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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.
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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. GDP = C + Ig + G + Xn
GDP equation (expenditure approach)
rule of 70
four kinds of spending
seasonal changes
2. 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.
price index
how to determine GDP
GDP equation (expenditure approach)
recession
3. Results from a pattern of work that changes due to seasonal fluctuations in demand or due to changing weather conditions
seasonal unemployment
cost push
Consumer Price Index (CPI)
nominal income
4. Cost of living allowance
GDI equation
non-production transactions
COLA
real GDP
5. The sale of goods and services to households
consumption expenditures
gross investment expenditures
expansion / recovery
rule of 70
6. Periodic and predictable economic changes
how to determine GDP
structural unemployment
largest category of GDI
seasonal changes
7. The average of all prices is falling
GDP measures the market value of annual output and it is a __________ measure.
seasonal changes
how to determine GDP
deflation
8. (1) final purchases of machinery and equipment by governments and business; (2) all construction; and (3) changes in inventories
five sources of income
price index
three kinds of Ig expenditures
CPI equation
9. Caused by the actions of people who have come to expect a certain amount of inflation in the economy
structural / expectational inflation
COLA
intermediate goods
personal income
10. Second-hand sales (goods not produced that year) and financial transactions (moving money from x to y); not counted in GDP
fixed income
non-production transactions
GDP (Gross Domestic Product)
recession
11. Shows how money and goods and services flow between the various markets and players in the economy
circular flow diagram
GDP measures the market value of annual output and it is a __________ measure.
four kinds of spending
nominal income
12. 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
rule of 70
frictional unemployment
inflation
five sources of income
13. Personal income less income taxes
disposable income
deflation
unemployment rate
real GDP
14. Total income earned by resource suppliers for their contributions to the production of the GNP
national income
rule of 70
gross investment expenditures
personal income
15. Inflation caused by excess demand in the economy
how to determine GDP
GDP Price Index
demand pull
disposable income
16. Consumption - investment - government - and net exports
rule of 70
labor force
four kinds of spending
Okun's Law
17. (1) wages - (2) rents - (3) profits - (4) interest - (5) misc
full employment
income approach
five sources of income
participation rate
18. 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
price index
non-production transactions
Okun's Law
five sources of income
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
personal income
nominal GDP
recession
final goods
20. A basic accounting measure of total production of goods and services of the national economy in one year
Okun's Law
government expenditures
GDP (Gross Domestic Product)
personal income
21. Phase of the business cycle where output and employment are at their lowest levels
full employment
non-production transactions
three kinds of Ig expenditures
trough
22. 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
unemployed
nominal income
Gross National Product (GNP)
fixed income
23. The percentage of unemployed workers in the civilian labor force
net export expenditures
full employment
unemployment rate
fixed income
24. A person who is available for and looking for work - but has none
structural / expectational inflation
net export expenditures
unemployed
disposable income
25. Cyclical unemployment is at 0
rule of 70
Gross National Product (GNP)
demand pull
full employment
26. All people who are either employed or unemployed - but excludes people who are institutionalized or in the military
real GDP
government expenditures
civilian labor force
largest category of GDI
27. Maximum output of business cycle
Okun's Law
peak
consumption expenditures
fixed income
28. GDI = w + i + r + pi + misc
Consumer Price Index (CPI)
unemployment rate
fixed income
GDI equation
29. Output measured at base year prices - and thus adjusted
government expenditures
real income
real GDP
Gross National Product (GNP)
30. The civilian labor force expressed as a percentage of the labor force population
intermediate goods
unemployment rate
frictional unemployment
participation rate
31. All people living in a society who are of legal age to work
cyclical / deficit demand unemployment
largest category of GDI
participation rate
labor force
32. 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
gross investment expenditures
trough
personal income
GDP Price Index
33. Wages - represents monies earned by labor - including pensions - workman's compensation - and insurance
unemployment rate
real GDP
demand pull
largest category of GDI
34. Inflation arising from the supply or cost side of the economy
how to determine GDP
frictional unemployment
cost push
final goods
35. Results from laborers having a mismatched skill set with what is demanded by the current labor market
participation rate
GDP (Gross Domestic Product)
intermediate goods
structural unemployment
36. For every 1% the actual unemployment rate exceeds the natural (frictional + structural) unemployment rate - a 2.5% GDP gap occurs
37. Excess unemployment caused because the economy deviates from the long run output potential of the economy
unemployed
Gross National Product (GNP)
cyclical / deficit demand unemployment
real income
38. Government purchase of goods and services; does not include transfer payments and expenditures for servicing the national debt or investment goods
government expenditures
seasonal changes
income approach
four kinds of spending
39. (base year basket valued at current year prices/base year basket valued at base year prices) x 100
seasonal changes
personal income
four kinds of spending
CPI equation
40. Measures national income as the sum of the incomes received by productive resources in the economy; also called Gross Domestic Income (GDI)
income approach
frictional unemployment
fixed income
consumption expenditures
41. All investment spending by government and business firms
fixed income
GDP (Gross Domestic Product)
structural / expectational inflation
gross investment expenditures
42. The sale of a finished good or product directly to a consumer (baker sells bread to customer); counted in GDP
trough
Consumer Price Index (CPI)
final goods
three kinds of Ig expenditures
43. The number of dollars one receives as wages - rent - interest or profit
seasonal changes
full employment
personal income
nominal income
44. 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)
non-production transactions
inflation
Okun's Law
expenditure approach
45. Output sacrificed due to unemployment
expenditure approach
GDP gap
circular flow diagram
trough
46. Those that are used to produce other goods that will eventually be sold (miller sells flour to a baker); not counted in GDP
intermediate goods
Consumer Price Index (CPI)
demand pull
fixed income
47. The total net sales of goods sold abroad minus the total net spent on purchases from other countries
net export expenditures
CPI equation
price index
participation rate
48. A sustained rise in the general price level of an economy
fixed income
inflation
structural unemployment
five sources of income
49. Monetary
income approach
GDP measures the market value of annual output and it is a __________ measure.
non-production transactions
price index
50. Output measured at current prices - and thus unadjusted figure for GDP
nominal GDP
recession
largest category of GDI
national income
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