Test your basic knowledge |

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






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






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






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






5. The average of all prices is falling






6. All investment spending by government and business firms






7. Maximum output of business cycle






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






9. 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






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






11. Frictional + structural unemployment






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






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






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






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






16. The sale of goods and services to households






17. Cost of living allowance






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






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


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






21. Monetary






22. Consumption - investment - government - and net exports






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






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






25. 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






26. Output sacrificed due to unemployment






27. Cyclical unemployment is at 0






28. GDP = C + Ig + G + Xn






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






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






31. 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






32. Temporary and associated with turnover in the labor market






33. Recurrent ups and downs of economic activity






34. Inflation caused by excess demand in the economy






35. 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






36. 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)






37. Periodic and predictable economic changes






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






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






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






41. Personal income less income taxes






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






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






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






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






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






47. 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.






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






49. Excess unemployment caused because the economy deviates from the long run output potential of the economy






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