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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. Cyclical unemployment is at 0






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






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






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






5. 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.






6. The sale of goods and services to households






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






8. Monetary






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






10. Temporary and associated with turnover in the labor market






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






12. The average of all prices is falling






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






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






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






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






17. 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






18. 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






19. Periodic and predictable economic changes






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






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






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






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






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






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






26. Recurrent ups and downs of economic activity






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






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






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






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






31. Frictional + structural unemployment






32. Consumption - investment - government - and net exports






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






34. Personal income less income taxes






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






36. Cost of living allowance






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






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






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






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

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






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






43. Inflation caused by excess demand in the economy






44. 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






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






46. 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






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






48. GDP = C + Ig + G + Xn






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






50. Output sacrificed due to unemployment