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Test your basic knowledge |
CLEP Macroeconomics - 3
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Subjects
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clep
,
economics
Instructions:
Answer 50 questions in 15 minutes.
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Match each statement with the correct term.
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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. A GDP decline that lasts two-quarters (six months). A period of slow economic growth
Marginal tax rate
Recession
Structural policy
Fractional
2. Distributing a good or resource among consumers that would like to have more of that good or resource than is made available
Tangible Assets
Deflation
Rationing
Monetarism
3. A result of there only being one buyer of a resource input - good - or service.
Monopsony
Structural policy
Normative analysis
The Wealth Effect
4. When the people believe that the nation's central bank will keep inflation rates low.
Credibility of monetary policy
Short run equilibrium output
Labor unions
Outside lag
5. Can be found by multiplying the average labor productivity by the percentage of people that are working in the economy.
The real GDP per person
Boom
Deflation
Capitalism
6. That efficiency leads to economic prosperity for all.
Core rate of inflation
The principle of efficiency
Relative price
Inflation inertia
7. 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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8. Goods not counted in the nation's GDP.
Core rate of inflation
Intermediate Goods
Command economic system
Unemployment insurance
9. Government policies aimed at stabilizing the economy by eliminating output gaps
Stabilization policies
The rate of inflation
Policy reaction function
Velocity
10. 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.
Total surplus
Inflation
Phillips curve
Contractionary policies
11. The total value of goods and services produced in a country valued at current prices.
Nominal GDP
Price
Congressional budget office
Socially optimal quantity
12. A difference between the potential output (potential GDP) of an economy and its actual output (actual GDP)
Credibility of monetary policy
Real employment
Liquidity
Output gap
13. Unicorporated entity that has shared ownership.
Gross National Product (GNP)
Reservation price
Real quantity
Partnership
14. Legal entity that has received a charter from a state or federal government.
Intangible Assets
Price level
Corporation
Worker mobility
15. The beginning of a recession
Seller's surplus
Peak
Monopsony
Structural policy
16. A large - unexpected change in the cost of resources.
The principle of efficiency
Aggregate supply shock
Labor supply
Mixed market
17. Describes how the economy directly effects the actions policymakers take.
Liquidity
Policy reaction function
Pay
Planned aggregate expenditure (PAE)
18. When both producers and consumers are satisfied with their quantities at market price.
Velocity
Market equilibrium
Real quantity
Labor productivity
19. Economies based on capitalism have microeconomic instability and that government is required to properly stabilize the economy.
Menu cost
Corporation
Keynesian economic theory
Invisible hand
20. Sole proprietorships - partnerships - and corporations are private producing units of the economy knows as __________.
Supply-side policy
Labor productivity
AD curve intersects the SAS curve
Businesses
21. The difference between the buyer's reservation price and the seller's reservation price. Consumer surplus + Producer surplus
Contractionary policies
Real quantity
Aggregate demand
Total surplus
22. Organizations that act as moderators between employers and employees
Output gap
Okun's Law
Labor unions
Aggregate supply
23. The time period between a policy's implementation and its desired effects on an economy.
Outside lag
NRU
Seller's surplus
Phillips curve
24. 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
Capital goods
Substitution bias
Frictional unemployment
Marginal cost
25. The price of a good or service in relation to the price of other goods and services.
Marginal tax rate
Price
Real GDP
Relative price
26. The output per employed worker
Worker mobility
Labor productivity
Short run equilibrium output
Real GDP
27. The continuing increase in the average level of prices of goods and services over time.
Peak
Consumption function
Inflation
Seller's surplus
28. 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.
Peak
Okun's Law
Law of Demand
Disinflation
29. The maximum amount that an economy can output over a period of time
Aggregate supply
Potential output
Aggregate supply shock
Worker mobility
30. The relationship between disposable income and spending on consumable goods and services
Normative analysis
Total surplus
Consumption function
Sunk cost
31. The goods and services sector focuses largely on the level of ______ .
Fractional
Short run equilibrium output
Income
Congressional budget office
32. Business entity which legally has no separate existence from its owner.
Consumption function
Sole proprietorship
Pay
Partnership
33. The government office that is responsible for projecting federal surpluses and deficits
Disinflation
The real GDP per person
Total surplus
Congressional budget office
34. When goods and services are made and consumed at the best levels for the society. Nothing more can be acheived with the resources available.
Structural unemployment
Economic efficiency
Planned aggregate expenditure (PAE)
Socially optimal quantity
35. Used to demonstrate shifts in income distribution among a population over time.
Structural policy
Consumption
Disinflation
Lorenz curve
36. When quantity supplied is more than quantity demanded. The formula for excess supply is: Supply - Demand = Excess Supply
Relative price
Capital income
Seller's reservation price
Excess Supply
37. There is an ___________ ___ when aggregate output is above potential output
Inflationary gap
Short run equilibrium output
Seller's reservation price
Structural unemployment
38. Includes payment to the owners of tangible and intangible capital items such as: factories - machines - and copyrights.
Menu cost
Capital income
Capitalism
Structural unemployment
39. Government policies intended to increase spending and output.
Business cycle
Total surplus
Credibility of monetary policy
Expansionary policies
40. An increase in this would cause an increase in the aggregate supply
Sunk cost
Businesses
Normative analysis
Labor productivity
41. The speed that money changes hands in order to buy and sell final goods and services.
Aggregation
Velocity
Asset
Price level
42. The amount of workers that are willing to work for a real wage.
Aggregate supply shock
Seller's surplus
Labor supply
Real GDP
43. Economic rule stating that if two items satisfy the same need and the price of one rises - people will buy the other.
Market equilibrium
Total surplus
Substitution effect
Marginal benefit
44. The percentage of working-age people within the labor force
Inside lag
Sunk cost
Participation rate
Complement
45. The basic assumption of this model is that in the short run - firms meet demand at present price.
decreases increases
Keynesian model
Intermediate Goods
Seller's reservation price
46. Goods that are used in the production of final goods.
Sole proprietorship
Intermediate goods
Tangible Assets
Frictional unemployment
47. 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.
Real employment
Substitution bias
Velocity
Unemployment insurance
48. The labor sector highlights the rate of ____ .
Saving
Aggregate supply shock
Pay
Adam Smith
49. Represents the governmental tax rate that will best maximize tax revenues.
Laffer curve
Free market
Supply-side policy
Standard of living
50. The annual percentage rate of change in price level reflected by price indexes
Peak
Consumption
The rate of inflation
Law of Supply
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