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






2. Cyclical unemployment is at 0






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






4. 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






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






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






7. GDP = C + Ig + G + Xn






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






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






10. The average of all prices is falling






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






12. 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






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






14. Temporary and associated with turnover in the labor market






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






16. 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.






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






18. All investment spending by government and business firms






19. Monetary






20. 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)






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






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






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






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






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






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






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






28. Output sacrificed due to unemployment






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






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






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






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






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






34. Inflation caused by excess demand in the economy






35. Frictional + structural unemployment






36. 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






37. Recurrent ups and downs of economic activity






38. Personal income less income taxes






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






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






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






42. Consumption - investment - government - and net exports






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






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






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






46. Maximum output of business cycle






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






48. 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






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






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