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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 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.






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






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






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






5. Includes payment to the owners of tangible and intangible capital items such as: factories - machines - and copyrights.






6. 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.






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






8. 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.






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






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






11. 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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12. The output per employed worker






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






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






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






16. 1 percent more unemployment results in 2 percent less output.

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






18. A Scottish man (1723-1790) who is known as the father of modern economics.






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






20. 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.






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






22. The movement of workers between jobs - companies - and industries






23. Unicorporated entity that has shared ownership.






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






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






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






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






28. Organizations that act as moderators between employers and employees






29. A difference between the potential output (potential GDP) of an economy and its actual output (actual GDP)






30. Total supply of goods and services in an economy






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






32. The difference between the price received by the seller and the seller's reservation price

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






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






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






36. 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.






37. The monetary sector focuses on the ________ rate.






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






39. When inflation suddenly deviates from its normal course.






40. The real cost of changing a listed price.






41. An increase in spending due to a perceived increase in wealth.






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






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






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






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






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






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






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






49. Business entity which legally has no separate existence from its owner.






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







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