SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
Test your basic knowledge |
CLEP Macroeconomics - 3
Start Test
Study First
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. A cost that is beyond recovery the moment a consumer decides to purchase a certain good or service is made
Sunk cost
Intermediate goods
Deflation
Price level
2. The beginning of a recession
Phillips curve
Peak
Autonomous Expenditure
Law of Demand
3. Government policies intended to increase spending and output.
Expansionary policies
The real GDP per person
Quantity equation
Asset
4. An increase in this would cause an increase in the aggregate supply
Structural unemployment
Complement
Labor productivity
Disinflation
5. The real cost of changing a listed price.
Macroeconomics
Nominal GDP
Structural policy
Menu cost
6. When inflation suddenly deviates from its normal course.
Mixed market
Inflation shock
Consumption function
Standard of living
7. Measures the ability of an economy to produce (output) goods and services in the short-term and the long-term.
Inflationary gap
Consumption
Menu cost
Aggregate Supply
8. Concerned with analyzing whether or not a policy should be used.
Normative analysis
Capital goods
Indexing
Aggregate supply
9. When goods and services are made and consumed at the best levels for the society. Nothing more can be acheived with the resources available.
decreases increases
Economic efficiency
Consumer Nondurables
Gross National Product (GNP)
10. The total planned spending on final goods and services.
Command economic system
Inflation shock
Planned aggregate expenditure (PAE)
Intermediate goods
11. 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.
Traditional economic system
Boom
Sunk cost
NRU
12. (n) something of value; a resource; an advantage
Expansionary policies
Boom
Asset
Sole proprietorship
13. The increase in total benefit that comes from producing one additional unit.
Traditional economic system
Marginal benefit
Frictional unemployment
Supply-side policy
14. Total supply of goods and services in an economy
Aggregate supply
Fractional
Total surplus
Corporation
15. A market with unrestricted trading of goods - where the prices of goods are determined by supply and demand.
Intermediate Goods
Free market
Keynesian economic theory
Price level
16. Most free-market banking systems are based on __________ reserves.
Invisible hand
Aggregate demand
Fractional
Real GDP
17. The international sector emphasizes the ________ rate.
Exchange
Sunk cost
Nominal GDP
Core rate of inflation
18. The annual percentage rate of change in price level reflected by price indexes
The rate of inflation
Planned aggregate expenditure (PAE)
Gross National Product (GNP)
Aggregate supply shock
19. The degree to which people have access to goods and services that make their lives better.
Standard of living
Total surplus
Core rate of inflation
Supply-side policy
20. The total value of goods and services produced in a country valued at current prices.
Equilibrium price
Nominal GDP
Monetarism
Gross National Product (GNP)
21. Extreme economic growth
The quality adjustment bias
Partnership
Boom
Frictional unemployment
22. 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.
Mixed market
Aggregation
Command economic system
Traditional economic system
23. Goods and services sector - Labor sector - monetary sector - international sector.
Four sectors of the economy
Law of Supply
Consumer Nondurables
Relative price
24. The value of all goods and services produced anywhere in the world by a nation's citizens during a specified amount of time.
Planned aggregate expenditure (PAE)
Nominal GDP
Gross National Product (GNP)
Real employment
25. 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
Real GDP
Keynesian model
Expansionary policies
Normative analysis
26. Goods that are used in the production of final goods.
Intermediate goods
Consumer Nondurables
Sunk cost
Liquidity
27. Describes how the economy directly effects the actions policymakers take.
Equilibrium price
Inside lag
Real employment
Policy reaction function
28. 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.
Real quantity
Phillips curve
Equilibrium price
Gross Domestic Product (GDP)
29. On a demand curve - the _____ of the item is placed on the vertical axis of the graph.
Marginal cost
Congressional budget office
Price
Labor productivity
30. Long Run Aggregate Supply - The natural level of GDP - shown vertical on a graph. When LRAS shifts - SRAS (Short Run Aggregate Supply) will follow .
Expansionary policies
Phillips curve
LRAS
Trough
31. An extreme decline in the rate of inflation. Can lead to high levels of unemployment and recessionary gaps.
Trough
Disinflation
The quality adjustment bias
Substitution effect
32. The speed that money changes hands in order to buy and sell final goods and services.
Policy reaction function
Monetarism
Velocity
Saving
33. 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.
Law of Demand
Saving
Equilibrium price
Capitalism
34. A GDP decline that lasts two-quarters (six months). A period of slow economic growth
Keynesian model
Recession
decreases increases
Marginal tax rate
35. The tendency for nominal interest rates to be high when inflation rates are high and low when inflation rates are low.
Normative analysis
Fisher effect
Real quantity
Intermediate Goods
36. The output per employed worker
Labor productivity
NRU
Substitution bias
Rationing
37. 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.
Anchored inflation expectations
Seller's reservation price
Capitalism
Law of Demand
38. Involves increasing a nominal quantity so that it remains unaffected by increases in inflation
Indexing
Intermediate goods
Law of Demand
The real GDP per person
39. When both producers and consumers are satisfied with their quantities at market price.
Pay
Capitalism
Market equilibrium
Law of Diminishing Marginal Utility
40. 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.
Automatic stabilizers
Law of Diminishing Marginal Utility
Monetarism
Exchange
41. Used to demonstrate shifts in income distribution among a population over time.
Businesses
Lorenz curve
Output gap
Anchored inflation expectations
42. The difference between a buyer's reservation price (the price they want to pay) and the actual price paid for a good or service
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
43. The continuing increase in the average level of prices of goods and services over time.
Inflation
Policy reaction function
Capital goods
Complement
44. Used in the production of final goods - but instead of being consumed - are available for reuse.
Capital goods
Partnership
Participation rate
NRU
45. The adding up of individual economic variables to obtain a large - general picture of the economy.
Anchored inflation expectations
Aggregation
Income
Seller's surplus
46. 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.
The real GDP per person
Real employment
Labor unions
Income
47. There is an ___________ ___ when aggregate output is above potential output
Boom
Labor unions
Labor productivity
Inflationary gap
48. The percentage of working-age people within the labor force
Standard of living
Participation rate
Structural unemployment
Sole proprietorship
49. A measure of overall price levels at a specific point in the price index.
Quantity equation
Planned aggregate expenditure (PAE)
Price level
Phillips curve
50. 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
Substitution bias
Inflation inertia
Output gap
Inside lag
Sorry!:) No result found.
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests