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






2. 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.






3. A market with unrestricted trading of goods - where the prices of goods are determined by supply and demand.






4. 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).






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






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






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






8. Government policies intended to increase spending and output.






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






10. The government office that is responsible for projecting federal surpluses and deficits






11. That efficiency leads to economic prosperity for all.






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






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






14. Payments that the government makes to unemployed workers.






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






16. Total supply of goods and services in an economy






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






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






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






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






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






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






23. Money multiplied by velocity equals nominal GDP.






24. Goods and services sector - Labor sector - monetary sector - international sector.






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






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






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






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






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






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






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






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






33. 1 percent more unemployment results in 2 percent less output.

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






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






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






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






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






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






40. 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






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






42. Organizations that act as moderators between employers and employees






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






44. Extreme economic growth






45. 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.






46. 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.






47. Combines pure market and command. Example: Japan






48. The international sector emphasizes the ________ rate.






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






50. 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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