Test your basic knowledge |

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. Caused by changes in the overall economy.






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






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






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






5. The international sector emphasizes the ________ rate.






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






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






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






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






10. The output per employed worker






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






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






13. 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.






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






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






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






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






18. The lowest point of the recession






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






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






21. Combines pure market and command. Example: Japan






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






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






24. 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.






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






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






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






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






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






30. The labor sector highlights the rate of ____ .






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






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






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






34. Distributing a good or resource among consumers that would like to have more of that good or resource than is made available






35. Government policies intended to increase spending and output.






36. The maximum amount that an economy can output over a period of time






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






38. 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






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






40. The monetary sector focuses on the ________ rate.






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

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






43. Organizations that act as moderators between employers and employees






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






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






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






47. 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.






48. The real cost of changing a listed price.






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






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