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CLEP Macroeconomics: Measurement Of Economic Performance - 2

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 average tax rate rises with GDP






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






3. A deficit that arises out of a recession






4. According to classical theory - this is vertical






5. A deficit that persists during full employment






6. A capitalist economy does not tend to employ its resources fully

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7. Changes in real GDP DO or DO NOT change investment plans.






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






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






10. The purchase of foreign goods or services






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






12. Savings in circular flow diagram is...






13. Factors that change domestic imports






14. Contractionary fiscal policy would be used to counteract _________






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






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






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






18. Appropriate changes in government expenditures that occur naturally






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






20. According to Keynesian theory - this is horizontal






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






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






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






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






25. Equation for MPC out of real GDP






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






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






28. Two factors that influence or change investment plans






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






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






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






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






33. What changes government expenditure






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






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






36. The larger the MPC - the ______ the multiplier






37. (1) Pure competition; (2) Flexible wages and prices; (3) Self-interested motives; (4) People cannot be fooled by money illusions






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






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






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






41. Made up of autonomous expenditure and induced expenditure






42. Most economic theory is based on this






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






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






45. The time of production during which there are fixed and variable costs






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






47. 'Supply creates its own demand.'

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48. Dictates rises and falls in consumption expenditure






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






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







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