Exam 10: Real GDP and the Price Level in the Long Run

The long-run aggregate supply curve is

The real-balance effect refers to

The aggregate demand curve gives the

A human resource such as ingenuity can be thought of as

The curve in the above figure will shift to the right when

-In the above figure, the long-run equilibrium real GDP is

What is measured on the vertical axis of the aggregate demand/aggregate supply model?

Other things being equal, the economy's aggregate demand curve shows that

What will be the result in a growing economy if increases in aggregate demand outpace rightward shifts of the long-run aggregate supply curve?

-Refer to the above figure. A movement from B to D would be a result of

The U.S. economy has had persistent inflation in recent decades. A possible explanation for the inflation is that

Refer to the above figures. Which panel(s) represent the effect of an increase in the price level?

Which of the following factors could cause the economy to experience supply-side inflation?

The open economy effect refers to the fact that

The long-run aggregate supply curve will shift to the left when

An increase in the level of prices of goods and services will do what to the long-run aggregate supply curve?

Which one of the following would NOT increase aggregate demand?

Which of the following will result in secular deflation?

Which of the following statements is TRUE?

If the price level increases