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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 economic theory that states the main cause of change in aggregate output and price level is the result of monetary supply and the interest rate that comes from the amount of monetary supply






2. The lowest point of the recession






3. When goods and services are made and consumed at the best levels for the society. Nothing more can be acheived with the resources available.






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






5. The basic assumption of this model is that in the short run - firms meet demand at present price.






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






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






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






9. 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.






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






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






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






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






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






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






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






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






19. The output per employed worker






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






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






22. Extreme economic growth






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






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






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






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






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






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






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






30. The opposite of a substitute good - because it usually completes another item and may lead to more consumption of that item.






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






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






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






34. The goods and services sector focuses largely on the level of ______ .






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






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






37. The beginning of a recession






38. 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.






39. The time between the need for a macroeconomic policy and its implementation






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






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






42. 1 percent more unemployment results in 2 percent less output.

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






44. Organizations that act as moderators between employers and employees






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






46. The real cost of changing a listed price.






47. 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.






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






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






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







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