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






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






3. 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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4. Caused by changes in the overall economy.






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

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






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






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






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






10. The labor sector highlights the rate of ____ .






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






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






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






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






15. When inflation suddenly deviates from its normal course.






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






17. 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






18. The international sector emphasizes the ________ rate.






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






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






21. 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).






22. Patents - Goodwill - and Trademarks (lack physical substance)






23. Unicorporated entity that has shared ownership.






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






25. 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






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






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






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






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






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






31. Combines pure market and command. Example: Japan






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






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






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






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






36. Total supply of goods and services in an economy






37. The monetary sector focuses on the ________ rate.






38. Goods like food and clothing that have a short lifespan.






39. Is equal to Consumption + Government Expenditures + Investment + Exports - Imports The market value of all goods and services produced within a nation during a specified amount of time.






40. 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.






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






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






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






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






45. 1 percent more unemployment results in 2 percent less output.

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






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






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






49. The output per employed worker






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






Can you answer 50 questions in 15 minutes?



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