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CLEP Macroeconomics: Measurement Of Economic Performance
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CLEP Macroeconomics: Measurement Of Economic Performance
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25 Questions

1. The sale of goods and services to households

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

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

4. Temporary and associated with turnover in the labor market

5. Frictional + structural unemployment

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

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

8. Personal income less income taxes

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

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

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

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

13. 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

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

15. All investment spending by government and business firms

16. Output sacrificed due to unemployment

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

18. 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

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

20. Periodic and predictable economic changes

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

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

23. 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

24. Monetary

25. Consumption - investment - government - and net exports

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