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






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






3. GDP = C + Ig + G + Xn






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






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






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






7. The average of all prices is falling






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






9. 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






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






11. 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.






12. Recurrent ups and downs of economic activity






13. Personal income less income taxes






14. Consumption - investment - government - and net exports






15. Maximum output of business cycle






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






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






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






19. Monetary






20. Frictional + structural unemployment






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






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

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






24. The sale of goods and services to households






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






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






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






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






29. 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)






30. Inflation caused by excess demand in the economy






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






32. Periodic and predictable economic changes






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






34. 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






35. 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






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






37. All investment spending by government and business firms






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






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






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






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






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






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






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






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






46. Cyclical unemployment is at 0






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






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






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. Cost of living allowance







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