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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. 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.






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






3. 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.






4. Combines pure market and command. Example: Japan






5. 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.






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






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






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






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






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






11. Measures the ability of an economy to produce (output) goods and services in the short-term and the long-term.






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






13. 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).






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






15. Maximum price that a customer is willing to pay for a good






16. The monetary sector focuses on the ________ rate.






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






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






19. The total planned spending on final goods and services.






20. The lowest point of the recession






21. 1 percent more unemployment results in 2 percent less output.

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






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






24. Extreme economic growth






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






26. On a demand curve - the _____ of the item is placed on the vertical axis of the graph.






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






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






29. Used in the production of final goods - but instead of being consumed - are available for reuse.






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






31. 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.






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

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33. Money multiplied by velocity equals nominal GDP.






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






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






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






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






39. 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






40. Natural Rate of Unemployment - a rate that will always exist






41. A cost that is beyond recovery the moment a consumer decides to purchase a certain good or service is made






42. 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






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






44. Unicorporated entity that has shared ownership.






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






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






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






49. A GDP decline that lasts two-quarters (six months). A period of slow economic growth






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







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