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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 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






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






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






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






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






6. Recurrent ups and downs of economic activity






7. Periodic and predictable economic changes






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






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






10. 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






11. Monetary






12. 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






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






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






15. Cyclical unemployment is at 0






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






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






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






19. The sale of goods and services to households






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






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






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






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






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






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






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






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






28. Temporary and associated with turnover in the labor market






29. Cost of living allowance






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






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






32. All investment spending by government and business firms






33. 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






34. Consumption - investment - government - and net exports






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






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

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37. Maximum output of business cycle






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






39. Personal income less income taxes






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






41. Output sacrificed due to unemployment






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






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






44. Frictional + structural unemployment






45. GDP = C + Ig + G + Xn






46. 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






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






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






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






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






Can you answer 50 questions in 15 minutes?



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