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






2. 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






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






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






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






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






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






8. Frictional + structural unemployment






9. Cost of living allowance






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






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






12. Maximum output of business cycle






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






14. The average of all prices is falling






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






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






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






18. Total income earned by resource suppliers for their contributions to the production of the GNP






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






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






21. Personal income less income taxes






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






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






24. Periodic and predictable economic changes






25. 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






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






27. Monetary






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






29. 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)






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






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






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






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






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






35. 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






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






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






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. The sale of goods and services to households






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






41. Output sacrificed due to unemployment






42. Temporary and associated with turnover in the labor market






43. Cyclical unemployment is at 0






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






45. Inflation caused by excess demand in the economy






46. 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






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






48. Consumption - investment - government - and net exports






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






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