Answered: The long-run aggregate supply curve…

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Aggregate Demand And Aggregate Supply

Section15.2: Explaining Short-run Economic Fluctuations

Problem 2QQ

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Question

1. The long-run aggregate supply curve reflects the amount of potential production when we are in full employment.
Answer:

True

False

2. Long-term macroeconomic equilibrium occurs when short-term aggregate supply intercepts aggregate demand and long-term aggregate supply at the same point.
Answer:

True

False

3. An economic cycle is the periodic but irregular movement of ups and downs in production; and is measured by fluctuations in nominal GDP.
Answer:

True

False

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