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Test your basic knowledge |
CLEP Macroeconomics: Measurement Of Economic Performance
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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. Measures the prices of a fixed market basket of over 300 consumer goods and services purchased by the typical urban consumer
gross investment expenditures
Consumer Price Index (CPI)
GDI equation
frictional unemployment
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)
intermediate goods
GDP gap
expenditure approach
consumption expenditures
3. Those that are used to produce other goods that will eventually be sold (miller sells flour to a baker); not counted in GDP
nominal GDP
peak
circular flow diagram
intermediate goods
4. Results from laborers having a mismatched skill set with what is demanded by the current labor market
structural unemployment
participation rate
Consumer Price Index (CPI)
Gross National Product (GNP)
5. Results from a pattern of work that changes due to seasonal fluctuations in demand or due to changing weather conditions
CPI equation
seasonal changes
four kinds of spending
seasonal unemployment
6. A sustained rise in the general price level of an economy
cyclical / deficit demand unemployment
inflation
disposable income
unemployed
7. Government purchase of goods and services; does not include transfer payments and expenditures for servicing the national debt or investment goods
government expenditures
net export expenditures
business cycle
expenditure approach
8. Those who are on ______ incomes are hurt most by inflation
seasonal changes
national income accounting
fixed income
trough
9. Personal income less income taxes
disposable income
largest category of GDI
unemployed
real income
10. (1) wages - (2) rents - (3) profits - (4) interest - (5) misc
five sources of income
full employment
real income
circular flow diagram
11. Phase of the business cycle where output and employment begin to move toward full employment
fixed income
unemployed
expansion / recovery
final goods
12. Caused by the actions of people who have come to expect a certain amount of inflation in the economy
peak
cost push
structural / expectational inflation
cyclical / deficit demand unemployment
13. Second-hand sales (goods not produced that year) and financial transactions (moving money from x to y); not counted in GDP
inflation
non-production transactions
nominal GDP
circular flow diagram
14. All investment spending by government and business firms
gross investment expenditures
consumption expenditures
structural unemployment
government expenditures
15. Excess unemployment caused because the economy deviates from the long run output potential of the economy
cyclical / deficit demand unemployment
GDP Price Index
seasonal changes
largest category of GDI
16. The percentage of unemployed workers in the civilian labor force
GDP equation (expenditure approach)
business cycle
unemployment rate
full employment
17. Allows us to keep tabs on the economic health of society and to develop policies that will improve that health
Consumer Price Index (CPI)
how to determine GDP
national income accounting
real GDP
18. For every 1% the actual unemployment rate exceeds the natural (frictional + structural) unemployment rate - a 2.5% GDP gap occurs
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19. 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
real income
recession
cost push
consumption expenditures
20. Measures national income as the sum of the incomes received by productive resources in the economy; also called Gross Domestic Income (GDI)
frictional unemployment
income approach
structural unemployment
seasonal unemployment
21. Cost of living allowance
unemployment rate
cost push
fixed income
COLA
22. (base year basket valued at current year prices/base year basket valued at base year prices) x 100
CPI equation
seasonal changes
COLA
Okun's Law
23. The total net sales of goods sold abroad minus the total net spent on purchases from other countries
GDP (Gross Domestic Product)
net export expenditures
seasonal unemployment
intermediate goods
24. Periodic and predictable economic changes
intermediate goods
seasonal changes
cyclical / deficit demand unemployment
GDP (Gross Domestic Product)
25. The civilian labor force expressed as a percentage of the labor force population
deflation
gross investment expenditures
participation rate
GDP Price Index
26. Temporary and associated with turnover in the labor market
net export expenditures
frictional unemployment
four kinds of spending
GDI equation
27. Inflation caused by excess demand in the economy
intermediate goods
GDP Price Index
demand pull
frictional unemployment
28. Measures the amount of goods and services one's money can buy; measures purchasing power
four kinds of spending
real income
peak
consumption expenditures
29. A basic accounting measure of total production of goods and services of the national economy in one year
business cycle
how to determine GDP
GDP (Gross Domestic Product)
income approach
30. GDP = C + Ig + G + Xn
unemployed
GDP equation (expenditure approach)
real income
natural employment
31. A person who is available for and looking for work - but has none
consumption expenditures
unemployed
business cycle
expenditure approach
32. 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.
real income
how to determine GDP
net export expenditures
natural employment
33. Consumption - investment - government - and net exports
four kinds of spending
circular flow diagram
how to determine GDP
final goods
34. Monetary
Okun's Law
GDP measures the market value of annual output and it is a __________ measure.
structural / expectational inflation
structural unemployment
35. Maximum output of business cycle
national income accounting
three kinds of Ig expenditures
peak
disposable income
36. Income earned that is available to resource suppliers and others before payment of personal taxes
deflation
real income
consumption expenditures
personal income
37. The average of all prices is falling
deflation
inflation
fixed income
Gross National Product (GNP)
38. Output measured at current prices - and thus unadjusted figure for GDP
final goods
nominal GDP
nominal income
consumption expenditures
39. Total income earned by resource suppliers for their contributions to the production of the GNP
national income accounting
consumption expenditures
expenditure approach
national income
40. The sale of a finished good or product directly to a consumer (baker sells bread to customer); counted in GDP
income approach
GDP measures the market value of annual output and it is a __________ measure.
net export expenditures
final goods
41. 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
cost push
GDP Price Index
disposable income
natural employment
42. 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
seasonal unemployment
labor force
full employment
rule of 70
43. (1) final purchases of machinery and equipment by governments and business; (2) all construction; and (3) changes in inventories
COLA
income approach
three kinds of Ig expenditures
circular flow diagram
44. The sale of goods and services to households
consumption expenditures
national income
three kinds of Ig expenditures
real GDP
45. Output sacrificed due to unemployment
GDP gap
GDP measures the market value of annual output and it is a __________ measure.
intermediate goods
seasonal changes
46. Phase of the business cycle where output and employment are at their lowest levels
trough
unemployed
labor force
deflation
47. All people who are either employed or unemployed - but excludes people who are institutionalized or in the military
GDI equation
real income
national income
civilian labor force
48. Shows how money and goods and services flow between the various markets and players in the economy
nominal income
circular flow diagram
cost push
COLA
49. 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
GDP gap
Gross National Product (GNP)
CPI equation
deflation
50. GDI = w + i + r + pi + misc
GDI equation
Gross National Product (GNP)
income approach
natural employment