Economics 1022A/B Study Guide - Quiz Guide: Real Wages, World Economic Outlook, European Route E39

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ECON 1022A/B Full Course Notes

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Choose the one alternative that best completes the statement or answers the question. Which graph illustrates the effect of a decrease in factor prices: (a) Answer: a: (b, (c, (d, (a) and (b, refer to figure 10. 1. 1. Which graph illustrates the effect of an increase in factor prices: (a) Gdp, but not greater nominal gdp: potential gdp never changes, actual output can never exceed, even temporarily, the quantity of output determined by the economy"s long- run aggregate supply curve, potential gdp is independent of the price level. Answer: c: the long- run aggregate supply curve is, vertical, negatively sloped, almost flat, positively sloped at low levels of real gdp and vertical at high levels of real gdp, positively sloped but extremely steep. Answer: a: the short- run aggregate supply curve is the relationship between the quantity of real gdp supplied and, the price level, the real interest rate, real income, the inflation rate, the quantity of real gdp demanded.

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Lise the figure below to wiswer the following questions. Price level Price level SAS SAS ADO Real GDP 0 Real GDP Price level Price level SAS SAS AD Real GDP Real GDP Figure 26.1.1 8) Refer to Figure 26.1.1. Which graph illustrates what happens when factor prices rise? A) (a) B) (b) (c) D) (d) E) (a) and (b)

Use the figure below to answer the following questions. Cost (dollars A 0 5 10 15 20 Output teapots per day Figure 11.3.2 19) Refer to Figure 11.3.2, which illustrates short-run average and marginal cost curves. Which one of the following statements is false? A) Average fixed cost decreases with output B) The vertical gap between curves B and C is equal to average variable cost. C) The vertical gap between curves B and C is equal to average fixed cost. D) Line B comes closer to line C as output increases because of a decrease in average fixed cost. E) Curve D is the marginal cost curve.

Use the figure below to answer the following question. Cost (dollars) 150-11 0 5 10 15 20 Output teapots per day) Figure 6 30) Refer to Figure 6, which illustrates short-run average and marginal cost curves. Which one of the following statements is false? A) The vertical gap between curves B and C is equal to average variable cost. B) Line B comes closer to line C as output increases because of a decrease in average fixed cost. C) Curve D is the marginal cost curve. D) Average fixed cost decreases with output. E) The vertical gap between curves B and C is equal to average fixed cost.

Economics 1022A/B Study Guide - Quiz Guide: Real Wages, World Economic Outlook, European Route E39

ECON 1022A/B Full Course Notes

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