Test your basic knowledge |

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. Total supply of goods and services in an economy






2. A market with unrestricted trading of goods - where the prices of goods are determined by supply and demand.






3. Caused by changes in the overall economy.






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






5. Involves increasing a nominal quantity so that it remains unaffected by increases in inflation






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






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






8. Government policies intended to increase spending and output.






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






10. Unicorporated entity that has shared ownership.






11. The lowest point of the recession






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






13. Can be found by multiplying the average labor productivity by the percentage of people that are working in the economy.






14. The real cost of changing a listed price.






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






16. Organizations that act as moderators between employers and employees






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






18. 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).






19. 1 percent more unemployment results in 2 percent less output.

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






21. 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.






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






23. The monetary sector focuses on the ________ rate.






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






25. The smallest dollar amount for which a seller would be willing to sell an additional unit - generally equal to marginal cost

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


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






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






28. That efficiency leads to economic prosperity for all.






29. 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


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






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






32. The value of all goods and services produced anywhere in the world by a nation's citizens during a specified amount of time.






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






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






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






36. The output per employed worker






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






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






39. 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.






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






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






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






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






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






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






46. An extreme decline in the rate of inflation. Can lead to high levels of unemployment and recessionary gaps.






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






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






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






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