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






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






3. Unicorporated entity that has shared ownership.






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






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






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






7. 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.






8. 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.






9. 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






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






11. That efficiency leads to economic prosperity for all.






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






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






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






15. Money multiplied by velocity equals nominal GDP.






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






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






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






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






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






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






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






23. The real cost of changing a listed price.






24. The difference between a buyer's reservation price (the price they want to pay) and the actual price paid for a good or service

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25. 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.






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






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






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






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






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






31. 1 percent more unemployment results in 2 percent less output.

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






33. A Scottish man (1723-1790) who is known as the father of modern economics.






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






35. The international sector emphasizes the ________ rate.






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






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






38. The beginning of a recession






39. 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.






40. 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).






41. Programs and economic policies such as income taxes - unemployment insurance and TANF (Temporary Aid to Needy Families) that are automatically in place - help to decrease fluctuations in the GDP.






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






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






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






45. Extreme economic growth






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






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

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






49. When an economic unit makes more than it spends






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







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