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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 output per employed worker






2. When an economic unit makes more than it spends






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






4. 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.






5. (n) something of value; a resource; an advantage






6. An economic system in which all factors of production are owned and controlled by the government. Often referred to as a centrally planned economic system. Example: Former Soviet Union.






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






8. When inflation suddenly deviates from its normal course.






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






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






11. 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).






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






14. 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.






15. 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






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






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






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






19. Unicorporated entity that has shared ownership.






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






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






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






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






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






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






26. Combines pure market and command. Example: Japan






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






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






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






30. The speed that money changes hands in order to buy and sell final goods and services.






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






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






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






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






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






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






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






38. The lowest point of the recession






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






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






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






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

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43. 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.






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






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






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






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






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






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






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







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