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






2. Combines pure market and command. Example: Japan






3. The international sector emphasizes the ________ rate.






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






5. A policy that affects potential output






6. Unicorporated entity that has shared ownership.






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






8. A free market system that relies on private property ownership and supply and demand






9. The real cost of changing a listed price.






10. The labor sector highlights the rate of ____ .






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






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






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






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






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






16. 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.






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






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






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






20. In a traditional economic system - the availability of resources is based on inheritance. Goods are only produced for consumption and surpluses do not occur. This type of economy is normally found in South American - Asian - and African countries.






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






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






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






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






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






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






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






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






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






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






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






33. When inflation suddenly deviates from its normal course.






34. Can be found by multiplying the average labor productivity by the percentage of people that are working in the economy.






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






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






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






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






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






40. The output per employed worker






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






42. A law stating that as the price of a product increases the demand of that product decreases - while if the price of a product decreases the demand for that product increases.






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






44. An increase in spending due to a perceived increase in wealth.






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






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






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






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






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






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