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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 percentage of unemployed workers in the civilian labor force






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






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






4. Cyclical unemployment is at 0






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






6. Cost of living allowance






7. 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)






8. 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






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






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






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






12. Periodic and predictable economic changes






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






14. Consumption - investment - government - and net exports






15. Recurrent ups and downs of economic activity






16. 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






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






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






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






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






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






22. The average of all prices is falling






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






24. 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.






25. Output sacrificed due to unemployment






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






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






28. All investment spending by government and business firms






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






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






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






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






33. 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






34. Personal income less income taxes






35. The sale of goods and services to households






36. 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






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






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






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






40. Frictional + structural unemployment






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






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






43. Inflation caused by excess demand in the economy






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






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






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






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






48. Maximum output of business cycle






49. Temporary and associated with turnover in the labor market






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