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






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






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






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






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






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






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






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






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


10. 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)






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






12. Consumption - investment - government - and net exports






13. Monetary






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






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






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






17. 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






18. Temporary and associated with turnover in the labor market






19. Frictional + structural unemployment






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






21. Cyclical unemployment is at 0






22. 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.






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






24. 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






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






26. The sale of goods and services to households






27. Inflation caused by excess demand in the economy






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






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






30. The average of all prices is falling






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






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






33. Output sacrificed due to unemployment






34. Maximum output of business cycle






35. Periodic and predictable economic changes






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






37. All investment spending by government and business firms






38. GDP = C + Ig + G + Xn






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






40. 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






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






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






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






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






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






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






47. Cost of living allowance






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






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






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