VEE MACRO ASSIGNMENT 1.FINAL TEST 2026\2027.
Which of the following are taken out of national income to arrive at personal income?
A. Rent
B. Changes in inventories
C. Corporate income taxes
C. Corporate income taxes
When inflation has consistently been negative, real GDP is ____ nominal GDP.
A. equal to
B. greater than
C. less than
B. greater than
The very short run aggregate supply curve is most accurately described as:
A. Upward sloping
B. Downward sloping
C. Vertical
D. Horizontal
D. Horizontal
Compared to balanced trade (imports = exports), how does a trade deficit (imports > exports)
affect total expenditures?
A. Decreases expenditures
B. Increases expenditures
C. Doesn't affect expenditures
A. Decreases expenditures
Which of the following transactions would most likely be included in a gross domestic product
(GDP) output calculation:
A. A stay at home mother caring for her children
B. A gallon of tap water consumed
C. Raw materials sold to a steel mill
, VEE MACRO ASSIGNMENT 1.FINAL TEST 2026\2027.
B. A gallon of tap water consumed
Which of the following are most likely to lead to a recession?
A. A stagnant AD curve
B. A right shift in the AD curve
C. A left shift in the AD curve
C. A left shift in the AD curve
The production process of a calculator could look something like the following:
Cost of factory buying raw materials: $2.00
Cost of retailer buying from factory: $5.00
Cost of customer buying from retailer: $9.00
The amount of value that the retailer adds to the process is closest to:
A. $4
B. $5
C. $3
D. $0
E. $9
A. $4
If both the AD and AS curves shift to the right, the most likely impact on prices is:
A. An increase
B. A decrease
C. No impact
D. Unknown
D. Unknown
The aggregate supply curve is viewed in two different components, the long run average supply
curve and the short run average supply curve. Which of the following most
accuratelydistinguishes the difference?
A. The long run is one year
B. The long run is when physical capital is variable
C. The long run is when wages and prices adjust
C. The long run is when wages and prices adjust
Which of the following are taken out of national income to arrive at personal income?
A. Rent
B. Changes in inventories
C. Corporate income taxes
C. Corporate income taxes
When inflation has consistently been negative, real GDP is ____ nominal GDP.
A. equal to
B. greater than
C. less than
B. greater than
The very short run aggregate supply curve is most accurately described as:
A. Upward sloping
B. Downward sloping
C. Vertical
D. Horizontal
D. Horizontal
Compared to balanced trade (imports = exports), how does a trade deficit (imports > exports)
affect total expenditures?
A. Decreases expenditures
B. Increases expenditures
C. Doesn't affect expenditures
A. Decreases expenditures
Which of the following transactions would most likely be included in a gross domestic product
(GDP) output calculation:
A. A stay at home mother caring for her children
B. A gallon of tap water consumed
C. Raw materials sold to a steel mill
, VEE MACRO ASSIGNMENT 1.FINAL TEST 2026\2027.
B. A gallon of tap water consumed
Which of the following are most likely to lead to a recession?
A. A stagnant AD curve
B. A right shift in the AD curve
C. A left shift in the AD curve
C. A left shift in the AD curve
The production process of a calculator could look something like the following:
Cost of factory buying raw materials: $2.00
Cost of retailer buying from factory: $5.00
Cost of customer buying from retailer: $9.00
The amount of value that the retailer adds to the process is closest to:
A. $4
B. $5
C. $3
D. $0
E. $9
A. $4
If both the AD and AS curves shift to the right, the most likely impact on prices is:
A. An increase
B. A decrease
C. No impact
D. Unknown
D. Unknown
The aggregate supply curve is viewed in two different components, the long run average supply
curve and the short run average supply curve. Which of the following most
accuratelydistinguishes the difference?
A. The long run is one year
B. The long run is when physical capital is variable
C. The long run is when wages and prices adjust
C. The long run is when wages and prices adjust
