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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. Describes how the economy directly effects the actions policymakers take.






2. 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






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






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






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






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






7. Caused by changes in the overall economy.






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






9. The beginning of a recession






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






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






12. Organizations that act as moderators between employers and employees






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






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






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






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






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






18. Natural Rate of Unemployment - a rate that will always exist






19. 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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20. An increase in spending due to a perceived increase in wealth.






21. When inflation suddenly deviates from its normal course.






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






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






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






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






26. The total planned spending on final goods and services.






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






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






29. Government policies intended to avoid inflation and other effects due to increased expansion. Includes: Action such as decreasing government spending - increasing taxes - and decreasing the supply of money - and raising interest rates.






30. Unicorporated entity that has shared ownership.






31. Combines pure market and command. Example: Japan






32. The monetary sector focuses on the ________ rate.






33. When prices fall consistently over time - leading to negative inflation.






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






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






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






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






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






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






40. 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.






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






42. When the rate of inflation is extremely high.






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






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






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






46. Payments that the government makes to unemployed workers.






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






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






49. That efficiency leads to economic prosperity for all.






50. Extreme economic growth






Can you answer 50 questions in 15 minutes?



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