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






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






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






4. Maximum output of business cycle






5. Consumption - investment - government - and net exports






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






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






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






9. Recurrent ups and downs of economic activity






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






11. 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






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






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






14. Cost of living allowance






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






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






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






18. Personal income less income taxes






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






20. Cyclical unemployment is at 0






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






22. All investment spending by government and business firms






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






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






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






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






27. Frictional + structural unemployment






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






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






30. Monetary






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






32. 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






33. 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






34. 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.






35. The sale of goods and services to households






36. For every 1% the actual unemployment rate exceeds the natural (frictional + structural) unemployment rate - a 2.5% GDP gap occurs


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






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






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






40. GDP = C + Ig + G + Xn






41. Output sacrificed due to unemployment






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






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






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






45. Periodic and predictable economic changes






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






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






48. Temporary and associated with turnover in the labor market






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






50. The average of all prices is falling