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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. 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






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






3. All investment spending by government and business firms






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






5. GDP = C + Ig + G + Xn






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






7. Recurrent ups and downs of economic activity






8. 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






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






10. Inflation caused by excess demand in the economy






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






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






13. 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






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






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






16. Frictional + structural unemployment






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






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






19. Output sacrificed due to unemployment






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






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






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






23. The sale of goods and services to households






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






25. The average of all prices is falling






26. Periodic and predictable economic changes






27. Personal income less income taxes






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






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






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






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






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






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






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






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






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






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






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






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






40. 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.






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






42. Cyclical unemployment is at 0






43. 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)






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

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45. Consumption - investment - government - and net exports






46. Maximum output of business cycle






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






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






49. Monetary






50. Temporary and associated with turnover in the labor market







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