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






2. Distributing a good or resource among consumers that would like to have more of that good or resource than is made available






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






4. Patents - Goodwill - and Trademarks (lack physical substance)






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






6. The basic assumption of this model is that in the short run - firms meet demand at present price.






7. The time period between a policy's implementation and its desired effects on an economy.






8. Caused by changes in the overall economy.






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






10. Combines pure market and command. Example: Japan






11. Economic rule stating that if two items satisfy the same need and the price of one rises - people will buy the other.






12. A quantity that is measured in real terms - the actual quantity of a good or service






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






14. When the rate of inflation is extremely high.






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






16. The time between the need for a macroeconomic policy and its implementation






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






18. The monetary sector focuses on the ________ rate.






19. Total supply of goods and services in an economy






20. The labor sector highlights the rate of ____ .






21. 1 percent more unemployment results in 2 percent less output.

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22. A policy that affects potential output






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






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






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






26. 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.






27. When the people believe that the nation's central bank will keep inflation rates low.






28. The law that states that as the price of any good or service increases - the quantity of that good or service will increase and vice versa.






29. The increase in total cost that comes from producing one additional unit of a specific good or service.






30. The real cost of changing a listed price.






31. The level of output where output equals planned aggregate expenditure






32. A free market system that relies on private property ownership and supply and demand






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






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






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






36. The international sector emphasizes the ________ rate.






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






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






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






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






41. When an economic unit makes more than it spends






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






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






44. 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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45. Goods like food and clothing that have a short lifespan.






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






47. The output per employed worker






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






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






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