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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 real cost of changing a listed price.






2. 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.






3. 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.






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






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






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






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






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

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9. 1 percent more unemployment results in 2 percent less output.

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






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






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






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






15. 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.






16. When prices fall consistently over time - leading to negative inflation.






17. Caused by changes in the overall economy.






18. The portion of planned aggregate expenditure that is not based on output






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






20. When an economic unit makes more than it spends






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






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






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






24. Government policies intended to avoid inflation and other effects due to increased expansion. Includes: Action such as decreasing government spending - increasing taxes - and decreasing the supply of money - and raising interest rates.






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






26. Economies based on capitalism have microeconomic instability and that government is required to properly stabilize the economy.






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






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






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






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






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






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






33. When the rate of inflation is extremely high.






34. The labor sector highlights the rate of ____ .






35. 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).






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






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






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






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






40. Unicorporated entity that has shared ownership.






41. The output per employed worker






42. Government policies aimed at stabilizing the economy by eliminating output gaps






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






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






45. 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.






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






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






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






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







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