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






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






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






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






5. Frictional + structural unemployment






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






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






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






9. Maximum output of business cycle






10. Consumption - investment - government - and net exports






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






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






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






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






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


16. Cyclical unemployment is at 0






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






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






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






20. Monetary






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






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






23. 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






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






25. 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






26. All investment spending by government and business firms






27. 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






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






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






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






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






32. Periodic and predictable economic changes






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






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






35. GDP = C + Ig + G + Xn






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






37. Inflation caused by excess demand in the economy






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






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






40. 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)






41. 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.






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






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






44. 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






45. Output sacrificed due to unemployment






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






47. Cost of living allowance






48. The sale of goods and services to households






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






50. Temporary and associated with turnover in the labor market