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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. The relationship between disposable income and spending on consumable goods and services






2. When the rate of inflation is extremely high.






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






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






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






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






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






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






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






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






11. The lowest point of the recession






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






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






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






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






16. When inflation suddenly deviates from its normal course.






17. Used in the production of final goods - but instead of being consumed - are available for reuse.






18. A record of economic increases and decreases over time.






19. 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.






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






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






22. Money multiplied by velocity equals nominal GDP.






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






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






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






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






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






28. Can be found by multiplying the average labor productivity by the percentage of people that are working in the economy.






29. 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






30. Goods and services sector - Labor sector - monetary sector - international sector.






31. If the Federal Reserve lowers the reserve ratio - it ______ the bank's required reserves and ______ the quantity of money.






32. Organizations that act as moderators between employers and employees






33. A difference between the potential output (potential GDP) of an economy and its actual output (actual GDP)






34. Unicorporated entity that has shared ownership.






35. Caused by changes in the overall economy.






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






37. The level of output where output equals planned aggregate expenditure






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






39. The degree to which people have access to goods and services that make their lives better.






40. Payments that the government makes to unemployed workers.






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






42. The annual percentage rate of change in price level reflected by price indexes






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






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






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






46. An increase in spending due to a perceived increase in wealth.






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






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






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







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