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






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






3. 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


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






5. The labor sector highlights the rate of ____ .






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






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






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






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






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






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






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






13. 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






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






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






16. Caused by changes in the overall economy.






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






18. 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.






19. When an economic unit makes more than it spends






20. The real cost of changing a listed price.






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






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






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






24. Money multiplied by velocity equals nominal GDP.






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

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


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






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






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






29. The output per employed worker






30. Extreme economic growth






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






32. 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.






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






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






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






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






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






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






39. When both producers and consumers are satisfied with their quantities at market price.






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






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






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






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






44. The monetary sector focuses on the ________ rate.






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






46. The beginning of a recession






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






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






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






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







Sorry!:) No result found.

Can you answer 50 questions in 15 minutes?


Let me suggest you:

Browse all subjects

Browse all tests

Most popular tests



Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests