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






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






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






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






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






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






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






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






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






10. When inflation suddenly deviates from its normal course.






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






12. The ease with which an asset can be converted to currency.






13. There is an ___________ ___ when aggregate output is above potential output






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






15. Real Estate - Equipment - and Cash (physical assets)






16. Extreme economic growth






17. 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






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






19. Organizations that act as moderators between employers and employees






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






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






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






23. When an economic unit makes more than it spends






24. The price of a good or service in relation to the price of other goods and services.






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






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






27. A quantity that is measured in real terms - the actual quantity of a good or service






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






29. Caused by changes in the overall economy.






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






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






32. 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.






33. 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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34. Patents - Goodwill - and Trademarks (lack physical substance)






35. The real cost of changing a listed price.






36. The economic theory that states the main cause of change in aggregate output and price level is the result of monetary supply and the interest rate that comes from the amount of monetary supply






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






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






39. Payments that the government makes to unemployed workers.






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






41. Total supply of goods and services in an economy






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






43. Unicorporated entity that has shared ownership.






44. The amount spent by a household on goods and services such as: entertainment - food - and other perishables.






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






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






47. The continuing increase in the average level of prices of goods and services over time.






48. The rate of price increase on all things except food and energy






49. When prices fall consistently over time - leading to negative inflation.






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







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