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Test your basic knowledge |
CLEP Macroeconomics - 3
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Study First
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 difference between the price received by the seller and the seller's reservation price
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2. The portion of planned aggregate expenditure that is not based on output
Autonomous Expenditure
Anchored inflation expectations
Price level
Potential output
3. The amount of workers that are willing to work for a real wage.
Labor supply
Standard of living
The rate of inflation
Price level
4. Involves increasing a nominal quantity so that it remains unaffected by increases in inflation
Command economic system
Seller's surplus
Indexing
Inflation shock
5. The goods and services sector focuses largely on the level of ______ .
The rate of inflation
Income
Menu cost
Lorenz curve
6. Can be found by multiplying the average labor productivity by the percentage of people that are working in the economy.
Participation rate
Asset
The real GDP per person
Partnership
7. Organizations that act as moderators between employers and employees
Consumer Nondurables
Labor unions
Rationing
Four sectors of the economy
8. Extreme economic growth
Quantity equation
Adam Smith
Boom
Labor productivity
9. 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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10. When quantity supplied is more than quantity demanded. The formula for excess supply is: Supply - Demand = Excess Supply
Stabilization policies
Quantity equation
Marginal cost
Excess Supply
11. 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.
Businesses
Income
Relative price
Gross Domestic Product (GDP)
12. When both producers and consumers are satisfied with their quantities at market price.
Buyer's surplus
Market equilibrium
Gross Domestic Product (GDP)
Real employment
13. Concerned with analyzing whether or not a policy should be used.
Cyclical unemployment
Aggregate Supply
Market equilibrium
Normative analysis
14. Economies based on capitalism have microeconomic instability and that government is required to properly stabilize the economy.
Corporation
Keynesian economic theory
Aggregate Supply
Inside lag
15. Government policies aimed at stabilizing the economy by eliminating output gaps
Frictional unemployment
Stabilization policies
The rate of inflation
Monopsony
16. A macroeconomic policy that directly affects the structure and various institutions of an economy
Trough
Planned aggregate expenditure (PAE)
Lorenz curve
Structural policy
17. A policy that affects potential output
Worker mobility
Supply-side policy
The rate of inflation
Real employment
18. 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.
Contractionary policies
Partnership
Price
Invisible hand
19. The adding up of individual economic variables to obtain a large - general picture of the economy.
Rationing
Labor unions
Aggregation
Fractional
20. A difference between the potential output (potential GDP) of an economy and its actual output (actual GDP)
Output gap
Partnership
Peak
Velocity
21. The rate of price increase on all things except food and energy
Core rate of inflation
Trough
Keynesian model
Recession
22. The speed that money changes hands in order to buy and sell final goods and services.
Velocity
Interest
NRU
The Wealth Effect
23. Most free-market banking systems are based on __________ reserves.
Fractional
Indexing
Monopsony
Laffer curve
24. The ease with which an asset can be converted to currency.
Intermediate goods
Inside lag
Capital income
Liquidity
25. The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.
Asset
Aggregation
Saving
Socially optimal quantity
26. Legal entity that has received a charter from a state or federal government.
Keynesian model
Corporation
Sole proprietorship
Short run equilibrium output
27. The continuing increase in the average level of prices of goods and services over time.
Output gap
Invisible hand
Inflation
Deflation
28. The movement of workers between jobs - companies - and industries
LRAS
Intermediate Goods
Recession
Worker mobility
29. The amount spent by a household on goods and services such as: entertainment - food - and other perishables.
Monetarism
Aggregate Supply
Consumption
Substitution bias
30. The output per employed worker
Anchored inflation expectations
Rationing
Labor productivity
Corporation
31. 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.
Cyclical unemployment
Real employment
Phillips curve
Capital goods
32. Measures the ability of an economy to produce (output) goods and services in the short-term and the long-term.
Okun's Law
Marginal tax rate
Aggregate Supply
Trough
33. 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).
Consumption function
Saving
Frictional unemployment
Aggregate demand
34. When the people believe that the nation's central bank will keep inflation rates low.
Inflationary gap
Command economic system
Credibility of monetary policy
Capitalism
35. 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.
Market equilibrium
Trough
Consumption
Traditional economic system
36. The relationship between disposable income and spending on consumable goods and services
Phillips curve
Consumption function
Menu cost
decreases increases
37. The monetary sector focuses on the ________ rate.
Command economic system
Labor productivity
Interest
Boom
38. The part of economics study that looks at the operation of a nation's economy as a whole
Macroeconomics
Credibility of monetary policy
Price
Consumption
39. Government policies intended to increase spending and output.
Rationing
Short run equilibrium output
Core rate of inflation
Expansionary policies
40. Includes payment to the owners of tangible and intangible capital items such as: factories - machines - and copyrights.
Congressional budget office
Capital income
Consumption function
Traditional economic system
41. A Scottish man (1723-1790) who is known as the father of modern economics.
Law of Supply
Monopsony
Adam Smith
Velocity
42. Total supply of goods and services in an economy
Aggregate supply
Expansionary policies
Monopsony
Core rate of inflation
43. Combines pure market and command. Example: Japan
Gross National Product (GNP)
Structural policy
Consumption
Mixed market
44. Distributing a good or resource among consumers that would like to have more of that good or resource than is made available
Quantity equation
Rationing
Credibility of monetary policy
Aggregate Supply
45. The value of all goods and services produced anywhere in the world by a nation's citizens during a specified amount of time.
Business cycle
Gross National Product (GNP)
Cyclical unemployment
Substitution bias
46. Caused by changes in the overall economy.
Cyclical unemployment
Law of Diminishing Marginal Utility
Velocity
Law of Demand
47. Payments that the government makes to unemployed workers.
The rate of inflation
Unemployment insurance
Excess Supply
Macroeconomics
48. A large - unexpected change in the cost of resources.
Recession
Aggregate supply shock
Normative analysis
Partnership
49. Patents - Goodwill - and Trademarks (lack physical substance)
Monopsony
Consumption
Intangible Assets
Buyer's surplus
50. 1 percent more unemployment results in 2 percent less output.
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