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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 sale of goods and services to households






2. 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)






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






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






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






6. Cost of living allowance






7. 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






8. Temporary and associated with turnover in the labor market






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






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






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






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






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






14. Maximum output of business cycle






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






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






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






18. 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






19. Output sacrificed due to unemployment






20. Consumption - investment - government - and net exports






21. Periodic and predictable economic changes






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






23. Cyclical unemployment is at 0






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






25. Recurrent ups and downs of economic activity






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






27. All investment spending by government and business firms






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






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






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






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






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






33. Inflation caused by excess demand in the economy






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






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






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






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






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






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






40. Personal income less income taxes






41. 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.






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


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






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






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






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






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






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






49. The average of all prices is falling






50. Monetary