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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 goods and services to households






2. The average of all prices is falling






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






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






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






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






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






8. 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






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






10. Consumption - investment - government - and net exports






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






12. 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






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






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






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






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






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






18. Output sacrificed due to unemployment






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






20. 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






21. Personal income less income taxes






22. Recurrent ups and downs of economic activity






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






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






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






26. Periodic and predictable economic changes






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






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






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






30. Cost of living allowance






31. All investment spending by government and business firms






32. Monetary






33. 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






34. Cyclical unemployment is at 0






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






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






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






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






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






40. Temporary and associated with turnover in the labor market






41. Frictional + structural unemployment






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






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






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






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






46. Maximum output of business cycle






47. Inflation caused by excess demand in the economy






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






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






50. GDP = C + Ig + G + Xn