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






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






4. Natural Rate of Unemployment - a rate that will always exist






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






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

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7. Total supply of goods and services in an economy






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






9. When people's expectations of future inflation do not change even though inflation rates change.






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






11. Organizations that act as moderators between employers and employees






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






13. An increase in this would cause an increase in the aggregate supply






14. If the Federal Reserve lowers the reserve ratio - it ______ the bank's required reserves and ______ the quantity of money.






15. Payments that the government makes to unemployed workers.






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






17. Short-run macroeconomic equilibrium occurs at the level of GDP where the:






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






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






20. Unicorporated entity that has shared ownership.






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






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






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






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






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






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






27. Sole proprietorships - partnerships - and corporations are private producing units of the economy knows as __________.






28. The output per employed worker






29. Government policies intended to increase spending and output.






30. The beginning of a recession






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






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






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






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






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






36. When an economic unit makes more than it spends






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






38. A law stating that as the price of a product increases the demand of that product decreases - while if the price of a product decreases the demand for that product increases.






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






40. The international sector emphasizes the ________ rate.






41. The labor sector highlights the rate of ____ .






42. The real cost of changing a listed price.






43. 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






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






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






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






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






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






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






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