Productivity relates to O working longer over time. O working harder over time. O producing the same output with more labor hours. O producing the same output with fewer labor hours. Question 42 The total of all planned production for the entire economy is known as O aggregate supply. O aggregate demand. O aggregate expenditures. O aggregate inflation. Question 43 The long-run aggregate supply curve will shift outward to the right when Othere is economic growth. O the real-balance effect increases. O the amount of labor decreases. O the price level decreases. Question 44 A weakening in consumer confidence causes a O movement down along the aggregate demand curve. O movement up along the aggregate demand curve. O shift of the aggregate demand curve to the right. O shift of the aggregate demand curve to the left.

Productivity relates to O working longer over time. O working harder over time. O producing the same output with more labor hours. O producing the same output with fewer labor hours. Question 42 The total of all planned production for the entire economy is known as O aggregate supply. O aggregate demand. O aggregate expenditures. O aggregate inflation. Question 43 The long-run aggregate supply curve will shift outward to the right when Othere is economic growth. O the real-balance effect increases. O the amount of labor decreases. O the price level decreases. Question 44 A weakening in consumer confidence causes a O movement down along the aggregate demand curve. O movement up along the aggregate demand curve. O shift of the aggregate demand curve to the right. O shift of the aggregate demand curve to the left.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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magine an economy in which nominal GDP grew between 2018 and 2019 and real GDP fell during that same time period. Which of the following answers might explain this? Question 30 options: A) both prices and national output increased between 2018 and 2019 B) both prices and national output fell between 2018 and 2019 C) prices in the economy increased while national output fell between 2018 and 2019 D) prices in the economy fell while national output increased between 2018 and 2019
PRICE LEVEL W LRAS Y N AD. QUANTITY OF OUTPUT AD₂ AD₂ SRAS Refer to Figure 33-5. Suppose the economy starts at Y. If there is a reduction in aggregate demand, then the economy moves to a. W in the long run. O b. Z in the long run. OC.X in the long run. O d. V in the long run. Hide Feedback
A(I) and (ii) pls!
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An increase in the aggregate demand for goods andservices has a larger impact on output _________and a larger impact on the price level _________.a. in the short run; in the long runb. in the long run; in the short runc. in the short run; also in the short rund. in the long run; also in the long run
When aggregate production is less than aggregate expenditures, the economy is in equilibrium. O there are decreases in inventory. O total output will decrease.
The aggregate supply curve is a. relatively flat at low levels of output. b. generally flatter as the level of resource use rises. c. never vertical, even at full employment. d. relatively steep at low levels of outpu
Which of the following could potentially cause a recession? O AD increases, and wages are sticky. O AD increases, and wages are flexible. O AD falls, and wages are flexible. AD decreases, and wages are sticky.
Suppose now the government passes a law that significantly increases the minimum wage. This change in policy will cause the natural rate of unemployment to which will: • Shift the long-run aggregate supply curve to the right O Not impact the long-run aggregate supply curve O Shift the long-run aggregate supply curve to the left Complete the following table by determining how each event impacts the position of the long-run aggregate supply (LAS) curve. Direction of LRAS Curve Shift A government-sponsored training program increases the skill level of the workforce. Many workers leave to pursue more lucrative careers in foreign economies. A scientific breakthrough significantly increases food production per acre of farmland.
Price level Potential output SRAS P3 PI P2 Real GDP Y1 Y3 Refer to Exhibit 10.1, which shows the short-run aggregate supply (SRAS) curve of an economy. At a price of P2, firms will O supply less than potential output. O supply more than potential output. O supply potential output. O increase prices. O decrease prices.
The long-run aggregate supply curve relates the aggregate price level to real GDP O in the short run. after factor prices are fully adjusted to eliminate output gaps. O when the wage level is not responding to the output gaps. when technology is improving the labour productivity.
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