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






2. 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.






3. The maximum amount that an economy can output over a period of time






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






5. 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.






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






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






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






9. Organizations that act as moderators between employers and employees






10. Money multiplied by velocity equals nominal GDP.






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






12. There is an ___________ ___ when aggregate output is above potential output






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






14. 1 percent more unemployment results in 2 percent less output.

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15. Can be found by multiplying the average labor productivity by the percentage of people that are working in the economy.






16. When an economic unit makes more than it spends






17. 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.






18. The difference between the buyer's reservation price and the seller's reservation price. Consumer surplus + Producer surplus






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






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






22. The output per employed worker






23. The beginning of a recession






24. A policy that affects potential output






25. 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.






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






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






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






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






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






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






32. 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






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






34. Most free-market banking systems are based on __________ reserves.






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






36. Payments that the government makes to unemployed workers.






37. A law stating that as a person consumes additional units of a good - eventually the utility gained from each additional unit of the good decreases.






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






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






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






41. When the rate of inflation is extremely high.






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






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






44. 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.






45. When people's expectations of future inflation do not change even though inflation rates change.






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






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






48. Represents the governmental tax rate that will best maximize tax revenues.






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






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







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