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






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






3. Cost of living allowance






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






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






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






7. Recurrent ups and downs of economic activity






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






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






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






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






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






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






14. Periodic and predictable economic changes






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






16. The sale of goods and services to households






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






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






19. 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






20. Consumption - investment - government - and net exports






21. The average of all prices is falling






22. Personal income less income taxes






23. All investment spending by government and business firms






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

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






26. Cyclical unemployment is at 0






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. Output sacrificed due to unemployment






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






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






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






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






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






34. 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.






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






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






37. Frictional + structural unemployment






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






39. 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






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






41. Inflation caused by excess demand in the economy






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






43. 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)






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






45. GDP = C + Ig + G + Xn






46. Monetary






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






48. Temporary and associated with turnover in the labor market






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






50. 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