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CLEP Prinicples of Macroeconomics Exam Prep

2 Economics is the study of how people:
  1. Allocate societal resources by purchasing goods and services
  2. Gain access to local and foreign markets
  3. Produce goods and services at the lowest production costs
  4. Make profits and reduce unemployment
See Answer
3 What is the system in the United States in which only a portion of total deposits is reserved and the rest is lent out?
  1. Liquidity
  2. Fractional reserve banking system
  3. Central bank policy
  4. Open market operations
See Answer
4 In a free-market economy, the price of rice following a surplus is likely to:
  1. Increase
  2. Decrease
  3. Remain unchanged
  4. Require intervention
See Answer