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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. Extreme economic growth






2. Total supply of goods and services in an economy






3. A policy that affects potential output






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






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






6. 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.






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






8. Concerned with analyzing whether or not a policy should be used.






9. When inflation suddenly deviates from its normal course.






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






11. 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.






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






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






14. 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.






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






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






18. A phrase coined by Adam Smith to describe the process that turns self directed gain into social and economic benefits for all.






19. The difference between the buyer's reservation price and the seller's reservation price. Consumer surplus + Producer surplus






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






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






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






23. The output per employed worker






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






25. That efficiency leads to economic prosperity for all.






26. 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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27. The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.






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






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






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






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






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






33. 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.






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






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






36. 1 percent more unemployment results in 2 percent less output.

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






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






39. The total demand for a country's output. It includes demands for consumption - investment - government purchases - and net exports.






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






41. 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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42. Goods not counted in the nation's GDP.






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






44. The lowest point of the recession






45. The real cost of changing a listed price.






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






47. Payments that the government makes to unemployed workers.






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






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






50. Organizations that act as moderators between employers and employees







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