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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. Temporary and associated with turnover in the labor market






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






4. Personal income less income taxes






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






6. Cost of living allowance






7. All investment spending by government and business firms






8. Inflation caused by excess demand in the economy






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






10. GDP = C + Ig + G + Xn






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






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






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






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






15. Frictional + structural unemployment






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






17. Periodic and predictable economic changes






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






19. Maximum output of business cycle






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






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






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






23. 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.






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






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)






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






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






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






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






30. Monetary






31. Output sacrificed due to unemployment






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






33. 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






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






35. Recurrent ups and downs of economic activity






36. Cyclical unemployment is at 0






37. Consumption - investment - government - and net exports






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


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






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






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






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






43. The sale of goods and services to households






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






45. The average of all prices is falling






46. 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






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






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






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






50. 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