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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. GDP = C + Ig + G + Xn






2. 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.






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






4. Cost of living allowance






5. The sale of goods and services to households






6. Periodic and predictable economic changes






7. The average of all prices is falling






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






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






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






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






12. 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






13. Personal income less income taxes






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






15. Inflation caused by excess demand in the economy






16. Consumption - investment - government - and net exports






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






18. 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






19. 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






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






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






22. 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






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






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






25. Cyclical unemployment is at 0






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






27. Maximum output of business cycle






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






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






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






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






32. 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






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






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






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






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


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






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






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






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






41. All investment spending by government and business firms






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






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






44. 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)






45. Output sacrificed due to unemployment






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






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






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






49. Monetary






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






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