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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. The total value of goods and services produced in a country valued at current prices.
Intermediate Goods
Intermediate goods
Substitution bias
Nominal GDP
2. The portion of planned aggregate expenditure that is not based on output
The Wealth Effect
Corporation
Autonomous Expenditure
Structural unemployment
3. Unicorporated entity that has shared ownership.
Fisher effect
Partnership
Law of Diminishing Marginal Utility
Boom
4. A macroeconomic policy that directly affects the structure and various institutions of an economy
Economic efficiency
Seller's reservation price
Law of Demand
Structural policy
5. The government office that is responsible for projecting federal surpluses and deficits
Participation rate
Inflation
Velocity
Congressional budget office
6. The time between the need for a macroeconomic policy and its implementation
Aggregate demand
Inside lag
Inflationary gap
The principle of efficiency
7. 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.
The principle of efficiency
Aggregate supply shock
Traditional economic system
Capitalism
8. 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.
Inflation
Tangible Assets
Gross Domestic Product (GDP)
Structural unemployment
9. Gross domestic product adjusted for inflation; gross domestic product in a year divided by the GDP price index for that year - the index expressed as a decimal
Menu cost
Autonomous Expenditure
Supply-side policy
Real GDP
10. Natural Rate of Unemployment - a rate that will always exist
Intangible Assets
Adam Smith
Okun's Law
NRU
11. That efficiency leads to economic prosperity for all.
Four sectors of the economy
Real GDP
The principle of efficiency
Intermediate Goods
12. A difference between the potential output (potential GDP) of an economy and its actual output (actual GDP)
Output gap
Monopsony
Law of Supply
Sunk cost
13. The speed that money changes hands in order to buy and sell final goods and services.
Gross Domestic Product (GDP)
Velocity
Aggregation
Planned aggregate expenditure (PAE)
14. Real Estate - Equipment - and Cash (physical assets)
Fisher effect
Tangible Assets
Hyperinflation
Contractionary policies
15. Money multiplied by velocity equals nominal GDP.
The real GDP per person
Businesses
Quantity equation
Anchored inflation expectations
16. The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.
Socially optimal quantity
Inflation shock
Intangible Assets
Short run equilibrium output
17. Government policies aimed at stabilizing the economy by eliminating output gaps
Automatic stabilizers
Stabilization policies
Structural policy
Consumption
18. The increase in total benefit that comes from producing one additional unit.
Traditional economic system
Marginal benefit
Labor productivity
Macroeconomics
19. Measures the ability of an economy to produce (output) goods and services in the short-term and the long-term.
Aggregation
Complement
Aggregate Supply
Frictional unemployment
20. Goods not counted in the nation's GDP.
Intermediate Goods
Planned aggregate expenditure (PAE)
Output gap
Core rate of inflation
21. Can be found by multiplying the average labor productivity by the percentage of people that are working in the economy.
Frictional unemployment
The real GDP per person
Stabilization policies
Reservation price
22. Maximum price that a customer is willing to pay for a good
Stabilization policies
Reservation price
Supply-side policy
Traditional economic system
23. The real cost of changing a listed price.
Menu cost
Aggregate supply shock
Potential output
Asset
24. 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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25. 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.
Labor productivity
Invisible hand
Quantity equation
Real employment
26. When the people believe that the nation's central bank will keep inflation rates low.
Credibility of monetary policy
Substitution bias
Adam Smith
Contractionary policies
27. Sole proprietorships - partnerships - and corporations are private producing units of the economy knows as __________.
Businesses
Capitalism
Inflationary gap
Normative analysis
28. When quantity supplied is more than quantity demanded. The formula for excess supply is: Supply - Demand = Excess Supply
decreases increases
Adam Smith
Excess Supply
Standard of living
29. Involves increasing a nominal quantity so that it remains unaffected by increases in inflation
Gross National Product (GNP)
Capital income
Indexing
Policy reaction function
30. The total planned spending on final goods and services.
Law of Demand
Cyclical unemployment
Planned aggregate expenditure (PAE)
Lorenz curve
31. 1 percent more unemployment results in 2 percent less output.
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32. When economists fail to account for improvements in goods or services and incorrectly report inflation as higher.
The quality adjustment bias
Corporation
Core rate of inflation
Stabilization policies
33. A Scottish man (1723-1790) who is known as the father of modern economics.
Fractional
Adam Smith
Short run equilibrium output
Real employment
34. The level of output where output equals planned aggregate expenditure
Labor unions
Short run equilibrium output
Invisible hand
Structural unemployment
35. The international sector emphasizes the ________ rate.
Law of Diminishing Marginal Utility
Law of Supply
Exchange
Law of Demand
36. A large - unexpected change in the cost of resources.
Aggregate supply shock
Inside lag
Aggregate supply
Sunk cost
37. The continuing increase in the average level of prices of goods and services over time.
Macroeconomics
Phillips curve
Inflation
Adam Smith
38. The beginning of a recession
Macroeconomics
Substitution bias
Peak
Anchored inflation expectations
39. 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.
Law of Demand
Intermediate goods
Supply-side policy
Consumption function
40. 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).
Frictional unemployment
Contractionary policies
Excess Supply
Labor supply
41. 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.
Automatic stabilizers
Substitution bias
Macroeconomics
Law of Diminishing Marginal Utility
42. A record of economic increases and decreases over time.
Inflation
Intermediate Goods
Business cycle
Free market
43. The rate of price increase on all things except food and energy
Core rate of inflation
Standard of living
Equilibrium price
Intangible Assets
44. A result of there only being one buyer of a resource input - good - or service.
Monopsony
Phillips curve
Average tax rate
Trough
45. Extreme economic growth
Inside lag
Intermediate Goods
Boom
Supply-side policy
46. The annual percentage rate of change in price level reflected by price indexes
The rate of inflation
Businesses
Expansionary policies
Deflation
47. The difference between the price received by the seller and the seller's reservation price
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48. Economies based on capitalism have microeconomic instability and that government is required to properly stabilize the economy.
AD curve intersects the SAS curve
Asset
The Wealth Effect
Keynesian economic theory
49. When an economic unit makes more than it spends
Saving
Expansionary policies
The quality adjustment bias
Relative price
50. The percentage of working-age people within the labor force
Intermediate goods
Participation rate
Short run equilibrium output
decreases increases
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