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






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






3. 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)






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






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






6. The sale of goods and services to households






7. Monetary






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






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






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






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






12. Temporary and associated with turnover in the labor market






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






14. 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.






15. Maximum output of business cycle






16. Consumption - investment - government - and net exports






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






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






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






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






21. GDP = C + Ig + G + Xn






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






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






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






25. The average of all prices is falling






26. Frictional + structural unemployment






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. 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






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






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






31. Recurrent ups and downs of economic activity






32. Cyclical unemployment is at 0






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






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






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






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






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






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






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

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






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






42. 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






43. Cost of living allowance






44. All investment spending by government and business firms






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






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






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






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






49. Inflation caused by excess demand in the economy






50. Periodic and predictable economic changes






Can you answer 50 questions in 15 minutes?



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