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






2. 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.






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






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






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






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






7. The real cost of changing a listed price.






8. That efficiency leads to economic prosperity for all.






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






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






11. 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.






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






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






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






15. When the rate of inflation is extremely high.






16. Real Estate - Equipment - and Cash (physical assets)






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






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






19. 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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20. The lowest point of the recession






21. When an economic unit makes more than it spends






22. The relationship between disposable income and spending on consumable goods and services






23. Total tax paid divided by total (taxable) income - as a percentage.






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






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






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






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






28. 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.






29. Money multiplied by velocity equals nominal GDP.






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






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






32. 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






33. The rate of price increase on all things except food and energy






34. 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.






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






36. The economic theory that states the main cause of change in aggregate output and price level is the result of monetary supply and the interest rate that comes from the amount of monetary supply






37. The total demand for a country's output. It includes demands for consumption - investment - government purchases - and net exports.






38. 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.






39. Unicorporated entity that has shared ownership.






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






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






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






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






44. 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.






45. The rise in taxes that occurs when before-tax income increases by one dollar






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






47. The labor sector highlights the rate of ____ .






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






49. A result of there only being one buyer of a resource input - good - or service.






50. There is an ___________ ___ when aggregate output is above potential output






Can you answer 50 questions in 15 minutes?



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