom
Aggregate supply
24. The government office that is responsible for projecting federal surpluses and deficits
Congressional budget office
Exchange
The quality adjustment bias
Sunk cost
25. An extreme decline in the rate of inflation. Can lead to high levels of unemployment and recessionary gaps.
Disinflation
Real GDP
Socially optimal quantity
Potential output
26. The increase in total cost that comes from producing one additional unit of a specific good or service.
Marginal cost
Outside lag
Free market
Contractionary policies
27. The basic assumption of this model is that in the short run - firms meet demand at present price.
Traditional economic system
Mixed market
Marginal benefit
Keynesian model
28. Can be found by multiplying the average labor productivity by the percentage of people that are working in the economy.
Complement
Monopsony
Real employment
The real GDP per person
29. 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
Laffer curve
Partnership
Substitution bias
Inflation shock
30. Goods and services sector - Labor sector - monetary sector - international sector.
Tangible Assets
Seller's surplus
Labor unions
Four sectors of the economy
31. If the Federal Reserve lowers the reserve ratio - it ______ the bank's required reserves and ______ the quantity of money.
Credibility of monetary policy
The Wealth Effect
Cyclical unemployment
decreases increases
32. Organizations that act as moderators between employers and employees
Normative analysis
Capital goods
Marginal tax rate
Labor unions
33. A difference between the potential output (potential GDP) of an economy and its actual output (actual GDP)
NRU
Outside lag
Output gap
The rate of inflation
34. Unicorporated entity that has shared ownership.
Partnership
Trough
Aggregate supply
Business cycle
35. Caused by changes in the overall economy.
Cyclical unemployment
The principle of efficiency
Hyperinflation
Seller's reservation price
36. The amount spent by a household on goods and services such as: entertainment - food - and other perishables.
Consumption
Phillips curve
Inflation shock
Aggregate Supply
37. The level of output where output equals planned aggregate expenditure
Short run equilibrium output
Aggregate demand
Planned aggregate expenditure (PAE)
Rationing
38. (n) something of value; a resource; an advantage
Short run equilibrium output
Monopsony
Asset
Macroeconomics
39. The degree to which people have access to goods and services that make their lives better.
Real quantity
Worker mobility
Standard of living
Average tax rate
40. Payments that the government makes to unemployed workers.
Unemployment insurance
Output gap
Frictional unemployment
Inflation inertia
41. A result of there only being one buyer of a resource input - good - or service.
Price level
Monopsony
Expansionary policies
Trough
42. The annual percentage rate of change in price level reflected by price indexes
Inside lag
Corporation
The rate of inflation
Peak
43. Short-run macroeconomic equilibrium occurs at the level of GDP where the:
Worker mobility
AD curve intersects the SAS curve
Law of Demand
Free market
44. The slow change in inflation from year to year in industrialized nations
Inflation inertia
The real GDP per person
Corporation
Consumer Nondurables
45. Measures the ability of an economy to produce (output) goods and services in the short-term and the long-term.
Short run equilibrium output
Worker mobility
Aggregate Supply
Hyperinflation
46. An increase in spending due to a perceived increase in wealth.
Frictional unemployment
Cyclical unemployment
Seller's surplus
The Wealth Effect
47. The ease with which an asset can be converted to currency.
Liquidity
Law of Diminishing Marginal Utility
Exchange
Real GDP
48. There is an ___________ ___ when aggregate output is above potential output
Inflationary gap
The quality adjustment bias
AD curve intersects the SAS curve
Seller's surplus
49. 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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50. Distributing a good or resource among consumers that would like to have more of that good or resource than is made available
Indexing
decreases increases
Capital goods
Rationing
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