Aggregate Supply Part II

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Pace University *

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105

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Economics

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Feb 20, 2024

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Question 1 (1 point) If potential output exceeds actual output, the aggregate demand curve shifts downward over time. Question 1 options: True False Question 2 (1 point) Which of the following is an example of a supply shock? Question 2 options: A) a sharp increase in the price of oil B) an increase in the price level C) an increase in government spending D) a surprise increase of the money supply Question 3 (1 point) If actual output exceeds potential output, ________ shifts upward over time. Question 3 options: A) the short-run AD curve B) the long-run AD curve C) the long-run AS curve D) the short-run AS curve Question 4 (1 point)

Aggregate demand and aggregate supply must be combined to determine the price level and the "real" GDP. Question 4 options: True False Question 5 (1 point) In the long run, output is determined solely by the supply of capital and the supply of labor, not the price level. Question 5 options: True False Question 6 (1 point) The long-run aggregate supply curve is horizontal. Question 6 options: True False Question 7 (1 point) In the short run, the price level is determined primarily by the supply of goods. Question 7 options: True False Question 8 (1 point) In the long run, the level of output depends on the price level. Question 8 options: True False Question 9 (1 point) Adverse supply shocks can cause a recession with increasing price level.

Question 9 options: True False Question 10 (1 point) A supply shock is an ________ event that shifts the aggregate ________ curve. Question 10 options: A) internal; demand B) external; supply C) external; demand D) internal; supply Question 11 (1 point) When there is a shift the aggregate supply curve caused by factors external to a nation's economy, it is called Question 11 options: A) an economic anomaly. B) a trade imbalance. C) government control. D) a supply shock. Question 12 (1 point) If the supply of money increases, the long-run aggregate supply curve suggests that output will not change but the price level will. Question 12 options:

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True False Question 13 (1 point) If actual output exceeds potential output, the short-run aggregate supply curve shifts downward over time. Question 13 options: True False Question 14 (1 point) Which one of the following statements is TRUE? Question 14 options: A) In the short run, the level of output is determined by demand. B) Where aggregate demand and aggregate supply intersect is always the full-employment level of output. C) In the long run, the aggregate supply curve is horizontal. D) In the long run, the level of output is determined by demand. Question 15 (1 point) Aggregate demand determines output in the short run if prices are flexible. Question 15 options: True False Question 16 (1 point) If potential output exceeds actual output, ________ shifts downward over time. Question 16 options: A) the long-run AS curve

B) the short-run AS curve C) the short-run AD curve D) the long-run AD curve

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