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CLEP Macroeconomics - 3
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Subjects
:
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. The output per employed worker
Labor productivity
Labor supply
Average tax rate
Reservation price
2. When an economic unit makes more than it spends
Saving
Hyperinflation
Credibility of monetary policy
Adam Smith
3. The degree to which people have access to goods and services that make their lives better.
Hyperinflation
Socially optimal quantity
Standard of living
Aggregate supply shock
4. Is equal to Consumption + Government Expenditures + Investment + Exports - Imports The market value of all goods and services produced within a nation during a specified amount of time.
Structural policy
Law of Diminishing Marginal Utility
Gross Domestic Product (GDP)
Hyperinflation
5. (n) something of value; a resource; an advantage
Price
Socially optimal quantity
Asset
Free market
6. 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.
Price level
Real quantity
Command economic system
Cyclical unemployment
7. A record of economic increases and decreases over time.
Stabilization policies
Trough
Substitution bias
Business cycle
8. When inflation suddenly deviates from its normal course.
Policy reaction function
Anchored inflation expectations
Marginal cost
Inflation shock
9. A cost that is beyond recovery the moment a consumer decides to purchase a certain good or service is made
Monetarism
Market equilibrium
Sunk cost
Price
10. The price of a good or service in relation to the price of other goods and services.
Sunk cost
Relative price
Peak
Consumption function
11. 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).
Fractional
Four sectors of the economy
Frictional unemployment
Law of Supply
12. 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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13. An extreme decline in the rate of inflation. Can lead to high levels of unemployment and recessionary gaps.
Disinflation
Recession
The Wealth Effect
Gross Domestic Product (GDP)
14. 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.
Outside lag
Liquidity
Real employment
Laffer curve
15. 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
Normative analysis
Substitution bias
Gross National Product (GNP)
Participation rate
16. When economists fail to account for improvements in goods or services and incorrectly report inflation as higher.
The quality adjustment bias
Inflation shock
Adam Smith
Substitution effect
17. The increase in total cost that comes from producing one additional unit of a specific good or service.
Substitution effect
Marginal cost
Indexing
Supply-side policy
18. Legal entity that has received a charter from a state or federal government.
Aggregation
Corporation
Labor productivity
Marginal benefit
19. Unicorporated entity that has shared ownership.
Corporation
Income
Labor productivity
Partnership
20. Business entity which legally has no separate existence from its owner.
Deflation
Sole proprietorship
Free market
Socially optimal quantity
21. When quantity supplied is more than quantity demanded. The formula for excess supply is: Supply - Demand = Excess Supply
Mixed market
Nominal GDP
Excess Supply
Four sectors of the economy
22. The level of output where output equals planned aggregate expenditure
Short run equilibrium output
The principle of efficiency
Fractional
Real employment
23. An increase in this would cause an increase in the aggregate supply
Monetarism
Labor productivity
Hyperinflation
Laffer curve
24. The percentage of working-age people within the labor force
The principle of efficiency
Inflation inertia
Participation rate
Peak
25. The total demand for a country's output. It includes demands for consumption - investment - government purchases - and net exports.
Mixed market
Nominal GDP
Adam Smith
Aggregate demand
26. Combines pure market and command. Example: Japan
Mixed market
Invisible hand
Sole proprietorship
Stabilization policies
27. The annual percentage rate of change in price level reflected by price indexes
Keynesian model
Peak
Saving
The rate of inflation
28. The movement of workers between jobs - companies - and industries
Inflation inertia
The quality adjustment bias
Worker mobility
Planned aggregate expenditure (PAE)
29. Patents - Goodwill - and Trademarks (lack physical substance)
Worker mobility
Reservation price
Intangible Assets
Planned aggregate expenditure (PAE)
30. The speed that money changes hands in order to buy and sell final goods and services.
Aggregation
Velocity
Real GDP
Output gap
31. Goods not counted in the nation's GDP.
The quality adjustment bias
Structural policy
Intermediate Goods
Equilibrium price
32. Sole proprietorships - partnerships - and corporations are private producing units of the economy knows as __________.
Businesses
Liquidity
Command economic system
Intermediate Goods
33. When both producers and consumers are satisfied with their quantities at market price.
Corporation
Gross Domestic Product (GDP)
Equilibrium price
Market equilibrium
34. Concerned with analyzing whether or not a policy should be used.
Normative analysis
Credibility of monetary policy
Relative price
Free market
35. The time between the need for a macroeconomic policy and its implementation
Inside lag
Consumption function
Tangible Assets
AD curve intersects the SAS curve
36. The ease with which an asset can be converted to currency.
Expansionary policies
Standard of living
Intermediate goods
Liquidity
37. When people's expectations of future inflation do not change even though inflation rates change.
Law of Diminishing Marginal Utility
Macroeconomics
Anchored inflation expectations
Contractionary policies
38. The lowest point of the recession
Real GDP
Structural policy
Trough
Expansionary policies
39. A measure of overall price levels at a specific point in the price index.
Price level
Tangible Assets
Congressional budget office
The principle of efficiency
40. The opposite of a substitute good - because it usually completes another item and may lead to more consumption of that item.
Complement
Boom
The rate of inflation
Keynesian model
41. The amount of workers that are willing to work for a real wage.
Automatic stabilizers
Labor supply
Structural policy
Traditional economic system
42. 1 percent more unemployment results in 2 percent less output.
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43. 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.
Fisher effect
Law of Supply
The rate of inflation
Inflation inertia
44. Goods and services sector - Labor sector - monetary sector - international sector.
Substitution bias
Short run equilibrium output
Four sectors of the economy
Complement
45. There is an ___________ ___ when aggregate output is above potential output
Gross Domestic Product (GDP)
Worker mobility
Intermediate goods
Inflationary gap
46. Natural Rate of Unemployment - a rate that will always exist
NRU
Outside lag
Interest
Nominal GDP
47. The part of economics study that looks at the operation of a nation's economy as a whole
Traditional economic system
Aggregate demand
Macroeconomics
Four sectors of the economy
48. Real Estate - Equipment - and Cash (physical assets)
Tangible Assets
Market equilibrium
Potential output
Four sectors of the economy
49. Caused by changes in demand or technology. Long-term and continual unemployment that continues even though the economy is producing normally
Capitalism
Deflation
Intermediate Goods
Structural unemployment
50. The difference between the buyer's reservation price and the seller's reservation price. Consumer surplus + Producer surplus
Monopsony
Recession
Velocity
Total surplus
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