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






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






3. The output per employed worker






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






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






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






7. The basic assumption of this model is that in the short run - firms meet demand at present price.






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






9. 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.






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






11. When inflation suddenly deviates from its normal course.






12. The real cost of changing a listed price.






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






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






16. 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.






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






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






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






20. 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






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






22. 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.






23. When an economic unit makes more than it spends






24. Organizations that act as moderators between employers and employees






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






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






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






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






29. When the rate of inflation is extremely high.






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






31. Caused by changes in the overall economy.






32. 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.






33. 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






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






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






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






37. The monetary sector focuses on the ________ rate.






38. 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.






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






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






41. The law that states that as the price of any good or service increases - the quantity of that good or service will increase and vice versa.






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






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






44. 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).






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






46. Unicorporated entity that has shared ownership.






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






48. 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.






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






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







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