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






2. The beginning of a recession






3. Government policies intended to increase spending and output.






4. An increase in this would cause an increase in the aggregate supply






5. The real cost of changing a listed price.






6. When inflation suddenly deviates from its normal course.






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






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






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






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






11. 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.






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






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






14. Total supply of goods and services in an economy






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






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






17. The international sector emphasizes the ________ rate.






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






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






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






21. Extreme economic growth






22. 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.






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






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






25. 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






26. Goods that are used in the production of final goods.






27. Describes how the economy directly effects the actions policymakers take.






28. 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.






29. On a demand curve - the _____ of the item is placed on the vertical axis of the graph.






30. Long Run Aggregate Supply - The natural level of GDP - shown vertical on a graph. When LRAS shifts - SRAS (Short Run Aggregate Supply) will follow .






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






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






33. 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.






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






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






36. The output per employed worker






37. 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.






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






39. When both producers and consumers are satisfied with their quantities at market price.






40. 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.






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






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






44. Used in the production of final goods - but instead of being consumed - are available for reuse.






45. The adding up of individual economic variables to obtain a large - general picture of the economy.






46. 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.






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






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






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






50. 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







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