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






2. The output per employed worker






3. Caused by changes in the overall economy.






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






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






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






7. The real cost of changing a listed price.






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






9. Most free-market banking systems are based on __________ reserves.






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






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






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






13. A free market system that relies on private property ownership and supply and demand






14. The lowest point of the recession






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






16. That efficiency leads to economic prosperity for all.






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






18. Caused by changes in demand or technology. Long-term and continual unemployment that continues even though the economy is producing normally






19. Unicorporated entity that has shared ownership.






20. The economic theory that states the main cause of change in aggregate output and price level is the result of monetary supply and the interest rate that comes from the amount of monetary supply






21. The international sector emphasizes the ________ rate.






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






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






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






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






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






27. The ease with which an asset can be converted to currency.






28. Payments that the government makes to unemployed workers.






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






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






31. The monetary sector focuses on the ________ rate.






32. The law that states that as the price of any good or service increases - the quantity of that good or service will increase and vice versa.






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






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






35. If the Federal Reserve lowers the reserve ratio - it ______ the bank's required reserves and ______ the quantity of money.






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






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






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






39. Money multiplied by velocity equals nominal GDP.






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






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






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






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






44. The labor sector highlights the rate of ____ .






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






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






47. 1 percent more unemployment results in 2 percent less output.

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






49. 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.






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






Can you answer 50 questions in 15 minutes?



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