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






2. 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.






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






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






5. 1 percent more unemployment results in 2 percent less output.

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6. The government office that is responsible for projecting federal surpluses and deficits






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






8. Represents the governmental tax rate that will best maximize tax revenues.






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






10. 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.






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






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






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






14. A policy that affects potential output






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






16. The labor sector highlights the rate of ____ .






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






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






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






20. Organizations that act as moderators between employers and employees






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






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






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






24. Caused by changes in the overall economy.






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






26. 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.






27. 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.






28. 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.






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






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 .






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






32. The output per employed worker






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






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. The real cost of changing a listed price.






36. The amount spent by a household on goods and services such as: entertainment - food - and other perishables.






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






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






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






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






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






42. When inflation suddenly deviates from its normal course.






43. Patents - Goodwill - and Trademarks (lack physical substance)






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






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






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






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






48. Combines pure market and command. Example: Japan






49. 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.






50. 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.






Can you answer 50 questions in 15 minutes?



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