Exam 12: Aggregate Demand and Aggregate Supply

For the questions that follow, suppose a country has the following quarterly growth data for the last three years: -The country's long-run average growth rate is 3%.How many quarters were spent in recession?

Which of the following would shift aggregate demand to the right?

Suppose a change in healthcare laws increases the cost of hiring an employee.We can expect output in the short run to ________ and output in the long run to ________.

The business cycle measures:

If the current short-run equilibrium level of output is greater than full employment output,we can then expect that in the long run the:

A decline in U.S.wealth would tend to cause:

Which of the following is true?

The Great Recession was similar to other recessions since World War II in that:

When actual unemployment is less than its natural rate,the:

Explain the relationship between the unemployment rate and the business cycle.

New computer technologies can be expected to:

Refer to the following figure to answer the questions that follow. -Based on the figure,a negative supply shock is best represented by a movement from:

If the current short-run equilibrium level of output is less than full employment output,we can then expect that in the long run:

During the Great Recession,a major financial crisis followed the collapse of housing prices,which led to:

When decision-makers have time to fully adjust to changes in the overall price level,we refer to this as:

If large emerging economies continue to grow rapidly,we can expect U.S.aggregate:

Supply shocks cause short-run aggregate supply to:

Consider the following data that identifies real GDP in comparison to the long-run trend of real GDP to answer the questions that follow. -Between quarter 7 and quarter 8,real GDP grew by what percentage?

Suppose a country's population is growing due to immigration.In the long run,output will ________ due to ________.

A technological advance leads to a shift in: