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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. Cyclical unemployment is at 0






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






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






4. Maximum output of business cycle






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






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






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






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






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






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






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






12. 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






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






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






15. The average of all prices is falling






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






17. 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)






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






19. Recurrent ups and downs of economic activity






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






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






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






23. 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.






24. 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






25. Personal income less income taxes






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






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






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






29. Output sacrificed due to unemployment






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






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






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






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






34. Monetary






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






36. 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






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






38. Frictional + structural unemployment






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






40. Inflation caused by excess demand in the economy






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






42. All investment spending by government and business firms






43. Consumption - investment - government - and net exports






44. Periodic and predictable economic changes






45. 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






46. The sale of goods and services to households






47. Cost of living allowance






48. Temporary and associated with turnover in the labor market






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






50. 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