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






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






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






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






5. Frictional + structural unemployment






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

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7. Periodic and predictable economic changes






8. Inflation caused by excess demand in the economy






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






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






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






12. Cost of living allowance






13. Personal income less income taxes






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






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






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






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






18. Recurrent ups and downs of economic activity






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






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






21. Cyclical unemployment is at 0






22. 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






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






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






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






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






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






28. Output sacrificed due to unemployment






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






30. Consumption - investment - government - and net exports






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






32. Temporary and associated with turnover in the labor market






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






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






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






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






37. The sale of goods and services to households






38. Monetary






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






40. All investment spending by government and business firms






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






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






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






44. The average of all prices is falling






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






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






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






48. 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






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






50. 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)