Exam 10: Aggregate Supply

For the aggregate demand and aggregate supply listed in schedule #3 of the table given below,the equilibrium output level and price level are:​ ​ Table 10.1 ​ Quantity of Aggregate Output Demanded ​ Price Level Quantity of Aggregate Output Supplied #1 #2 #3 $7)0 110 $5)0 $6)0 $4)0 6)5 120 5)5 6)5 4)5 6)0 130 6)0 7)0 5)0 5)5 140 6)5 7)5 5)5 5)0 150 7)0 8)0 6)0

The main effect of a decrease in the stock of capital is a(n):​

The main effect of an increase in capital stock is a(n):​

The figure given below depicts long run equilibrium in an aggregate demand-aggregate supply model.The change in real GDP in this figure from Y₁ to Y₂ could have been caused by:​ ​ Figure 10.8

In 2009,actual output in the U.S.was 4.7 percent below the potential output.This implies that the:​

An expansionary gap in the short-run results in:​

In constructing the short-run aggregate supply curve,we define the short run as the period in which:​

Given implicit or explicit resource price agreements,if the actual price level is below the expected price level,the:​

Which of the following is true in the short run but not in the long run?​

The figure below shows the short-run aggregate supply curve of an economy.In this figure,an expansionary gap would be represented by the distance between:​ ​ Figure 10.1

Suppose the actual and expected price levels in an economy are initially equal.However,the actual price level becomes higher due to some change in economic conditions.Which of the following will occur eventually?​

For the aggregate demand and aggregate supply listed in schedule #2 of the table given below,the equilibrium output level and price level are: ​ Table 10.1​ Quantity of Aggregate Output Demanded ​ Price Level Quantity of Aggregate Output Supplied #1 #2 #3 $7)0 110 $5)0 $6)0 $4)0 6)5 120 5)5 6)5 4)5 6)0 130 6)0 7)0 5)0 5)5 140 6)5 7)5 5)5 5)0 150 7)0 8)0 6)0

Which of the following changes best represents the effect of the oil embargo (a shut-off of oil from certain OPEC countries)of the 1970s on the U.S.?​

An increase in the federal minimum wage will shift the long-run aggregate supply curve to the left.​

If the rate of increase in the price level exceeds the rate of increase in nominal GDP,real GDP declines.​

If the actual price level is lower than the expected price level,the economy will contract in the short run.​

Which of these is not assumed to be constant along a short-run aggregate supply curve?​

​In the long run,the price level in an economy is determined solely by:

Potential output is the amount produced when:​

Which of the following is most likely to increase long-run aggregate supply in an economy?​