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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. Temporary and associated with turnover in the labor market






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






3. 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






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






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






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






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






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






9. 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






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






11. Consumption - investment - government - and net exports






12. Cost of living allowance






13. The sale of goods and services to households






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






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






16. All investment spending by government and business firms






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






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. Frictional + structural unemployment






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






21. Personal income less income taxes






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






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






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






25. Maximum output of business cycle






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






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






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






29. 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)






30. 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






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






32. Periodic and predictable economic changes






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






34. Monetary






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






36. Cyclical unemployment is at 0






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






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






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






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






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






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






43. The average of all prices is falling






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






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






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






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






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


49. GDP = C + Ig + G + Xn






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