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






2. 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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3. A flaw in the CPI that exaggerates real increases in the cost of living by failing to take into account customers ability to choose equally desirable goods or services when the price of their preferred good or service increases






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






5. A macroeconomic policy that directly affects the structure and various institutions of an economy






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






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






8. Money multiplied by velocity equals nominal GDP.






9. Economies based on capitalism have microeconomic instability and that government is required to properly stabilize the economy.






10. Organizations that act as moderators between employers and employees






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






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






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






14. 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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15. Unicorporated entity that has shared ownership.






16. When prices fall consistently over time - leading to negative inflation.






17. Goods like food and clothing that have a short lifespan.






18. Concerned with analyzing whether or not a policy should be used.






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






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






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






22. When both producers and consumers are satisfied with their quantities at market price.






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






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






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






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






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






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






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






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






31. The monetary sector focuses on the ________ rate.






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






33. Total supply of goods and services in an economy






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






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






36. 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.






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






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






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






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






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






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






43. Payments that the government makes to unemployed workers.






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






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






46. The output per employed worker






47. When an economic unit makes more than it spends






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






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






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







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