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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. Periodic and predictable economic changes






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






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






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






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






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






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






8. 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.






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






10. Maximum output of business cycle






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






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






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






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






15. The sale of goods and services to households






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






17. All investment spending by government and business firms






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






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






20. 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






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






22. 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






23. Monetary






24. Cyclical unemployment is at 0






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






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






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






28. Temporary and associated with turnover in the labor market






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






30. Recurrent ups and downs of economic activity






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






32. Output sacrificed due to unemployment






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






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






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






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






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






38. Personal income less income taxes






39. Consumption - investment - government - and net exports






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






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






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






43. GDP = C + Ig + G + Xn






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






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






48. Inflation caused by excess demand in the economy






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






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