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Macroeconomics Study Set 41
Quiz 10: Aggregate Supply and Aggregate Demand
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Question 241
Multiple Choice
An economy is at full employment. Which of the following events can create a recessionary gap?
Question 242
Multiple Choice
If aggregate demand decreases and neither short-run nor long-run aggregate supply changes, then
Question 243
Multiple Choice
A recessionary gap occurs when
Question 244
Multiple Choice
An above full-employment equilibrium occurs when
Question 245
Multiple Choice
The Great Depression, in which real GDP fell and unemployment rose, can be characterized as a____________
Question 246
Multiple Choice
If real GDP is less than potential GDP, then the economy is ____________equilibrium.
Question 247
Multiple Choice
-The above figure illustrates
Question 248
Multiple Choice
A recessionary gap means that short-run macroeconomic equilibrium GDP
Question 249
Multiple Choice
-In the above figure, the inflationary gap when AD
2
is the aggregate demand curve equals
Question 250
Multiple Choice
A below full-employment equilibrium
Question 251
Multiple Choice
Real GDP supplied
Price level
Real GDP
demanded
(dollars)
Short run
(dollars)
Long run
(dollars)
90
700
300
600
100
600
400
600
110
500
500
600
120
400
600
600
\begin{array}{l}\text { Real GDP supplied }\\\begin{array} { | l | l | l | l | } \hline \text { Price level } & \begin{array} { l } \text { Real GDP } \\\text { demanded } \\\text { (dollars) }\end{array} & \begin{array} { l } \text { Short run } \\\text { (dollars) }\end{array} & \begin{array} { l } \text { Long run } \\\text { (dollars) }\end{array} \\\hline 90 & 700 & 300 & 600 \\\hline 100 & 600 & 400 & 600 \\\hline 110 & 500 & 500 & 600 \\\hline 120 & 400 & 600 & 600 \\\hline\end{array}\end{array}
Real GDP supplied
Price level
90
100
110
120
Real GDP
demanded
(dollars)
700
600
500
400
Short run
(dollars)
300
400
500
600
Long run
(dollars)
600
600
600
600
-The table above gives the aggregate demand and aggregate supply schedules in Lotus Land. The short-run macroeconomic equilibrium is a price level of ____________and a real GDP of____________ .
Question 252
Multiple Choice
When the economy is at an above full-employment equilibrium, ____________.
Question 253
Multiple Choice
-In the above figure, point A represents
Question 254
Multiple Choice
Suppose the economy is experiencing a recessionary gap. In the long run, if aggregate demand does not change the money wage rate , ____________unemployment ,____________ and the price level____________