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Test your basic knowledge |
CLEP Macroeconomics - 3
Start Test
Study First
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.
Monopsony
Law of Supply
Marginal benefit
Normative analysis
2. The ease with which an asset can be converted to currency.
Price
Liquidity
Price level
Seller's reservation price
3. The rate of price increase on all things except food and energy
Core rate of inflation
Labor unions
Law of Diminishing Marginal Utility
Aggregation
4. An extreme decline in the rate of inflation. Can lead to high levels of unemployment and recessionary gaps.
Disinflation
Gross National Product (GNP)
Policy reaction function
Law of Diminishing Marginal Utility
5. Goods like food and clothing that have a short lifespan.
Marginal tax rate
Consumer Nondurables
Aggregate supply shock
Aggregate supply
6. Economies based on capitalism have microeconomic instability and that government is required to properly stabilize the economy.
Inflation
Marginal cost
Relative price
Keynesian economic theory
7. A record of economic increases and decreases over time.
Partnership
Cyclical unemployment
Business cycle
Congressional budget office
8. An increase in this would cause an increase in the aggregate supply
Exchange
Seller's surplus
Inflation inertia
Labor productivity
9. Sole proprietorships - partnerships - and corporations are private producing units of the economy knows as __________.
Intermediate goods
Law of Diminishing Marginal Utility
Hyperinflation
Businesses
10. When both producers and consumers are satisfied with their quantities at market price.
Excess Supply
Market equilibrium
Rationing
Lorenz curve
11. The value of all goods and services produced anywhere in the world by a nation's citizens during a specified amount of time.
Anchored inflation expectations
Average tax rate
Intermediate goods
Gross National Product (GNP)
12. On a demand curve - the _____ of the item is placed on the vertical axis of the graph.
Mixed market
Price
Participation rate
Exchange
13. Caused by changes in demand or technology. Long-term and continual unemployment that continues even though the economy is producing normally
Structural unemployment
Phillips curve
Interest
Businesses
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.
Automatic stabilizers
Sole proprietorship
Boom
Free market
15. Money multiplied by velocity equals nominal GDP.
Quantity equation
Potential output
Frictional unemployment
Capital income
16. Government policies intended to increase spending and output.
Aggregation
Capital goods
Expansionary policies
Lorenz curve
17. The beginning of a recession
Complement
Labor unions
Four sectors of the economy
Peak
18. Short-run macroeconomic equilibrium occurs at the level of GDP where the:
AD curve intersects the SAS curve
Unemployment insurance
Macroeconomics
Seller's reservation price
19. The portion of planned aggregate expenditure that is not based on output
The real GDP per person
Boom
Autonomous Expenditure
Market equilibrium
20. When the rate of inflation is extremely high.
Hyperinflation
Structural policy
Tangible Assets
Marginal tax rate
21. When quantity supplied is more than quantity demanded. The formula for excess supply is: Supply - Demand = Excess Supply
Aggregate supply shock
The rate of inflation
Excess Supply
Indexing
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.
Structural unemployment
Anchored inflation expectations
LRAS
Disinflation
24. The rise in taxes that occurs when before-tax income increases by one dollar
Marginal tax rate
Keynesian model
Seller's surplus
The quality adjustment bias
25. When inflation suddenly deviates from its normal course.
Quantity equation
Mixed market
Credibility of monetary policy
Inflation shock
26. Total supply of goods and services in an economy
LRAS
Aggregate supply
The real GDP per person
Inflationary gap
27. Goods and services sector - Labor sector - monetary sector - international sector.
Seller's reservation price
Four sectors of the economy
Law of Diminishing Marginal Utility
Business cycle
28. Government policies aimed at stabilizing the economy by eliminating output gaps
Stabilization policies
Okun's Law
The quality adjustment bias
Worker mobility
29. The output per employed worker
Disinflation
Labor productivity
Tangible Assets
The Wealth Effect
30. The monetary sector focuses on the ________ rate.
Interest
Aggregate demand
Fractional
Trough
31. Patents - Goodwill - and Trademarks (lack physical substance)
Structural unemployment
Intangible Assets
Saving
Consumer Nondurables
32. Payments that the government makes to unemployed workers.
Law of Supply
Fractional
Unemployment insurance
Income
33. The speed that money changes hands in order to buy and sell final goods and services.
The principle of efficiency
Velocity
Interest
Labor supply
34. A GDP decline that lasts two-quarters (six months). A period of slow economic growth
The Wealth Effect
Recession
Supply-side policy
Law of Diminishing Marginal Utility
35. A measure of overall price levels at a specific point in the price index.
Price level
Reservation price
Real quantity
LRAS
36. Distributing a good or resource among consumers that would like to have more of that good or resource than is made available
Invisible hand
Hyperinflation
Rationing
Traditional economic system
37. Economic rule stating that if two items satisfy the same need and the price of one rises - people will buy the other.
Pay
Fisher effect
Substitution effect
Rationing
38. Total tax paid divided by total (taxable) income - as a percentage.
Average tax rate
Supply-side policy
Menu cost
Income
39. The relationship between disposable income and spending on consumable goods and services
Keynesian model
Structural unemployment
Consumption function
Marginal tax rate
40. The total planned spending on final goods and services.
Planned aggregate expenditure (PAE)
Price level
Average tax rate
Inflation
41. The total value of goods and services produced in a country valued at current prices.
Nominal GDP
Congressional budget office
Consumer Nondurables
Monopsony
42. A result of there only being one buyer of a resource input - good - or service.
Monopsony
Boom
Disinflation
Aggregate supply
43. The government office that is responsible for projecting federal surpluses and deficits
Consumer Nondurables
AD curve intersects the SAS curve
The quality adjustment bias
Congressional budget office
44. Used in the production of final goods - but instead of being consumed - are available for reuse.
Law of Demand
Capital goods
Interest
Seller's reservation price
45. Goods not counted in the nation's GDP.
Intermediate Goods
Aggregate demand
Total surplus
Labor productivity
46. Extreme economic growth
Labor productivity
Keynesian economic theory
Frictional unemployment
Boom
47. The adding up of individual economic variables to obtain a large - general picture of the economy.
Aggregation
Reservation price
Deflation
Marginal cost
48. Maximum price that a customer is willing to pay for a good
Trough
Reservation price
Economic efficiency
Core rate of inflation
49. Unicorporated entity that has shared ownership.
Partnership
Market equilibrium
Aggregate supply shock
Consumer Nondurables
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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