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CLEP Macroeconomics: Measurement Of Economic Performance - 2

Subjects : clep, economics
Instructions:
  • Answer 50 questions in 15 minutes.
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  • Match each statement with the correct term.
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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 average tax rate rises with GDP






2. The capitalistic economy would tend to employ its resources fully






3. Fiscal Policy changes that increase or decrease equilibrium expenditure will increase or decrease _________ ________.






4. Two factors that influence or change investment plans






5. An increase in real GDP _________ imports






6. Goods or services produced in a given nation and sold to customers in other nations






7. While investment - government spending - and exports remain constant during changes in the GDP - this kind of expenditure changes with the level of GDP






8. The level of aggregate expenditure when aggregate planned expenditure equals real GDP






9. Equation for MPC out of real GDP






10. A deficit that arises out of a recession






11. The larger the MPC - the ______ the multiplier






12. Most economic theory is based on this






13. When a fiscal expansion occurs at Potential GDP the Short-Run Aggregate Supply curve (SAS) shifts _____.






14. If the MPC is 0.65 - what is the multiplier?






15. Spending for the production and accumulation of capital goods and additions to inventory






16. Made up of autonomous expenditure and induced expenditure






17. Expansionary fiscal policy would be used to counteract a _________






18. Contractionary fiscal policy would be used to counteract _________






19. The part of aggregate planned expenditure that does change when real GDP changes






20. Lists the level of aggregate planned expenditure at each level of real GDP






21. The time of production during which there are only essentially variable costs






22. According to classical theory - demand for this creates unemployment






23. Changes in real GDP DO or DO NOT change government expenditure.






24. A change in equilibrium expenditure divided by a change in aggregate expenditure






25. Change in imports divided by the change in real GDP






26. The government's attempt to influence the economy by setting and changing taxes - transfer payments - and expenditures on goods and services






27. C + I + G + N - import function






28. Claims that expansionary fiscal policy will increase interest rates and reduce investment






29. Sizes of MPS and multiplier






30. Slope of savings function is equal to...






31. Inventories remain at their target levels when....






32. Opposite of traditional view; supply side effects are dominant






33. According to classical theory - an increase in AD increases the price level but not the level of...






34. The amount by which a change in aggregate expenditure is multiplied to determine the change in equilibrium expenditure and real GDP






35. A deficit that persists during full employment






36. Savings in circular flow diagram is...






37. 'Supply creates its own demand.'

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38. According to classical theory - this is vertical






39. The magnitude of the multiplier depends on the ___ _____






40. An increase in public debt will have little or no effect on real output or employment because people will choose to save more money






41. Dictates rises and falls in consumption expenditure






42. According to Keynesian theory - this is horizontal






43. The part of aggregate planned expenditure that does not change when real GDP changes






44. Changes in real GDP DO or DO NOT change domestic exports.






45. A decrease in government expenditures or an increase in taxes






46. Demand side effects are large; supply side - small






47. What changes government expenditure






48. An increase in government expenditures or a decrease in taxes






49. Factors that change domestic imports






50. As real GDP increases - disposable income increases - but by ___ than the increase in real GDP because net taxes also increase.







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