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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.
  • 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. According to Keynesian theory - this is horizontal






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






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






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






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






6. A deficit that arises out of a recession






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






8. What changes government expenditure






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






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






11. Most economic theory is based on this






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






13. The purchase of foreign goods or services






14. Savings in circular flow diagram is...






15. The larger the MPC - the ______ the multiplier






16. Appropriate changes in government expenditures that occur naturally






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






18. Real GDP - net taxes






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






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






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






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






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






24. Dictates rises and falls in consumption expenditure






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






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






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






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






29. Made up of autonomous expenditure and induced expenditure






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






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






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






33. According to classical theory - this is vertical






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






35. Sizes of MPS and multiplier






36. Equation for MPC out of real GDP






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






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






39. The average tax rate rises with GDP






40. An increase in real GDP _________ imports






41. Factors that change domestic imports






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






43. Contractionary fiscal policy would be used to counteract _________






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






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






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






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






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






49. Two factors that influence or change investment plans






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







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