Test your basic knowledge |

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. 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






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






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






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






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






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






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






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






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






10. When AD increases - the price level ________.






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






12. Economic growth






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. Increase in AD






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






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






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






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






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






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






21. Increase in long-term growth






22. MPC






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






24. Price level exceeds equilibrium price






25. Relationship between consumption expenditure and disposable income






26. Real GDP and around potential GDP






27. When AD increases - real GDP __________.






28. Potential GDP






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






30. Relationship between saving and disposable income






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






32. Relationship between the quantity of real GDP demanded and the price level






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






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






35. Equilibrium real GDP exceeds potential GDP






36. 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






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






38. Slopes downward






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






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






41. Economic slowdown






42. Decrease in AD






43. MPC + MPS






44. Equilibrium real GDP is below potential GDP






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






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







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