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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. 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






2. 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






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






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






5. Phase of the business cycle which is characterized by a period of at least six months where there is a decline in total output - income and employment






6. The percentage of unemployed workers in the civilian labor force






7. Monetary






8. Phase of the business cycle where output and employment begin to move toward full employment






9. Results from a pattern of work that changes due to seasonal fluctuations in demand or due to changing weather conditions






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






11. 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.






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






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






14. Used to calculate how long it will take for prices to double; divide the number 70 by the annual inflation rate to find out how many years it will take for prices to double






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






16. Frictional + structural unemployment






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






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






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






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






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






22. Maximum output of business cycle






23. Inflation caused by excess demand in the economy






24. Temporary and associated with turnover in the labor market






25. Periodic and predictable economic changes






26. All investment spending by government and business firms






27. Measures the amount of goods and services one's money can buy; measures purchasing power






28. 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






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






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






31. Consumption - investment - government - and net exports






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






33. Cyclical unemployment is at 0






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






35. The sale of goods and services to households






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






37. (1) wages - (2) rents - (3) profits - (4) interest - (5) misc






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






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






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






41. Cost of living allowance






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






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






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






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






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

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47. Second-hand sales (goods not produced that year) and financial transactions (moving money from x to y); not counted in GDP






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






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






50. Personal income less income taxes







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