Test your basic knowledge |

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






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






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






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






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






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






7. Unicorporated entity that has shared ownership.






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






9. The difference between the price received by the seller and the seller's reservation price

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


10. The labor sector highlights the rate of ____ .






11. 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.






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






13. The difference between the buyer's reservation price and the seller's reservation price. Consumer surplus + Producer surplus






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






15. A policy that affects potential output






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






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






18. 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






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






20. Extreme economic growth






21. 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).






22. That efficiency leads to economic prosperity for all.






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






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






25. 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.






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






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






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






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






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






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






32. 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.






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






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






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






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






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






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






39. The slow change in inflation from year to year in industrialized nations






40. 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.






41. On a demand curve - the _____ of the item is placed on the vertical axis of the graph.






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






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






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






45. The time between the need for a macroeconomic policy and its implementation






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






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






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






49. The smallest dollar amount for which a seller would be willing to sell an additional unit - generally equal to marginal cost

Warning: Invalid argument supplied for foreach() in /var/www/html/basicversity.com/show_quiz.php on line 183


50. The monetary sector focuses on the ________ rate.