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CLEP Macroeconomics - 3
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Subjects
:
clep
,
economics
Instructions:
Answer 50 questions in 15 minutes.
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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 degree to which people have access to goods and services that make their lives better.
Standard of living
LRAS
Labor supply
Anchored inflation expectations
2. Describes how the economy directly effects the actions policymakers take.
Anchored inflation expectations
Policy reaction function
Normative analysis
Aggregation
3. The output per employed worker
Seller's reservation price
Labor productivity
Credibility of monetary policy
Lorenz curve
4. The tendency for nominal interest rates to be high when inflation rates are high and low when inflation rates are low.
Fisher effect
The rate of inflation
The quality adjustment bias
Inflation shock
5. Real Estate - Equipment - and Cash (physical assets)
Seller's reservation price
Recession
Tangible Assets
Nominal GDP
6. Distributing a good or resource among consumers that would like to have more of that good or resource than is made available
Rationing
Marginal cost
Corporation
Relative price
7. The basic assumption of this model is that in the short run - firms meet demand at present price.
Intermediate Goods
Aggregate supply shock
Keynesian model
Seller's reservation price
8. A free market system that relies on private property ownership and supply and demand
Real employment
Aggregate supply
Inside lag
Capitalism
9. 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.
Inflation
Saving
Equilibrium price
Gross National Product (GNP)
10. When goods and services are made and consumed at the best levels for the society. Nothing more can be acheived with the resources available.
Tangible Assets
Law of Demand
Economic efficiency
Intangible Assets
11. When inflation suddenly deviates from its normal course.
Traditional economic system
Inflation shock
Equilibrium price
decreases increases
12. The real cost of changing a listed price.
Planned aggregate expenditure (PAE)
Menu cost
Labor productivity
Rationing
13. The goods and services sector focuses largely on the level of ______ .
Seller's surplus
Reservation price
Income
Gross National Product (GNP)
14. 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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15. Sole proprietorships - partnerships - and corporations are private producing units of the economy knows as __________.
Average tax rate
Businesses
Keynesian economic theory
Labor productivity
16. 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.
Exchange
Price
Free market
Command economic system
17. A difference between the potential output (potential GDP) of an economy and its actual output (actual GDP)
Price
Output gap
Invisible hand
Credibility of monetary policy
18. The opposite of a substitute good - because it usually completes another item and may lead to more consumption of that item.
Capital income
Substitution effect
Complement
Gross Domestic Product (GDP)
19. The price of a good or service in relation to the price of other goods and services.
Relative price
Monetarism
The rate of inflation
Consumption
20. 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
Law of Diminishing Marginal Utility
Substitution bias
Partnership
Trough
21. A phrase coined by Adam Smith to describe the process that turns self directed gain into social and economic benefits for all.
Reservation price
Substitution effect
Invisible hand
Expansionary policies
22. 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.
Frictional unemployment
Total surplus
Law of Diminishing Marginal Utility
Trough
23. When an economic unit makes more than it spends
Inflation
Aggregate supply
Mixed market
Saving
24. Organizations that act as moderators between employers and employees
Core rate of inflation
Monetarism
Boom
Labor unions
25. The value of all goods and services produced anywhere in the world by a nation's citizens during a specified amount of time.
Saving
Capitalism
Seller's reservation price
Gross National Product (GNP)
26. When the people believe that the nation's central bank will keep inflation rates low.
Exchange
Credibility of monetary policy
Monopsony
Businesses
27. Goods not counted in the nation's GDP.
Intermediate Goods
Planned aggregate expenditure (PAE)
Inflationary gap
Real quantity
28. The amount spent by a household on goods and services such as: entertainment - food - and other perishables.
Labor productivity
Exchange
Consumption
Complement
29. When the rate of inflation is extremely high.
Real quantity
Buyer's surplus
NRU
Hyperinflation
30. Goods that are used in the production of final goods.
Aggregation
Intermediate goods
Consumer Nondurables
Liquidity
31. Caused by changes in the overall economy.
Recession
Real employment
Cyclical unemployment
Participation rate
32. 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 inertia
Labor productivity
Price
Gross Domestic Product (GDP)
33. 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
Exchange
Real GDP
Fractional
Aggregate Supply
34. The total value of goods and services produced in a country valued at current prices.
Income
Potential output
Keynesian model
Nominal GDP
35. The amount of workers that are willing to work for a real wage.
Aggregate Supply
Labor supply
Marginal cost
Anchored inflation expectations
36. Demonstrates that there is an inverse relationship between inflation and unemployment; as inflation increases - unemployment decreases (and vice versa).
Inflation inertia
Short run equilibrium output
Phillips curve
Aggregate supply shock
37. The monetary sector focuses on the ________ rate.
Hyperinflation
Interest
AD curve intersects the SAS curve
Anchored inflation expectations
38. 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.
Socially optimal quantity
Quantity equation
Traditional economic system
Consumer Nondurables
39. When both producers and consumers are satisfied with their quantities at market price.
Sunk cost
Market equilibrium
Asset
decreases increases
40. Maximum price that a customer is willing to pay for a good
Reservation price
Labor supply
Liquidity
Laffer curve
41. 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.
Inflation shock
Keynesian economic theory
Law of Supply
Exchange
42. (n) something of value; a resource; an advantage
Socially optimal quantity
Keynesian model
Asset
Velocity
43. There is an ___________ ___ when aggregate output is above potential output
Participation rate
Contractionary policies
Partnership
Inflationary gap
44. 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).
Law of Supply
Capital goods
Frictional unemployment
Marginal cost
45. The adding up of individual economic variables to obtain a large - general picture of the economy.
Hyperinflation
Aggregation
Inflation inertia
Core rate of inflation
46. Unicorporated entity that has shared ownership.
Normative analysis
Partnership
Relative price
Asset
47. A record of economic increases and decreases over time.
Business cycle
Complement
Consumer Nondurables
Inflationary gap
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.
Income
The real GDP per person
Output gap
Real employment
49. When economists fail to account for improvements in goods or services and incorrectly report inflation as higher.
Total surplus
Cyclical unemployment
The quality adjustment bias
Frictional unemployment
50. Economies based on capitalism have microeconomic instability and that government is required to properly stabilize the economy.
Keynesian economic theory
Aggregate supply
Sunk cost
Intermediate Goods
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