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Test your basic knowledge |
CLEP Macroeconomics: Measurement Of Economic Performance
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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. Frictional + structural unemployment
COLA
demand pull
GDP (Gross Domestic Product)
natural employment
2. Output measured at current prices - and thus unadjusted figure for GDP
income approach
cost push
seasonal unemployment
nominal GDP
3. Recurrent ups and downs of economic activity
expenditure approach
business cycle
largest category of GDI
national income accounting
4. Results from laborers having a mismatched skill set with what is demanded by the current labor market
structural unemployment
non-production transactions
cyclical / deficit demand unemployment
GDP equation (expenditure approach)
5. Temporary and associated with turnover in the labor market
frictional unemployment
net export expenditures
Consumer Price Index (CPI)
expansion / recovery
6. GDI = w + i + r + pi + misc
GDP equation (expenditure approach)
fixed income
GDI equation
CPI equation
7. Periodic and predictable economic changes
seasonal changes
nominal GDP
labor force
deflation
8. GDP = C + Ig + G + Xn
Okun's Law
circular flow diagram
expansion / recovery
GDP equation (expenditure approach)
9. 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
GDP Price Index
recession
nominal income
fixed income
10. Wages - represents monies earned by labor - including pensions - workman's compensation - and insurance
structural unemployment
GDI equation
national income
largest category of GDI
11. Results from a pattern of work that changes due to seasonal fluctuations in demand or due to changing weather conditions
Okun's Law
final goods
seasonal unemployment
demand pull
12. Allows us to keep tabs on the economic health of society and to develop policies that will improve that health
net export expenditures
COLA
national income accounting
final goods
13. 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
income approach
GDP (Gross Domestic Product)
labor force
recession
14. The average of all prices is falling
four kinds of spending
natural employment
deflation
CPI equation
15. Those who are on ______ incomes are hurt most by inflation
fixed income
three kinds of Ig expenditures
gross investment expenditures
Okun's Law
16. Consumption - investment - government - and net exports
real GDP
four kinds of spending
expansion / recovery
nominal income
17. 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)
recession
expenditure approach
frictional unemployment
seasonal unemployment
18. The civilian labor force expressed as a percentage of the labor force population
expenditure approach
GDI equation
disposable income
participation rate
19. Inflation arising from the supply or cost side of the economy
national income
full employment
cost push
four kinds of spending
20. Inflation caused by excess demand in the economy
five sources of income
demand pull
national income
unemployment rate
21. Output sacrificed due to unemployment
nominal GDP
GDP gap
unemployment rate
gross investment expenditures
22. For every 1% the actual unemployment rate exceeds the natural (frictional + structural) unemployment rate - a 2.5% GDP gap occurs
23. Income earned that is available to resource suppliers and others before payment of personal taxes
intermediate goods
labor force
personal income
Gross National Product (GNP)
24. Total income earned by resource suppliers for their contributions to the production of the GNP
national income
peak
seasonal changes
three kinds of Ig expenditures
25. (1) final purchases of machinery and equipment by governments and business; (2) all construction; and (3) changes in inventories
real GDP
CPI equation
three kinds of Ig expenditures
nominal income
26. Second-hand sales (goods not produced that year) and financial transactions (moving money from x to y); not counted in GDP
nominal income
personal income
non-production transactions
nominal GDP
27. Cost of living allowance
cyclical / deficit demand unemployment
four kinds of spending
COLA
GDP equation (expenditure approach)
28. Maximum output of business cycle
inflation
GDP Price Index
peak
GDP (Gross Domestic Product)
29. The percentage of unemployed workers in the civilian labor force
nominal GDP
unemployment rate
frictional unemployment
non-production transactions
30. Measures the amount of goods and services one's money can buy; measures purchasing power
unemployed
GDP equation (expenditure approach)
real income
GDP measures the market value of annual output and it is a __________ measure.
31. All investment spending by government and business firms
real income
circular flow diagram
gross investment expenditures
natural employment
32. A basic accounting measure of total production of goods and services of the national economy in one year
fixed income
GDP (Gross Domestic Product)
GDP Price Index
seasonal changes
33. Phase of the business cycle where output and employment begin to move toward full employment
recession
expansion / recovery
GDP gap
income approach
34. 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
four kinds of spending
participation rate
intermediate goods
Gross National Product (GNP)
35. Shows how money and goods and services flow between the various markets and players in the economy
real income
circular flow diagram
trough
structural unemployment
36. (base year basket valued at current year prices/base year basket valued at base year prices) x 100
CPI equation
circular flow diagram
expenditure approach
five sources of income
37. Output measured at base year prices - and thus adjusted
real GDP
cyclical / deficit demand unemployment
unemployment rate
GDP (Gross Domestic Product)
38. Those that are used to produce other goods that will eventually be sold (miller sells flour to a baker); not counted in GDP
intermediate goods
gross investment expenditures
Gross National Product (GNP)
income approach
39. Measures national income as the sum of the incomes received by productive resources in the economy; also called Gross Domestic Income (GDI)
natural employment
final goods
expenditure approach
income approach
40. The sale of a finished good or product directly to a consumer (baker sells bread to customer); counted in GDP
cost push
final goods
nominal income
unemployed
41. All people who are either employed or unemployed - but excludes people who are institutionalized or in the military
government expenditures
rule of 70
civilian labor force
demand pull
42. 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
unemployment rate
rule of 70
government expenditures
CPI equation
43. All people living in a society who are of legal age to work
labor force
demand pull
GDI equation
civilian labor force
44. A person who is available for and looking for work - but has none
unemployed
net export expenditures
fixed income
deflation
45. The sale of goods and services to households
consumption expenditures
structural / expectational inflation
participation rate
Consumer Price Index (CPI)
46. Caused by the actions of people who have come to expect a certain amount of inflation in the economy
nominal income
demand pull
unemployed
structural / expectational inflation
47. The number of dollars one receives as wages - rent - interest or profit
national income accounting
peak
nominal income
largest category of GDI
48. Excess unemployment caused because the economy deviates from the long run output potential of the economy
cyclical / deficit demand unemployment
price index
government expenditures
personal income
49. The total net sales of goods sold abroad minus the total net spent on purchases from other countries
fixed income
disposable income
net export expenditures
non-production transactions
50. 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
nominal GDP
unemployed
peak
price index
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