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. Used to demonstrate shifts in income distribution among a population over time.






2. 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






3. Total supply of goods and services in an economy






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






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






6. In a traditional economic system - the availability of resources is based on inheritance. Goods are only produced for consumption and surpluses do not occur. This type of economy is normally found in South American - Asian - and African countries.






7. Payments that the government makes to unemployed workers.






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






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






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






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






12. 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).






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






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






15. The real cost of changing a listed price.






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






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






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






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






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






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






22. When inflation suddenly deviates from its normal course.






23. Government policies intended to increase spending and output.






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






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






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






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






28. 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.






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






30. The smallest dollar amount for which a seller would be willing to sell an additional unit - generally equal to marginal cost

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


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






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






33. A macroeconomic policy that directly affects the structure and various institutions of an economy






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






35. The labor sector highlights the rate of ____ .






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






37. The opposite of a substitute good - because it usually completes another item and may lead to more consumption of that item.






38. Money multiplied by velocity equals nominal GDP.






39. 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.






40. 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


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






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






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






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






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






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






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






48. 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






49. 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.






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests