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Question 1 Transfer payments are included in __________.

Question 1

Transfer payments are included in __________.

the NNP and the GDP

the NNP but not the GDP

personal income but not national income

national income but not personal income


 

Question 2

If nominal GDP increased in the same year as real GDP fell, then __________.

the unemployment rate also fell

there was inflation

there was deflation

real total output was static


Question 3

Among the following, which group tends to be LEAST affected by inflation?

those on fixed incomes

the federal government

lenders

taxpayers


 

Question 4

If the aggregate supply curve shifts to the right and the aggregate demand curve shifts to the left, what happens to the price level and real output?

The price level rises, and real output falls.

The price level rises, and real output rises.

The price level falls, but the effect on real output cannot be determined.

The price level rises, but the effect on real output cannot be determined.


 

Question 5

Which of the following formulas is accurate?

net national product (NNP) - depreciation = gross national product (GNP)

gross national product (GNP) - depreciation = net national product (NNP)

net national product (NNP) + depreciation = gross domestic product (GDP)

gross domestic product (GDP) + depreciation = net national product (NNP)


 

Question 6

Quentin bought a new computer setup in 2016. In order to sell it, he has to estimate its reduction in value over the past 2 years—also known as its __________.

appreciation

depreciation

amortization

factorization


 

Question 7

An aggregate demand (AD) curve—which can be linear or curved—slopes __________.

up from left to right

up from right to left

down from right to left

down from left to right


 

Question 8

In macroeconomic terms, cyclical unemployment is a function of __________.

a mismatch of workers and jobs

new entrants into the labor force

low levels of capital investment

a decline in total output


 

Question 9

When will the AS curve be vertical?

when output and price level rise together

when the economy is operating at capacity

when aggregate demand is absent

when the aggregate demand curve shifts to the left


 


Question 10

Carla is listing her household assets on a household asset sheet. Which of the following should she NOT list?

her checking account balance

her used truck with trailer

her cash on hand

her mortgage

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