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






2. Gross domestic product adjusted for inflation; gross domestic product in a year divided by the GDP price index for that year - the index expressed as a decimal






3. The price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time.






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






5. Business entity which legally has no separate existence from its owner.






6. 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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7. Total supply of goods and services in an economy






8. Combines pure market and command. Example: Japan






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






10. Natural Rate of Unemployment - a rate that will always exist






11. Represents the governmental tax rate that will best maximize tax revenues.






12. A cost that is beyond recovery the moment a consumer decides to purchase a certain good or service is made






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






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






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






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






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






18. The price of a good or service in relation to the price of other goods and services.






19. The monetary sector focuses on the ________ rate.






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






21. Government policies intended to increase spending and output.






22. When inflation suddenly deviates from its normal course.






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






24. Measures the ability of an economy to produce (output) goods and services in the short-term and the long-term.






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






26. The increase in total benefit that comes from producing one additional unit.






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






28. The beginning of a recession






29. 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.






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






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






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






33. The output per employed worker






34. 1 percent more unemployment results in 2 percent less output.

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






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






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






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






39. A difference between the potential output (potential GDP) of an economy and its actual output (actual GDP)






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






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






42. Organizations that act as moderators between employers and employees






43. When the rate of inflation is extremely high.






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






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






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






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






48. (n) something of value; a resource; an advantage






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






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







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