Question 5 of 10
The short-run aggregate supply curve implies that real output exceeds its long-run level when the price level is: A. high
B. greater than the expected price level
C. low
D. less than the expected price level
Reset Selection Question 6 of 10
In the aggregate demand-supply model, a short-run equilibrium occurs at the combination of output and prices where A. aggregate demand equals long-run aggregate supply
B. short-run aggregate supply equals long-run aggregate supply
C. aggregate demand equals long-run and short-run aggregate supply
D. aggregate demand equals short-run aggregate supply
Reset Selection Question 7 of 10
In the short-run, if the price level is greater than the expected price level, then in the long run the aggregate A. short-run supply curve will shift upward
B. demand curve will shift rightward
C. short-run supply curve will shift downward
D. demand curve will shift leftward
Reset Selection Question 8 of 10
Which of the following is an example of a demand shock A. a drought that destroys agricultural crops
B. the introduction and greater availability of credit cards
C. a large oil-price increase
D. unions obtain a substantial wage increase
Reset Selection Question 9 of 10
A favorable supply shock occurs when: A. environmental protection laws raise costs of production
B. the FED increases the money supply
C. unions push wages up
D. an oil cartel breaks up and oil prices fall
Reset Selection Question 10 of 10
If the FED accommodates an adverse supply shock, then output falls __________, but prices rise ________. A. more; less
B. less; less
C. more; more
D. less; more
Reset Selection
Question 5 of 10 The short-run aggregate supply curve implies that real output exceeds its long-run level when the price level is:A. high B. greater than the expected price level C. low D. less than the expected price level Reset Selection |
Question 6 of 10 In the aggregate demand-supply model, a short-run equilibrium occurs at the combination of output and prices whereA. aggregate demand equals long-run aggregate supply B. short-run aggregate supply equals long-run aggregate supply C. aggregate demand equals long-run and short-run aggregate supply D. aggregate demand equals short-run aggregate supply Reset Selection |
Question 7 of 10 In the short-run, if the price level is greater than the expected price level, then in the long run the aggregateA. short-run supply curve will shift upward B. demand curve will shift rightward C. short-run supply curve will shift downward D. demand curve will shift leftward Reset Selection |
Question 8 of 10 Which of the following is an example of a demand shockA. a drought that destroys agricultural crops B. the introduction and greater availability of credit cards C. a large oil-price increase D. unions obtain a substantial wage increase Reset Selection |
Question 9 of 10 A favorable supply shock occurs when:A. environmental protection laws raise costs of production B. the FED increases the money supply C. unions push wages up D. an oil cartel breaks up and oil prices fall Reset Selection |
Question 10 of 10 If the FED accommodates an adverse supply shock, then output falls __________, but prices rise ________.A. more; less B. less; less C. more; more D. less; more Reset Selection |