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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 amount of workers that are willing to work for a real wage.






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






3. 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






4. The real cost of changing a listed price.






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






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






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






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






9. 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.






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






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






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






13. 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






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






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






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






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






18. The international sector emphasizes the ________ rate.






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






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






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

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22. Total tax paid divided by total (taxable) income - as a percentage.






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






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






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






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






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






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






29. Sole proprietorships - partnerships - and corporations are private producing units of the economy knows as __________.






30. The labor sector highlights the rate of ____ .






31. The percentage of working-age people within the labor force






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






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






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






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






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






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






38. A GDP decline that lasts two-quarters (six months). A period of slow economic growth






39. A market with unrestricted trading of goods - where the prices of goods are determined by supply and demand.






40. When the rate of inflation is extremely high.






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






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






43. Combines pure market and command. Example: Japan






44. A Scottish man (1723-1790) who is known as the father of modern economics.






45. The lowest point of the recession






46. 1 percent more unemployment results in 2 percent less output.

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47. 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).






48. That efficiency leads to economic prosperity for all.






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






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