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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. The sale of goods and services to households






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






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






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






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






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






7. Consumption - investment - government - and net exports






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






9. Frictional + structural unemployment






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






11. Recurrent ups and downs of economic activity






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






13. Output sacrificed due to unemployment






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






15. Inflation caused by excess demand in the economy






16. The average of all prices is falling






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






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






20. Cyclical unemployment is at 0






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






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






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






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






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






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






27. 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






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






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






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






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






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






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






35. 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






36. GDP = C + Ig + G + Xn






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






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






40. 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






41. All investment spending by government and business firms






42. Periodic and predictable economic changes






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






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






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






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






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






48. Monetary






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






50. Temporary and associated with turnover in the labor market