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






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






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






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






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






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






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






8. Temporary and associated with turnover in the labor market






9. 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)






10. Consumption - investment - government - and net exports






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






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






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






14. 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






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






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






17. Output sacrificed due to unemployment






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






19. Recurrent ups and downs of economic activity






20. The sale of goods and services to households






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






22. 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






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






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






25. 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.






26. The average of all prices is falling






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

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






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






30. Maximum output of business cycle






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






32. Cyclical unemployment is at 0






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






34. 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






35. Monetary






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






37. Periodic and predictable economic changes






38. Inflation caused by excess demand in the economy






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






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






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






42. 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






43. Frictional + structural unemployment






44. GDP = C + Ig + G + Xn






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






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






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






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






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






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