Test your basic knowledge |

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. Frictional + structural unemployment






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






3. Recurrent ups and downs of economic activity






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






5. Temporary and associated with turnover in the labor market






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






7. Periodic and predictable economic changes






8. GDP = C + Ig + G + Xn






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






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






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






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






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






14. The average of all prices is falling






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






16. Consumption - investment - government - and net exports






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)






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






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






20. Inflation caused by excess demand in the economy






21. Output sacrificed due to unemployment






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






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






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






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






27. Cost of living allowance






28. Maximum output of business cycle






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






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






31. All investment spending by government and business firms






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






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






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






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






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






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






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






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






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






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






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






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






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






45. The sale of goods and services to households






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






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






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






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






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






Sorry, Topic not found.:)

Seach or Brouse Basicversity:




Major Subjects

Tests & Exams


AP
CLEP
DSST
GRE
SAT
GMAT

Browse all subjects

Browse all tests

Most popular tests

//