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CLEP Macroeconomics: Measurement Of Economic Performance

Subjects : clep, economics
Instructions:
  • Answer 50 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 percentage of unemployed workers in the civilian labor force






2. For every 1% the actual unemployment rate exceeds the natural (frictional + structural) unemployment rate - a 2.5% GDP gap occurs

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3. (base year basket valued at current year prices/base year basket valued at base year prices) x 100






4. Monetary






5. The sale of a finished good or product directly to a consumer (baker sells bread to customer); counted in GDP






6. Shows how money and goods and services flow between the various markets and players in the economy






7. (1) final purchases of machinery and equipment by governments and business; (2) all construction; and (3) changes in inventories






8. Frictional + structural unemployment






9. Government purchase of goods and services; does not include transfer payments and expenditures for servicing the national debt or investment goods






10. The average of all prices is falling






11. All investment spending by government and business firms






12. Output measured at base year prices - and thus adjusted






13. Output measured at current prices - and thus unadjusted figure for GDP






14. Those who are on ______ incomes are hurt most by inflation






15. Income earned that is available to resource suppliers and others before payment of personal taxes






16. The price index that puts all goods and services in the market basket; measures the overall price level change - not just a change in price of typical consumer goods






17. Caused by the actions of people who have come to expect a certain amount of inflation in the economy






18. A basic accounting measure of total production of goods and services of the national economy in one year






19. Measures the prices of a fixed market basket of over 300 consumer goods and services purchased by the typical urban consumer






20. Phase of the business cycle where output and employment are at their lowest levels






21. Measures GDP by adding up all that is spent by various consumers on this year's total output of final goods and services; also called gross national expenditure (GNE)






22. Personal income less income taxes






23. The number of dollars one receives as wages - rent - interest or profit






24. All people who are either employed or unemployed - but excludes people who are institutionalized or in the military






25. Recurrent ups and downs of economic activity






26. Cost of living allowance






27. Maximum output of business cycle






28. The total net sales of goods sold abroad minus the total net spent on purchases from other countries






29. Allows us to keep tabs on the economic health of society and to develop policies that will improve that health






30. Temporary and associated with turnover in the labor market






31. Wages - represents monies earned by labor - including pensions - workman's compensation - and insurance






32. Used for comparing the price of a specific market basket of goods and services in one particular year to the price in a base year






33. Those that are used to produce other goods that will eventually be sold (miller sells flour to a baker); not counted in GDP






34. Calculate spending and income: what is spent on a product is received as income by those who contributed to the product's production. the spending amount and income amount should equal one another.






35. The civilian labor force expressed as a percentage of the labor force population






36. The sale of goods and services to households






37. Total income earned by resource suppliers for their contributions to the production of the GNP






38. A sustained rise in the general price level of an economy






39. Income earned by the factors of production for their current contributions to production; total dollar value of all final goods and services produced for consumption in society during a particular time period






40. GDI = w + i + r + pi + misc






41. Measures national income as the sum of the incomes received by productive resources in the economy; also called Gross Domestic Income (GDI)






42. Inflation arising from the supply or cost side of the economy






43. Inflation caused by excess demand in the economy






44. A person who is available for and looking for work - but has none






45. All people living in a society who are of legal age to work






46. Output sacrificed due to unemployment






47. GDP = C + Ig + G + Xn






48. Cyclical unemployment is at 0






49. Results from laborers having a mismatched skill set with what is demanded by the current labor market






50. Periodic and predictable economic changes