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CLEP Macroeconomics - 3
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CLEP Macroeconomics - 3
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25 Questions

1. Government policies intended to increase spending and output.

2. Caused by changes in demand or technology. Long-term and continual unemployment that continues even though the economy is producing normally

3. The monetary sector focuses on the ________ rate.

4. Describes how the economy directly effects the actions policymakers take.

5. The economic theory that states the main cause of change in aggregate output and price level is the result of monetary supply and the interest rate that comes from the amount of monetary supply

6. The annual percentage rate of change in price level reflected by price indexes

7. When the rate of inflation is extremely high.

8. Short-run macroeconomic equilibrium occurs at the level of GDP where the:

9. The increase in total cost that comes from producing one additional unit of a specific good or service.

10. The quantity of a good that results in the maximum possible economic surplus from producing and consuming the good.

11. Concerned with analyzing whether or not a policy should be used.

12. The amount spent by a household on goods and services such as: entertainment - food - and other perishables.

13. The beginning of a recession

14. When prices fall consistently over time - leading to negative inflation.

15. Most free-market banking systems are based on __________ reserves.

16. The adding up of individual economic variables to obtain a large - general picture of the economy.

17. The labor sector highlights the rate of ____ .

18. The amount of workers that are willing to work for a real wage.

19. Legal entity that has received a charter from a state or federal government.

20. The rise in taxes that occurs when before-tax income increases by one dollar

21. The speed that money changes hands in order to buy and sell final goods and services.

22. The portion of planned aggregate expenditure that is not based on output

23. Extreme economic growth

24. A GDP decline that lasts two-quarters (six months). A period of slow economic growth

25. Programs and economic policies such as income taxes - unemployment insurance and TANF (Temporary Aid to Needy Families) that are automatically in place - help to decrease fluctuations in the GDP.

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