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






2. The increase in total cost that comes from producing one additional unit of a specific good or service.






3. The international sector emphasizes the ________ rate.






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






5. 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.






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






7. The labor sector highlights the rate of ____ .






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






9. Government policies intended to increase spending and output.






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






11. Organizations that act as moderators between employers and employees






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






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






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






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






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






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






18. When the rate of inflation is extremely high.






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






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






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






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






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






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






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






26. Extreme economic growth






27. 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.






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






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






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






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






32. 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






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






34. The rise in taxes that occurs when before-tax income increases by one dollar






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






36. The annual percentage rate of change in price level reflected by price indexes






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






38. The total planned spending on final goods and services.






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






40. 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.






41. Used in the production of final goods - but instead of being consumed - are available for reuse.






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






43. 1 percent more unemployment results in 2 percent less output.

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






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






46. Total supply of goods and services in an economy






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






48. A policy that affects potential output






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






50. The real cost of changing a listed price.