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Test your basic knowledge |
CLEP Macroeconomics: Measurement Of Economic Performance
Start Test
Study First
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. (1) wages - (2) rents - (3) profits - (4) interest - (5) misc
largest category of GDI
five sources of income
unemployed
expansion / recovery
2. Results from a pattern of work that changes due to seasonal fluctuations in demand or due to changing weather conditions
seasonal unemployment
expenditure approach
GDP measures the market value of annual output and it is a __________ measure.
non-production transactions
3. Inflation caused by excess demand in the economy
Consumer Price Index (CPI)
demand pull
circular flow diagram
nominal income
4. Measures national income as the sum of the incomes received by productive resources in the economy; also called Gross Domestic Income (GDI)
income approach
COLA
civilian labor force
expenditure approach
5. Second-hand sales (goods not produced that year) and financial transactions (moving money from x to y); not counted in GDP
national income
expansion / recovery
GDP (Gross Domestic Product)
non-production transactions
6. Those that are used to produce other goods that will eventually be sold (miller sells flour to a baker); not counted in GDP
intermediate goods
GDP (Gross Domestic Product)
cost push
CPI equation
7. The number of dollars one receives as wages - rent - interest or profit
personal income
cost push
GDP (Gross Domestic Product)
nominal income
8. Output sacrificed due to unemployment
rule of 70
seasonal unemployment
GDP gap
cyclical / deficit demand unemployment
9. Shows how money and goods and services flow between the various markets and players in the economy
participation rate
GDP (Gross Domestic Product)
circular flow diagram
structural unemployment
10. Total income earned by resource suppliers for their contributions to the production of the GNP
national income
national income accounting
three kinds of Ig expenditures
expansion / recovery
11. The average of all prices is falling
price index
nominal GDP
deflation
structural / expectational inflation
12. Cost of living allowance
gross investment expenditures
cost push
frictional unemployment
COLA
13. The sale of goods and services to households
gross investment expenditures
consumption expenditures
final goods
expenditure approach
14. 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
Gross National Product (GNP)
participation rate
GDP gap
price index
15. Consumption - investment - government - and net exports
four kinds of spending
CPI equation
labor force
expenditure approach
16. Frictional + structural unemployment
Okun's Law
intermediate goods
natural employment
seasonal unemployment
17. Phase of the business cycle where output and employment begin to move toward full employment
government expenditures
expenditure approach
largest category of GDI
expansion / recovery
18. Temporary and associated with turnover in the labor market
GDP equation (expenditure approach)
gross investment expenditures
frictional unemployment
trough
19. The percentage of unemployed workers in the civilian labor force
intermediate goods
national income
unemployment rate
full employment
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. The total net sales of goods sold abroad minus the total net spent on purchases from other countries
real GDP
income approach
net export expenditures
unemployed
22. Government purchase of goods and services; does not include transfer payments and expenditures for servicing the national debt or investment goods
gross investment expenditures
government expenditures
fixed income
structural / expectational inflation
23. All people living in a society who are of legal age to work
fixed income
labor force
trough
national income
24. (base year basket valued at current year prices/base year basket valued at base year prices) x 100
COLA
cost push
CPI equation
Consumer Price Index (CPI)
25. 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)
GDP (Gross Domestic Product)
consumption expenditures
circular flow diagram
expenditure approach
26. A person who is available for and looking for work - but has none
circular flow diagram
peak
labor force
unemployed
27. Monetary
government expenditures
participation rate
GDP measures the market value of annual output and it is a __________ measure.
net export expenditures
28. Maximum output of business cycle
peak
disposable income
consumption expenditures
structural / expectational inflation
29. Inflation arising from the supply or cost side of the economy
gross investment expenditures
fixed income
cost push
expansion / recovery
30. Wages - represents monies earned by labor - including pensions - workman's compensation - and insurance
expenditure approach
GDP Price Index
largest category of GDI
deflation
31. Allows us to keep tabs on the economic health of society and to develop policies that will improve that health
three kinds of Ig expenditures
trough
national income accounting
full employment
32. Output measured at current prices - and thus unadjusted figure for GDP
nominal GDP
CPI equation
GDP equation (expenditure approach)
GDI equation
33. All investment spending by government and business firms
national income accounting
non-production transactions
nominal income
gross investment expenditures
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.
cyclical / deficit demand unemployment
how to determine GDP
rule of 70
Consumer Price Index (CPI)
35. 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
recession
cyclical / deficit demand unemployment
Gross National Product (GNP)
structural unemployment
36. Those who are on ______ incomes are hurt most by inflation
cost push
civilian labor force
final goods
fixed income
37. The sale of a finished good or product directly to a consumer (baker sells bread to customer); counted in GDP
Gross National Product (GNP)
GDP (Gross Domestic Product)
final goods
Okun's Law
38. Recurrent ups and downs of economic activity
Gross National Product (GNP)
gross investment expenditures
business cycle
national income
39. A basic accounting measure of total production of goods and services of the national economy in one year
government expenditures
GDP (Gross Domestic Product)
CPI equation
personal income
40. 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
seasonal unemployment
recession
peak
net export expenditures
41. Results from laborers having a mismatched skill set with what is demanded by the current labor market
GDP equation (expenditure approach)
structural unemployment
inflation
largest category of GDI
42. Phase of the business cycle where output and employment are at their lowest levels
trough
Okun's Law
recession
natural employment
43. GDP = C + Ig + G + Xn
unemployed
cost push
GDP equation (expenditure approach)
nominal income
44. Measures the prices of a fixed market basket of over 300 consumer goods and services purchased by the typical urban consumer
real GDP
circular flow diagram
deflation
Consumer Price Index (CPI)
45. Periodic and predictable economic changes
seasonal unemployment
expansion / recovery
national income accounting
seasonal changes
46. Cyclical unemployment is at 0
cyclical / deficit demand unemployment
full employment
recession
rule of 70
47. Personal income less income taxes
demand pull
Consumer Price Index (CPI)
disposable income
fixed income
48. Income earned that is available to resource suppliers and others before payment of personal taxes
personal income
cyclical / deficit demand unemployment
unemployed
GDP (Gross Domestic Product)
49. Measures the amount of goods and services one's money can buy; measures purchasing power
real income
structural / expectational inflation
labor force
trough
50. (1) final purchases of machinery and equipment by governments and business; (2) all construction; and (3) changes in inventories
national income
recession
intermediate goods
three kinds of Ig expenditures