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






2. The sale of goods and services to households






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






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






5. 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






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






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. Cyclical unemployment is at 0






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






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






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






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


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






14. The average of all prices is falling






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






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






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






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






19. 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)






20. All investment spending by government and business firms






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






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






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






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






25. Cost of living allowance






26. 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






27. Monetary






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






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






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






31. Frictional + structural unemployment






32. Inflation caused by excess demand in the economy






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






34. Temporary and associated with turnover in the labor market






35. Maximum output of business cycle






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






37. GDP = C + Ig + G + Xn






38. 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.






39. Output sacrificed due to unemployment






40. 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






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






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






43. Personal income less income taxes






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






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






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






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






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






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






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






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