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CLEP Macroeconomics: National Income And Price Determination

Subjects : clep, economics
Instructions:
  • Answer 46 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. Relationship between the quantity of real GDP demanded and the price level






2. A rise in both the price level and the money wage rate that maintains full employment brings a movement along the ____ curve.






3. A non-price related change causes a _____ in the demand curve






4. A persistent increase in aggregate demand that exceeds the increase in potential GDP






5. Increase in long-term growth






6. The relationship between the quantity of real GDP supplied and the price level when real GDP equals potential GDP; potential GDP is real GDP when all the economy's labor - capital - land - and entrepreneurial ability are fully employed






7. Real GDP and around potential GDP






8. The quantity of real GDP demanded equals the quantity of real GDP supplied






9. Change in consumption expenditure divided by the change in disposable income






10. When Short Run Aggregate Supply decreases - Real GDP falls below Potential GDP and the price level _________.






11. When the money wage rate rises - the SAS curve shifts ____ but the LAS curve remains unchanged.






12. People change consumption preferences daily between domestic goods and services and foreign goods and services






13. A rise in the price level at a constant money wage rate brings a change in employment and real GDP and a movement along the ___ curve.






14. Job expectations - fiscal or monetary policy - world economy - inflation - profits






15. The change in savings divided by the change in disposable income






16. MPC






17. When AD increases - real GDP __________.






18. The fraction of a change in disposable income that is saved






19. When potential GDP increases - both LAS and SAS curves shift _____.






20. MPC + MPS






21. Tendency for increases in the price level to lower the purchasing power of assets of financial assets and reduce total spending in the economy






22. The value of consumption goods and services bought by households






23. Decrease in AD






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






25. Potential GDP






26. The relationship between the quantity of real GDP supplied and the price level when the money wage rate and all other influences on production plans remain constant






27. The ratio of change in consumption to change in income






28. When AD increases - the price level ________.






29. Increase in AD






30. Economic growth






31. Indicates simultaneous change in price level and money wage rate






32. Relationship between saving and disposable income






33. Slopes downward






34. Economic slowdown






35. Price level exceeds equilibrium price






36. A rise in resource costs (labor - fuel - material - etc) will _______ SAS.






37. The point on a consumption function where the consumption line intersects the 45 degree line






38. Equilibrium real GDP is below potential GDP






39. Relationship between consumption expenditure and disposable income






40. The government's attempt to influence the economy by setting and changing interest rates - the exchange rate - and the quantity of money






41. Sum of the quantities of all the final goods produced in the economy






42. Increased AD brings a(n) ___________ in SAS.






43. Disposable Income (DI) = Consumption(C) + Saving Consumption (S)






44. Equilibrium real GDP exceeds potential GDP






45. Price levels rise due to a decrease in Short Run Aggregate Supply






46. The relationship between the quantity of real GDP supplied and the price level







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