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






2. Total tax paid divided by total (taxable) income - as a percentage.






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.






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






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






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






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






8. The relationship between disposable income and spending on consumable goods and services






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






10. Caused by changes in the overall economy.






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






12. The continuing increase in the average level of prices of goods and services over time.






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






14. Includes payment to the owners of tangible and intangible capital items such as: factories - machines - and copyrights.






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






16. Extreme economic growth






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






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






20. 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.






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






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






23. A difference between the potential output (potential GDP) of an economy and its actual output (actual GDP)






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






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






26. Payments that the government makes to unemployed workers.






27. The rate of price increase on all things except food and energy






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






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






30. The lowest point of the recession






31. 1 percent more unemployment results in 2 percent less output.

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32. Combines pure market and command. Example: Japan






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






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






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






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






37. When the rate of inflation is extremely high.






38. That efficiency leads to economic prosperity for all.






39. The output per employed worker






40. Demonstrates that there is an inverse relationship between inflation and unemployment; as inflation increases - unemployment decreases (and vice versa).






41. When inflation suddenly deviates from its normal course.






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






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






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






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






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






48. 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.






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






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







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