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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. 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






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






4. Temporary and associated with turnover in the labor market






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






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






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






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






9. The average of all prices is falling






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






11. The sale of goods and services to households






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






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






14. 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






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






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






17. Inflation caused by excess demand in the economy






18. Periodic and predictable economic changes






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


20. 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






21. Cyclical unemployment is at 0






22. All investment spending by government and business firms






23. GDP = C + Ig + G + Xn






24. Maximum output of business cycle






25. Consumption - investment - government - and net exports






26. Cost of living allowance






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






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






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






30. Personal income less income taxes






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






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






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






34. Recurrent ups and downs of economic activity






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






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






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






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






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






40. 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)






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






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






43. 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






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






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






46. Output sacrificed due to unemployment






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






48. Monetary






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






50. Frictional + structural unemployment