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Test your basic knowledge |
CLEP Macroeconomics - 3
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Subjects
:
clep
,
economics
Instructions:
Answer 50 questions in 15 minutes.
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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. Unicorporated entity that has shared ownership.
Free market
Equilibrium price
Standard of living
Partnership
2. Total supply of goods and services in an economy
Economic efficiency
Monopsony
Aggregate supply
Recession
3. 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.
Contractionary policies
Traditional economic system
Standard of living
Consumption
4. The part of economics study that looks at the operation of a nation's economy as a whole
Gross Domestic Product (GDP)
Macroeconomics
Socially optimal quantity
Autonomous Expenditure
5. Used to demonstrate shifts in income distribution among a population over time.
Consumption
The principle of efficiency
Lorenz curve
Core rate of inflation
6. Long Run Aggregate Supply - The natural level of GDP - shown vertical on a graph. When LRAS shifts - SRAS (Short Run Aggregate Supply) will follow .
Complement
Intermediate Goods
Average tax rate
LRAS
7. Represents the governmental tax rate that will best maximize tax revenues.
Real GDP
Laffer curve
Menu cost
decreases increases
8. A macroeconomic policy that directly affects the structure and various institutions of an economy
Mixed market
Structural policy
Potential output
Monetarism
9. The amount spent by a household on goods and services such as: entertainment - food - and other perishables.
Cyclical unemployment
Marginal tax rate
Anchored inflation expectations
Consumption
10. The opposite of a substitute good - because it usually completes another item and may lead to more consumption of that item.
Law of Demand
Intermediate goods
Complement
Lorenz curve
11. The government office that is responsible for projecting federal surpluses and deficits
Output gap
Congressional budget office
Contractionary policies
Aggregate supply
12. The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.
Aggregate supply
Keynesian economic theory
Command economic system
Socially optimal quantity
13. When an economic unit makes more than it spends
Saving
Indexing
Marginal benefit
Participation rate
14. Goods like food and clothing that have a short lifespan.
Real GDP
Consumer Nondurables
Stabilization policies
Planned aggregate expenditure (PAE)
15. The goods and services sector focuses largely on the level of ______ .
Aggregate supply shock
Income
Supply-side policy
Market equilibrium
16. The price at which the number of products that businesses are willing to supply equals the amount of products that consumers are willing to buy at a specific point in time.
Aggregate supply
Equilibrium price
Labor productivity
Velocity
17. Legal entity that has received a charter from a state or federal government.
Corporation
Macroeconomics
Free market
Rationing
18. Short-run macroeconomic equilibrium occurs at the level of GDP where the:
Aggregate supply shock
Relative price
Aggregate demand
AD curve intersects the SAS curve
19. The amount of workers that are willing to work for a real wage.
Autonomous Expenditure
Congressional budget office
Outside lag
Labor supply
20. 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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21. A phrase coined by Adam Smith to describe the process that turns self directed gain into social and economic benefits for all.
Invisible hand
Expansionary policies
Monopsony
Substitution effect
22. When inflation suddenly deviates from its normal course.
Inflation shock
Labor unions
Capital income
The Wealth Effect
23. The increase in total benefit that comes from producing one additional unit.
Complement
Marginal benefit
Lorenz curve
Cyclical unemployment
24. A free market system that relies on private property ownership and supply and demand
Capitalism
Equilibrium price
Law of Supply
Stabilization policies
25. The output per employed worker
Gross National Product (GNP)
Aggregate Supply
Labor productivity
Excess Supply
26. The ease with which an asset can be converted to currency.
Exchange
Potential output
Liquidity
Congressional budget office
27. Demonstrates that there is an inverse relationship between inflation and unemployment; as inflation increases - unemployment decreases (and vice versa).
Pay
Phillips curve
Outside lag
Real GDP
28. Goods and services sector - Labor sector - monetary sector - international sector.
Four sectors of the economy
Excess Supply
Labor productivity
Complement
29. When the rate of inflation is extremely high.
Hyperinflation
Gross Domestic Product (GDP)
Labor productivity
Traditional economic system
30. 1 percent more unemployment results in 2 percent less output.
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31. Goods that are used in the production of final goods.
Pay
Intermediate goods
The real GDP per person
Exchange
32. The annual percentage rate of change in price level reflected by price indexes
Intermediate Goods
The rate of inflation
Indexing
Frictional unemployment
33. A large - unexpected change in the cost of resources.
Aggregate supply shock
Liquidity
Deflation
Intermediate Goods
34. The degree to which people have access to goods and services that make their lives better.
Hyperinflation
Standard of living
Structural policy
Peak
35. The adding up of individual economic variables to obtain a large - general picture of the economy.
Autonomous Expenditure
Aggregation
Sunk cost
Monopsony
36. 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.
Price level
Labor productivity
Automatic stabilizers
Unemployment insurance
37. A cost that is beyond recovery the moment a consumer decides to purchase a certain good or service is made
Labor productivity
Marginal cost
Sunk cost
Price
38. The continuing increase in the average level of prices of goods and services over time.
Inflation
Short run equilibrium output
Consumer Nondurables
Credibility of monetary policy
39. A measure of overall price levels at a specific point in the price index.
Average tax rate
Real quantity
Mixed market
Price level
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.
Excess Supply
Total surplus
Lorenz curve
Real employment
41. Organizations that act as moderators between employers and employees
Labor unions
Businesses
The real GDP per person
Rationing
42. 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.
Capital income
Core rate of inflation
Command economic system
Price
43. The tendency for nominal interest rates to be high when inflation rates are high and low when inflation rates are low.
Consumption function
Invisible hand
Fisher effect
Substitution effect
44. Most free-market banking systems are based on __________ reserves.
Total surplus
Fractional
Marginal cost
Aggregate supply shock
45. A GDP decline that lasts two-quarters (six months). A period of slow economic growth
Recession
Interest
Fisher effect
Velocity
46. Sole proprietorships - partnerships - and corporations are private producing units of the economy knows as __________.
Businesses
Macroeconomics
Output gap
Labor supply
47. Caused by changes in the overall economy.
Cyclical unemployment
Consumption function
Policy reaction function
Monetarism
48. When goods and services are made and consumed at the best levels for the society. Nothing more can be acheived with the resources available.
Intermediate Goods
Economic efficiency
Congressional budget office
Intangible Assets
49. Combines pure market and command. Example: Japan
Participation rate
Income
Mixed market
Reservation price
50. Goods not counted in the nation's GDP.
Saving
Consumer Nondurables
Exchange
Intermediate Goods
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