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






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






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






4. An extreme decline in the rate of inflation. Can lead to high levels of unemployment and recessionary gaps.






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






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






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






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






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






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






11. The value of all goods and services produced anywhere in the world by a nation's citizens during a specified amount of time.






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






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






14. 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.






15. Money multiplied by velocity equals nominal GDP.






16. Government policies intended to increase spending and output.






17. The beginning of a recession






18. Short-run macroeconomic equilibrium occurs at the level of GDP where the:






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






20. When the rate of inflation is extremely high.






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






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

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23. When people's expectations of future inflation do not change even though inflation rates change.






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






25. When inflation suddenly deviates from its normal course.






26. Total supply of goods and services in an economy






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






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






29. The output per employed worker






30. The monetary sector focuses on the ________ rate.






31. Patents - Goodwill - and Trademarks (lack physical substance)






32. Payments that the government makes to unemployed workers.






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






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






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






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






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






38. Total tax paid divided by total (taxable) income - as a percentage.






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






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






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






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






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






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






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






46. Extreme economic growth






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






48. Maximum price that a customer is willing to pay for a good






49. Unicorporated entity that has shared ownership.






50. 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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