Unit 2 milestone 2 - my notes with the correct answers

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1 19/20 that's 95% RETAKE 19 questions were answered . correctly 1 question was answered incorrectly . Which statement regarding aggregate demand is true? ● ● It represents the relationship between price level and the amount of real gross domestic product (RGDP) that producers are willing to produce. ● It represents a positive relationship between price level and real gross domestic product (RGDP). ● It represents the fixed amount of real gross domestic product (RGDP) that can be produced. It expresses an inverse relationship between price level UNIT 2 — MILESTONE 2 SCORE 19/20
CONCEPT → Aggregate Demand 2 Report an issue with this question The regular price for a set of four tires is $250, but Erin finds a store that has the tires she needs on sale for $175? Which graph correctly illustrates this scenario? ● and real gross domestic product (RGDP). ●
CONCEPT → Shifts in Demand 3 Report an issue with this question Which of the following would NOT cause a shift in the supply curve for cheese? ● ● ● The results of a medical study show that eating too much cheese can lead to premature aging.
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CONCEPT → Law of Supply 4 Report an issue with this question If the price of gasoline is too low and vendors sell out quickly, which of the following will happen? ● ● The price of feed for dairy cattle goes up significantly. ● A celebrity chef develops a new technique for making cheese that makes it easier to increase output. ● Thousands of dairy cattle come down with a mysterious illness and need to be quarantined. ● Consumers will purchase less gasoline. ● Consumers will purchase more gasoline. ● Producers will lower the price of gasoline.
CONCEPT → Establishing Equilibrium 5 Report an issue with this question The people of a certain Mediterranean village always eat salad with balsamic vinegar and olive oil as dressing. If the olive crop fails one year because of a terrible storm, what will happen to the demand for balsamic vinegar? ● The price of gasoline will rise to eliminate the shortage. The demand for balsamic vinegar will decrease because it is a complement to olive oil. ● The demand for balsamic vinegar will increase because it is a complement to olive oil. ● The demand for balsamic vinegar will increase because vinegar and olive oil are substitutes. ● The demand for balsamic vinegar will decrease because it is a substitute for olive oil.
CONCEPT → Shifts in Demand 6 CONCEPT → Expansionary Policy 7 Report an issue with this question Which of the following is an example of expansionary fiscal policy? Report an issue with this question If the short-run aggregate supply curve intersects with the aggregate demand curve at a point that is greater than the long-run aggregate supply (LRAS) curve, which statement will be true ? ● ● ● Decreasing the reserve requirement ● Increasing the interest rates Reducing taxes ● Tax revenues exceeding government expenditures
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Discover more from: ECON1001 Document continues below Macroeconomics Sophia Western Governors University 21 documents Go to course Macroeconomics Sophia milestone 2 retake Macroeconomics Sophia 100% (2) 19 Unit 4 - Milestone 4 -Macroeconomics Macroeconomics Sophia 100% (1) 1 Unit 4 milestone 4 - my notes with the correct answers Macroeconomics Sophia 100% (1) 16 Milestone 3-12 out of 17 correct Macroeconomics Sophia 100% (1) 14 Milestone 3-14 out of 17 correct Macroeconomics Sophia 100% (1) 13 Unit 3 Milestone 3 - my notes with the correct answers Macroeconomics Sophia 100% (1) 14
CONCEPT → Equilibrium 8 Report an issue with this question If a certain brand of furry boots is suddenly all the rage and the market price increases to $500 a pair, but very few people buy them because they are too expensive. Which of the following will happen next? ● ● The economy may be in equilibrium. The government will probably implement expansionary macroeconomic policies. ● Producers are using inventory faster than it can be replaced. ● This situation will most likely coincide with high unemployment. ● The price will rise until it reaches equilibrium. ● The price will stay the same.
CONCEPT → Establishing Equilibrium 9 CONCEPT → Contractionary Policy Report an issue with this question Which combination of fiscal policies would be the most contractionary? ● The price will fall until it reaches equilibrium. ● The price will continue to rise indefinitely. ● Increasing spending and cutting taxes ● Increasing both spending and taxes Cutting spending and increasing taxes ● Decreasing both spending and taxes
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10 CONCEPT → Aggregate Supply 11 Report an issue with this question Select the TRUE statement regarding aggregate supply in the short and long run. Report an issue with this question If the marginal propensity to consume (MPC) is 0.75 and the government increases spending by $100 billion, the effect this change has on the economy will be which of the following? ● ● ● In the long run, there are no limits on production. ● In the long run, there is a close relationship between price level and RGDP. The long-run aggregate supply (LRAS) curve can move over time. ● The relationship between price level and RGDP is negative in the short run.
CONCEPT → Expansionary Policy 12 Report an issue with this question Which of the following is NOT one of the three ways that money can be spent that contribute to gross domestic product (GDP)? ● ● There will be an increase of $75 billion in economic activity. There will be an increase of $400 billion in economic activity. ● There will be an increase of $100 billion in economic activity. ● There will be an increase of $133.3 billion throughout the economy. ● Business investments Government savings ● Individual purchases
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