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CLEP Macroeconomics: Measurement Of Economic Performance

Subjects : clep, economics
Instructions:
  • Answer 50 questions in 15 minutes.
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  • 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. Allows us to keep tabs on the economic health of society and to develop policies that will improve that health






2. Output sacrificed due to unemployment






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






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






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






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






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






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






9. The average of all prices is falling






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






11. Inflation caused by excess demand in the economy






12. All investment spending by government and business firms






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

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






15. 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






16. Monetary






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






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






19. Maximum output of business cycle






20. Consumption - investment - government - and net exports






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






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






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






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






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






26. Personal income less income taxes






27. 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






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






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






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






31. 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.






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






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






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






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






36. The sale of goods and services to households






37. Frictional + structural unemployment






38. Cost of living allowance






39. 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






40. 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






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






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






43. Recurrent ups and downs of economic activity






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






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






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






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






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






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







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