Aggregate Supply part I

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Assuming a long-run aggregate supply curve, an increase in the money supply results in ________ in output and ________ in price level. Question 1 options: A) an increase; no change B) a decrease; no change C) no change; an increase D) a decrease; a decrease Question 2 (1 point) The relationship between the level of prices and total quantity of goods and services producers are willing to supply is represented by the Question 2 options: A) aggregate supply curve. B) sticky price curve. C) aggregate demand curve. D) GDP multiplier. Question 3 (1 point) Which of the following factors influence the position of the long-run aggregate supply curve? Question 3 options: A) the level of full-employment output B) the supply of money

C) government spending D) taxes Question 4 (1 point) Refer to Figure 9.2. A movement from point b to point a could be caused by a(n) Question 4 options: A) increase in taxes. B) a massive crop failure. C) decrease in the price of oil. D) increase in government spending. Question 5 (1 point) Assuming a long-run aggregate supply curve, a decrease in consumer confidence results in ________ in output and ________ in price level.

Question 5 options: A) a decrease; a decrease B) no change; a decrease C) a decrease; no change D) an increase; no change Question 6 (1 point) Which of the following curves reflects the idea that in the long run, output is determined only by the factors of production and given technology? Question 6 options: A) the long-run aggregate supply curve B) the Keynesian aggregate supply curve C) the aggregate demand curve D) the market supply curve Question 7 (1 point) To determine the equilibrium price level and equilibrium level of real GDP, the aggregate demand and aggregate supply must Question 7 options: A) be disregarded. B) be considered separately. C) be considered as a multiplier.

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D) intersect. Question 8 (1 point) Output in the long run is determined by which of the two following factors when an economy operates at full employment? Question 8 options: A) the "real" GDP and purchases B) capital and supply C) capital and labor D) imports and exports Question 9 (1 point) Refer to Figure 9.2. A movement from point a to point b could be caused by a(n) Question 9 options: A) decrease in taxes.

B) decrease in short-run aggregate supply. C) increase in government spending. D) decrease in the price of oil. Question 10 (1 point) The relationship between the level of prices and the quantity of real GDP supplied is known as Question 10 options: A) market demand. B) market supply. C) aggregate supply. D) aggregate demand. Question 11 (1 point)

Refer to Figure 9.2. A movement from point d to point c could be caused by a(n) Question 11 options: A) increase in short-run aggregate supply. B) increase in taxes. C) increase in the price of oil. D) increase in government spending. Question 12 (1 point) An implication of the long-run aggregate supply curve is that continuous increases in the money supply will result in continuous Question 12 options: A) increases in price level. B) decreases in output and price level. C) decreases in output. D) increases in output and price level. Question 13 (1 point) Assuming a long-run aggregate supply curve, a decrease in government spending results in ________ in output and ________ in price level. Question 13 options: A) no change; a decrease B) a decrease; a decrease

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C) no change; an increase D) an increase; no change Question 14 (1 point) Refer to Figure 9.2. A movement from point d to point b could be caused by a(n) Question 14 options: A) increase in the price of oil. B) increase in government spending. C) increase in taxes. D) decrease in short-run aggregate supply. Question 15 (1 point)

Refer to Figure 9.2. A movement from point a to point c could be caused by a(n) Question 15 options: A) increase in short-run aggregate supply. B) decrease in the price of oil. C) increase in taxes. D) increase in government spending. Question 16 (1 point) The level of output determined by the intersection of the short-run aggregate supply curve and the aggregate demand curve Question 16 options: A) is always below full-employment output. B) may be above, below, or equal to full-employment output. C) is always above full-employment output.

D) always corresponds to full-employment output. Question 17 (1 point) Assuming a long-run aggregate supply curve, a decrease in taxes results in ________ in output and ________ in price level. Question 17 options: A) a decrease; a decrease B) no change; an increase C) an increase; no change D) no change; a decrease Question 18 (1 point) In the long run Question 18 options: A) price and output levels are mutually dependent. B) the level of output is independent of the price level. C) the level of output depends on the price level. D) the price level depends on the level of output. Question 19 (1 point)

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Refer to Figure 9.2. A movement from point c to point a could be caused by a(n) Question 19 options: A) decrease in taxes. B) increase in the price of oil. C) decrease in government spending. D) decrease in short-run aggregate supply. Question 20 (1 point)

Refer to Figure 9.2. A movement from point b to point d could be caused by a(n) Question 20 options: A) decrease in government spending. B) decrease in taxes. C) increase in short-run aggregate supply. D) increase in the price of oil. Question 21 (1 point) Output in the short run is determined by which of the following factors when an economy operates at full employment? Question 21 options: A) the price level B) the labor force C) demand

D) supply Question 22 (1 point) The long-run aggregate supply curve is Question 22 options: A) a horizontal line at the current price level. B) a vertical line at potential output. C) upward sloping. D) downward sloping.

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