Test your basic knowledge |

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






2. The difference between a buyer's reservation price (the price they want to pay) and the actual price paid for a good or service

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






4. The level of output where output equals planned aggregate expenditure






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






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






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






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






9. 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.






10. Payments that the government makes to unemployed workers.






11. Total supply of goods and services in an economy






12. Unicorporated entity that has shared ownership.






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






14. The beginning of a recession






15. Is equal to Consumption + Government Expenditures + Investment + Exports - Imports The market value of all goods and services produced within a nation during a specified amount of time.






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






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






18. When economists fail to account for improvements in goods or services and incorrectly report inflation as higher.






19. 1 percent more unemployment results in 2 percent less output.

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


20. The tendency for nominal interest rates to be high when inflation rates are high and low when inflation rates are low.






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






22. That efficiency leads to economic prosperity for all.






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






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






25. 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.






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






27. A law stating that as a person consumes additional units of a good - eventually the utility gained from each additional unit of the good decreases.






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






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






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






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






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






33. Money multiplied by velocity equals nominal GDP.






34. Government policies intended to increase spending and output.






35. A macroeconomic policy that directly affects the structure and various institutions of an economy






36. The lowest point of the recession






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






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






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






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






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






42. Involves increasing a nominal quantity so that it remains unaffected by increases in inflation






43. An increase in spending due to a perceived increase in wealth.






44. Demonstrates that there is an inverse relationship between inflation and unemployment; as inflation increases - unemployment decreases (and vice versa).






45. 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.






46. The movement of workers between jobs - companies - and industries






47. 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.






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






49. The smallest dollar amount for which a seller would be willing to sell an additional unit - generally equal to marginal cost

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests