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
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
Among the following, which group tends to be LEAST affected by inflation?
those on fixed incomes
the federal government
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.
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)
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 __________.
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
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
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
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