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CLEP Macroeconomics: Measurement Of Economic Performance

Subjects : clep, economics
Instructions:
  • Answer 50 questions in 15 minutes. 2 minutes extra for reading the instructions.
  • 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. Shows how money and goods and services flow between the various markets and players in the economy






2. Inflation caused by excess demand in the economy






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






4. Those that are used to produce other goods that will eventually be sold (miller sells flour to a baker); not counted in GDP






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






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






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






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






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






10. 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)






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






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






13. Monetary






14. 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






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






16. Maximum output of business cycle






17. The average of all prices is falling






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






19. Consumption - investment - government - and net exports






20. 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






21. Cyclical unemployment is at 0






22. Output sacrificed due to unemployment






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






24. 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






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






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






27. Personal income less income taxes






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






29. All investment spending by government and business firms






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






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






32. 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.






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






34. GDP = C + Ig + G + Xn






35. Temporary and associated with turnover in the labor market






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






37. Recurrent ups and downs of economic activity






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






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






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






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






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






43. Periodic and predictable economic changes






44. Frictional + structural unemployment






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






46. 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






47. The sale of goods and services to households






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






49. Cost of living allowance






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






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