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






2. 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






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






4. Cyclical unemployment is at 0






5. Output sacrificed due to unemployment






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






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






8. 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






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






10. The average of all prices is falling






11. Consumption - investment - government - and net exports






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






13. 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






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






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






16. Monetary






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






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






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






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

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






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






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






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






25. Inflation caused by excess demand in the economy






26. The sale of goods and services to households






27. Maximum output of business cycle






28. Temporary and associated with turnover in the labor market






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






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






31. Cost of living allowance






32. All investment spending by government and business firms






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






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






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






36. Recurrent ups and downs of economic activity






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






38. 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






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






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






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






42. 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)






43. Periodic and predictable economic changes






44. Frictional + structural unemployment






45. 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.






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






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






48. 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






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






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