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






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






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






4. 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






5. The maximum amount that an economy can output over a period of time






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






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






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






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






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






11. When inflation suddenly deviates from its normal course.






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






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






14. Combines pure market and command. Example: Japan






15. Organizations that act as moderators between employers and employees






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






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






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






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






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






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






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






25. The beginning of a recession






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






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






28. Economic rule stating that if two items satisfy the same need and the price of one rises - people will buy the other.






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






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






31. The value of all goods and services produced anywhere in the world by a nation's citizens during a specified amount of time.






32. The output per employed worker






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






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






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






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






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






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






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






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






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






42. 1 percent more unemployment results in 2 percent less output.

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






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






45. Government policies intended to increase spending and output.






46. 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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47. The time between the need for a macroeconomic policy and its implementation






48. Economies based on capitalism have microeconomic instability and that government is required to properly stabilize the economy.






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






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







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