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Test your basic knowledge |
CLEP Macroeconomics: Measurement Of Economic Performance
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Study First
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. Frictional + structural unemployment
unemployment rate
three kinds of Ig expenditures
trough
natural employment
2. The sale of goods and services to households
expenditure approach
national income
four kinds of spending
consumption expenditures
3. 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
national income
demand pull
rule of 70
deflation
4. A person who is available for and looking for work - but has none
full employment
real income
unemployed
circular flow diagram
5. Second-hand sales (goods not produced that year) and financial transactions (moving money from x to y); not counted in GDP
expansion / recovery
gross investment expenditures
nominal GDP
non-production transactions
6. Allows us to keep tabs on the economic health of society and to develop policies that will improve that health
seasonal unemployment
circular flow diagram
national income accounting
fixed income
7. Measures the prices of a fixed market basket of over 300 consumer goods and services purchased by the typical urban consumer
seasonal changes
income approach
GDP measures the market value of annual output and it is a __________ measure.
Consumer Price Index (CPI)
8. Periodic and predictable economic changes
intermediate goods
consumption expenditures
seasonal changes
GDI equation
9. All investment spending by government and business firms
gross investment expenditures
cost push
structural unemployment
recession
10. Output measured at current prices - and thus unadjusted figure for GDP
non-production transactions
final goods
business cycle
nominal GDP
11. Caused by the actions of people who have come to expect a certain amount of inflation in the economy
nominal income
structural / expectational inflation
circular flow diagram
GDP Price Index
12. For every 1% the actual unemployment rate exceeds the natural (frictional + structural) unemployment rate - a 2.5% GDP gap occurs
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13. Results from laborers having a mismatched skill set with what is demanded by the current labor market
structural unemployment
Consumer Price Index (CPI)
government expenditures
price index
14. A sustained rise in the general price level of an economy
five sources of income
inflation
price index
GDP gap
15. All people living in a society who are of legal age to work
GDP gap
COLA
disposable income
labor force
16. The civilian labor force expressed as a percentage of the labor force population
structural unemployment
COLA
GDP measures the market value of annual output and it is a __________ measure.
participation rate
17. Cyclical unemployment is at 0
full employment
frictional unemployment
personal income
three kinds of Ig expenditures
18. A basic accounting measure of total production of goods and services of the national economy in one year
government expenditures
GDP (Gross Domestic Product)
GDP Price Index
circular flow diagram
19. Cost of living allowance
expansion / recovery
nominal GDP
consumption expenditures
COLA
20. Excess unemployment caused because the economy deviates from the long run output potential of the economy
GDI equation
cyclical / deficit demand unemployment
trough
circular flow diagram
21. (1) wages - (2) rents - (3) profits - (4) interest - (5) misc
circular flow diagram
structural unemployment
five sources of income
how to determine GDP
22. Output measured at base year prices - and thus adjusted
cost push
real GDP
GDP measures the market value of annual output and it is a __________ measure.
Gross National Product (GNP)
23. The sale of a finished good or product directly to a consumer (baker sells bread to customer); counted in GDP
price index
intermediate goods
final goods
unemployment rate
24. Consumption - investment - government - and net exports
three kinds of Ig expenditures
nominal GDP
peak
four kinds of spending
25. Phase of the business cycle where output and employment are at their lowest levels
GDI equation
GDP Price Index
five sources of income
trough
26. 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
seasonal unemployment
non-production transactions
recession
GDP Price Index
27. All people who are either employed or unemployed - but excludes people who are institutionalized or in the military
Consumer Price Index (CPI)
civilian labor force
Okun's Law
inflation
28. The percentage of unemployed workers in the civilian labor force
intermediate goods
real income
unemployment rate
disposable income
29. Measures the amount of goods and services one's money can buy; measures purchasing power
participation rate
cyclical / deficit demand unemployment
real income
nominal GDP
30. Income earned that is available to resource suppliers and others before payment of personal taxes
unemployed
national income
trough
personal income
31. 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
consumption expenditures
CPI equation
participation rate
Gross National Product (GNP)
32. Inflation arising from the supply or cost side of the economy
real GDP
cost push
disposable income
rule of 70
33. The number of dollars one receives as wages - rent - interest or profit
nominal income
peak
five sources of income
GDP equation (expenditure approach)
34. 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)
GDP gap
expenditure approach
unemployment rate
cost push
35. Government purchase of goods and services; does not include transfer payments and expenditures for servicing the national debt or investment goods
full employment
expansion / recovery
national income
government expenditures
36. The average of all prices is falling
how to determine GDP
natural employment
deflation
GDP Price Index
37. (1) final purchases of machinery and equipment by governments and business; (2) all construction; and (3) changes in inventories
inflation
five sources of income
three kinds of Ig expenditures
cost push
38. Total income earned by resource suppliers for their contributions to the production of the GNP
structural / expectational inflation
how to determine GDP
CPI equation
national income
39. Personal income less income taxes
price index
full employment
disposable income
business cycle
40. (base year basket valued at current year prices/base year basket valued at base year prices) x 100
expenditure approach
largest category of GDI
CPI equation
demand pull
41. Phase of the business cycle where output and employment begin to move toward full employment
Gross National Product (GNP)
structural unemployment
expansion / recovery
GDP measures the market value of annual output and it is a __________ measure.
42. 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
rule of 70
real income
price index
structural unemployment
43. GDP = C + Ig + G + Xn
how to determine GDP
final goods
GDI equation
GDP equation (expenditure approach)
44. Shows how money and goods and services flow between the various markets and players in the economy
expenditure approach
structural unemployment
circular flow diagram
peak
45. Temporary and associated with turnover in the labor market
natural employment
COLA
four kinds of spending
frictional unemployment
46. GDI = w + i + r + pi + misc
largest category of GDI
labor force
GDI equation
price index
47. Results from a pattern of work that changes due to seasonal fluctuations in demand or due to changing weather conditions
Consumer Price Index (CPI)
seasonal unemployment
five sources of income
recession
48. Inflation caused by excess demand in the economy
demand pull
GDP equation (expenditure approach)
GDP gap
cyclical / deficit demand unemployment
49. 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
circular flow diagram
inflation
income approach
GDP Price Index
50. Those that are used to produce other goods that will eventually be sold (miller sells flour to a baker); not counted in GDP
rule of 70
intermediate goods
gross investment expenditures
unemployed