Exam 11: Aggregate Supply and Aggregate Demand

The table gives the aggregate demand and aggregate supply schedules for a nation. -Refer to the table above.If the price level is 120,then the aggregate quantity demanded is ________ than the aggregate quantity supplied and the price level ________.

Suppose the exchange rate in the year 2014 was 5 yuan per dollar and in 2015 the exchange rate fell to 4 yuan per dollar.If the price of a Chinese jumper was 120 yuan in both years,the new dollar price in 2015 would be ________ and imports of Chinese jumpers would ________.

A crisis in the Middle East drastically raises the price of petroleum.If the aggregate demand curve does NOT shift,then aggregate supply will ________,real GDP will ________,and the price level will ________.

If the price of widgets is $2 and the real wage is $20 per hour then the firm must sell 10 widgets to cover the cost of an hour of labour.If the price of widgets rises to $4,how many widgets must the firms sell to cover the cost of an hour of labour?

If there is a rise in the price level,there is a(n)________ movement along the AS curve because there is ________ in the quantity of real GDP supplied.

If the aggregate demand curve and the aggregate supply curve intersect at a level of real GDP greater than potential GDP,there is

A recessionary gap occurs when ________ so that real GDP is ________ potential GDP.

-The table above gives data for the nation of Pearl,a small island in the South Pacific.If a supply shock decreases the quantity of real GDP supplied by $6 billion at each price level,the new equilibrium real GDP is

At the beginning of 2017,a country is at full-employment.During 2017,oil-producing countries decrease oil production leading to much higher oil prices.The higher oil prices can

-The table above gives data for the nation of Pearl,a small island in the South Pacific.The economy is at full employment when real GDP is

The change reflected in the above figure might be a result of

Which of the following shifts the aggregate supply curve rightward?

A rise in the price level

Which of the following shifts the aggregate supply curve leftward?

-The aggregate demand curve in the figure above shifts rightward if

If oil prices increase then,in the short run,real GDP will ________ and the price level will ________.

Which of the following shifts the aggregate demand curve rightward?

When the price level rises and increases the demand for money,the nominal interest rate ________ and the real interest rate ________.

-In the figure above,the economy is at an equilibrium with real GDP of $16 trillion and a price level of 110.As the economy moves toward its ultimate equilibrium,the ________ curve shifts ________.

If profits are high because the price level rose,