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CLEP Macroeconomics Basics
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CLEP Macroeconomics Basics
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25 Questions

1. A communist economy; the government determines what is produced and in what quantities and at what price

2. Desires are unlimited - resources are limited.

3. Results when the price is set below the equilibrium price

4. Curve shifts to left

5. The amount of products that must be forgone in order to obtain an additional unit of any given product

6. A graphical representation of the boundary between what is attainable and what is not

7. Slopes downward

8. 1) the technique of production; (2) prices of resources needed to produce the good or service; (3) taxes and subsidies; (4) prices of other goods; (5) price expectations; and (6) the number of other sellers in the market.

9. As price rises - the corresponding quantity supplied also rises and likewise when the price falls - the quantity supplied decreases

10. If a similar good is priced more cheaply - people will buy the cheaper substitute instead of the good itself (Coke - Pepsi; bananas - strawberries)

11. Goods that satisfy needs or wants immediately and get used up

12. Curve shifts to right

13. Most economies are not completely laissez-faire and not completely command - but some mixture

14. The higher the price - the lower the quantity demanded. the lower the price - the higher the quantity demanded.

15. Achieved when society is producing at full employment and full production

16. Results when the price is set above equilibrium price

17. Curve shifts to right

18. The least costly method of production is being used to produce the desired goods and services

19. Curve shifts to left

20. A point of production that is unattainable

21. Amount of a good or service that consumers plan to buy in a given period of time and in given conditions

22. (1) the economy is fully efficient meaning that it is operating at full production and full employment; (2) resources are fixed; (3) technology is fixed; and (4) there are only two products.

23. Indicates increasing opportunity costs

24. Indicates economic growth (society found more resources or developed better technology)

25. A system of private ownership of resources using free markets and prices to determine economic activity; little government involvement

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