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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. 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.






2. The difference between the price received by the seller and the seller's reservation price

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3. Combines pure market and command. Example: Japan






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






5. The total value of goods and services produced in a country valued at current prices.






6. 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.






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






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






9. Long Run Aggregate Supply - The natural level of GDP - shown vertical on a graph. When LRAS shifts - SRAS (Short Run Aggregate Supply) will follow .






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






11. Patents - Goodwill - and Trademarks (lack physical substance)






12. 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.






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






14. 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.






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






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






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






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






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






20. 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.






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






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






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






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






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






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






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






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






29. Government policies aimed at stabilizing the economy by eliminating output gaps






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






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






32. The monetary sector focuses on the ________ rate.






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






34. The real cost of changing a listed price.






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






36. Refers to individuals between jobs seeking new employment - people re-entering the workforce (ie mom whose kids are grown) - and new entrants (ie college graduates).






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






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






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






40. 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






41. Total supply of goods and services in an economy






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






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






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






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






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






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






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






49. When an economic unit makes more than it spends






50. Payments that the government makes to unemployed workers.







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