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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. That efficiency leads to economic prosperity for all.






2. 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






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






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






5. Unicorporated entity that has shared ownership.






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






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






8. The international sector emphasizes the ________ rate.






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






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






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






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






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






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






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






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






17. Organizations that act as moderators between employers and employees






18. The beginning of a recession






19. 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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20. The real cost of changing a listed price.






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






22. The price of a good or service in relation to the price of other goods and services.






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






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






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






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






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






29. 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.






30. When the rate of inflation is extremely high.






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






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






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






34. When inflation suddenly deviates from its normal course.






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






36. 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.






37. The lowest point of the recession






38. 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.






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






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






41. Extreme economic growth






42. When economists fail to account for improvements in goods or services and incorrectly report inflation as higher.






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






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






45. A policy that affects potential output






46. 1 percent more unemployment results in 2 percent less output.

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47. Money multiplied by velocity equals nominal GDP.






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






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

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







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