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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. Unicorporated entity that has shared ownership.






2. Total supply of goods and services in an economy






3. 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.






4. The part of economics study that looks at the operation of a nation's economy as a whole






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






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






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






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






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






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






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






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






13. When an economic unit makes more than it spends






14. Goods like food and clothing that have a short lifespan.






15. The goods and services sector focuses largely on the level of ______ .






16. 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.






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






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






19. The amount of workers that are willing to work for a real wage.






20. 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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21. A phrase coined by Adam Smith to describe the process that turns self directed gain into social and economic benefits for all.






22. When inflation suddenly deviates from its normal course.






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






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






25. The output per employed worker






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






27. Demonstrates that there is an inverse relationship between inflation and unemployment; as inflation increases - unemployment decreases (and vice versa).






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






29. When the rate of inflation is extremely high.






30. 1 percent more unemployment results in 2 percent less output.

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






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






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






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






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






36. 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.






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






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






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






40. 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.






41. Organizations that act as moderators between employers and employees






42. 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.






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






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






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






46. Sole proprietorships - partnerships - and corporations are private producing units of the economy knows as __________.






47. Caused by changes in the overall economy.






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






49. Combines pure market and command. Example: Japan






50. Goods not counted in the nation's GDP.







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