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






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






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






4. Total supply of goods and services in an economy






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






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






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






8. A quantity that is measured in real terms - the actual quantity of a good or service






9. 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.






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






11. Unicorporated entity that has shared ownership.






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






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






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






15. When an economic unit makes more than it spends






16. 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.






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






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






19. 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.






20. When inflation suddenly deviates from its normal course.






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






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






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






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






25. 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






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






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






28. 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.






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

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30. A flaw in the CPI that exaggerates real increases in the cost of living by failing to take into account customers ability to choose equally desirable goods or services when the price of their preferred good or service increases






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






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






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






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






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






36. Real Estate - Equipment - and Cash (physical assets)






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






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






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






40. The labor sector highlights the rate of ____ .






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






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






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






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






45. 1 percent more unemployment results in 2 percent less output.

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






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






48. An economic system in which all factors of production are owned and controlled by the government. Often referred to as a centrally planned economic system. Example: Former Soviet Union.






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






50. Extreme economic growth







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