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CLEP Macroeconomics - 3

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. Combines pure market and command. Example: Japan






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






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






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






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






6. 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.






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






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






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






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






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






12. The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.






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






14. Total supply of goods and services in an economy






15. Short-run macroeconomic equilibrium occurs at the level of GDP where the:






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






17. The value of all goods and services produced anywhere in the world by a nation's citizens during a specified amount of time.






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






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






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 large - unexpected change in the cost of resources.






22. 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.






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






24. 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.






25. 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.






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






27. A result of there only being one buyer of a resource input - good - or service.






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






29. The slow change in inflation from year to year in industrialized nations






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






31. 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.






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






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






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






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






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






37. 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






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






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






40. 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.






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






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






43. The rise in taxes that occurs when before-tax income increases by one dollar






44. Involves increasing a nominal quantity so that it remains unaffected by increases in inflation






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






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






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






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






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






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







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