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