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






2. GDP = C + Ig + G + Xn






3. 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






4. Maximum output of business cycle






5. Monetary






6. Inflation caused by excess demand in the economy






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






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






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






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






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






12. Periodic and predictable economic changes






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






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






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






16. Temporary and associated with turnover in the labor market






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






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






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






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






21. Output sacrificed due to unemployment






22. Cyclical unemployment is at 0






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






24. All investment spending by government and business firms






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






26. Cost of living allowance






27. The average of all prices is falling






28. Frictional + structural unemployment






29. 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






30. 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






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






32. Personal income less income taxes






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






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






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






36. 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






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






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






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






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






41. 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






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






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






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


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






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






47. 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.






48. The sale of goods and services to households






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






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






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