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






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






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






4. Temporary and associated with turnover in the labor market






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






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






7. Output sacrificed due to unemployment






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






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






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






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






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






13. 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






14. Recurrent ups and downs of economic activity






15. 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






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






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






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






19. Cost of living allowance






20. Inflation caused by excess demand in the economy






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






22. 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






23. Frictional + structural unemployment






24. Consumption - investment - government - and net exports






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






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






27. Periodic and predictable economic changes






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






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






30. Maximum output of business cycle






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






32. Personal income less income taxes






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. All investment spending by government and business firms






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






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






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






38. GDP = C + Ig + G + Xn






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






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


41. Cyclical unemployment is at 0






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






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






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






45. The average of all prices is falling






46. Monetary






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






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






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






50. 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






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