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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 difference between the price received by the seller and the seller's reservation price

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






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






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






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






6. Can be found by multiplying the average labor productivity by the percentage of people that are working in the economy.






7. Organizations that act as moderators between employers and employees






8. Extreme economic growth






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






11. 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.






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






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






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






15. Government policies aimed at stabilizing the economy by eliminating output gaps






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






17. A policy that affects potential output






18. 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.






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






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






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






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






23. Most free-market banking systems are based on __________ reserves.






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






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






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






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






28. The movement of workers between jobs - companies - and industries






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






30. The output per employed worker






31. 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.






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






33. 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).






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






35. 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.






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






37. The monetary sector focuses on the ________ rate.






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






39. Government policies intended to increase spending and output.






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






41. A Scottish man (1723-1790) who is known as the father of modern economics.






42. Total supply of goods and services in an economy






43. Combines pure market and command. Example: Japan






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






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






46. Caused by changes in the overall economy.






47. Payments that the government makes to unemployed workers.






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






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






50. 1 percent more unemployment results in 2 percent less output.

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