President Reagan broke the logjam on dozens of appointments to top administration posts yesterday by naming a chairman of the Council of Economic Advisers and seven sub-Cabinet officials, including California Supreme Court Justice William P. Clark to be deputy secretary of state.

Reagan nominated:

Clark, a close friend of the president who was Reagan's chief of staff in the state house in Sacramento before Reagan named him to the bench.

Murray L. Weidenbaum, assistant treasury secretary from 1969 to 1971 and now a professor at Washington University in St. Louis, to be chairman of the Council of Economic Advisers [Details on Page E10].

Edward C. Schmults, an undersecretary of the treasury and deputy counsel to the president in the Ford administration, to be deputy attorney general. Schmults is a partner in the New York firm White & Case and a specialist in corporate and securities law.

Richard E. Lyng, an assistant agriculture secretary under presidents Nixon and Ford and later president of the American Meat Institute, to be undersecretary of agriculture. Lyng was considered for the top agriculture job but lost out to Secretary John R. Block.

R. T. McNamar, executive director of the Federal Trade Commission from 1973 to 1977 and now executive vice president of the Beneficial Standard Corp., to be deputy secretary of the treasury.

John F. Lehman Jr., a Reagan defense and foreign policy adviser during the campaign and a former deputy director of the Arms Control and Disarmament Agency, to be secretary of the Navy.

John O. Marsh Jr., a former congressman and Cabinet member as counselor to Ford, to be secretary of the Army.

Verne Orr, a longtime Reagan colleague who began his government career as director of the California Department of Motor Vehicles and for five years in the early '70s was director of the California Department of Finance, to be secretary of the Air Force.

White House aides said that dozens of other nominations would be made soon in an effort to speed up what they admit has been a disappointly slow performance. The nomination process has been helped along by a recent decision to announce appointments before complete FBI conflict-of-interest checks have been made.

As he has on each of his first three days in office, Reagan held a Cabinet meeting largely devoted to the economy. He then emphasized his involvement in economic planning by walking around the corner from the White House to have lunch at the Treasury Department with Treasury Secretary Donald T. Regan, Chairman of the Federal Reserve Board Paul A. Volcker, just-named economic adviser Weidenbaum and other top White House aides.

On his way up the steps of the Treasury building, Reagan was hailed by Miss Tiny North America, a 7-year-old named Sandy Kotz, who was wearing a crown.

The girl draped a medallion on a red-white-and-blue ribbon around Reagan's neck and in return got a kiss from the president.

"Get her coat on. She says she's freezing," Reagan said.

Asked why she had accosted the president, Kotz replied: "My mother made me do it." Then she asked her mother if she could take off her crown.

Reagan described the session as "a get-acquainted lunch" and declined to discuss specific topics mentioned except to say: "We talked about money."

Weidenbaum later told reporters that today's consumer price index "sure indicates that the inflationary legacy of the Carter administration is a very substantial one." He declined to estimate when the Reagan administration would be able to bring inflation under control.

Reagan began his day at a breakfast with Republican congressional leaders, the first of what will become a regular series of meetings.

Rep. Robert H. Michel (R-Ill.) indicated to reporters that Reagan will not cut Social Security benefits as part of his effort to limit government spending, but that other entitlement programs will be reduced.

Michel said that after talking to the president he believes that "Social Security recipients as such have no fear of our gutting the Social Security program or cutting it back to some level that would be injurious to their future well-being."

He added: "We do have to look at this area of entitlements."

Sen. Howard H. Baker Jr. (R-Tenn.), the Senate majority leader, said that part of the blame for the slippage in the date Reagan's economic package will be presented to Congress should be taken by the Republican congressional leadership. He explained that the leaders have asked to be consulted on formulation of the package and this has caused delays.

Reagan aides now say the package will be sent to Congress in mid-February.

Presidential counselor Edwin Meese III and White House chief of staff James A. Baker III have spent considerable amounts of time meeting with the Republican congressional leadership on the economic package.

White House press secretary James S. Brady announced the appointment of Glenn Schleede to be the third-ranking official at the Office of Management and Budget. Schleede was a member of former president Ford's domestic council.

It was learned that Joseph Wright, of Citibank, will be named the undersecretary of commerce. Wright was working in the Commerce Department yesterday.

Another appointment to be announced soon is Edith Baum, minority counsel on the House Education and Labor Committee, to be undersecretary of labor.

Annelise Anderson, an economist who worked for Vice President Bush in the campaign and whose husband, Martin, is White House domestic political adviser, will become an associate director of OMB, it was learned.