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






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






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 portion of planned aggregate expenditure that is not based on output






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






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






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






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






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






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






11. 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






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






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






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






15. Combines pure market and command. Example: Japan






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






17. Unicorporated entity that has shared ownership.






18. 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.






19. The lowest point of the recession






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






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






22. Payments that the government makes to unemployed workers.






23. 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






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






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






27. The total demand for a country's output. It includes demands for consumption - investment - government purchases - and net exports.






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






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






30. 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.






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






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






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






34. 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.






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






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






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






38. 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.






39. That efficiency leads to economic prosperity for all.






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






41. The maximum amount that an economy can output over a period of time






42. Business entity which legally has no separate existence from its owner.






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






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






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






46. 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.






47. The beginning of a recession






48. The international sector emphasizes the ________ rate.






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






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







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