ECO 201 Principles of Microeconomics Chapter 10 Quiz Answers
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Saint Leo ECO 201 Chapter 10 Quiz Answers
1. Many economists view the natural rate of unemployment as the level observed when real GDP is given by the position of the long-run aggregate supply curve. There can be positive unemployment in this situation because
2. The long-run aggregate supply curve is determined by
3. The long-run aggregate supply curve shifts outward when
4. The long-run aggregate supply curve
5. Year to year rightward shifts in long-run aggregate supply leads to
6. Which of the following is not a reason for this change in economy wide planned spending?
7. Total expenditures for domestically produced goods and services consist of
8. Which one of the following is not a component of total expenditures?
9. What determines the total value of annual U.S. GDP?
10. The total of all planned real expenditures in the economy is
11. The aggregate demand curve
12. The aggregate demand curve slopes downward because of the
13. According to the interest rate effect, an increase in the price level
14. Which of the following will generate an increase in aggregate demand?
15. The U.S. aggregate demand curve would shift to the left if
16. The aggregate demand curve would shift to the right as a result of
17. All of the following would cause the aggregate demand curve to shift except
18. Suppose that the full employment level of nominalGDP rises in one year from $13.8 to $14.2 trillion. The long-run equilibrium price level, however, remains unchanged at 115.
By how much (in real dollars) has the long-run aggregate supply curve shifted to the right from one year to the next?
19. Identify the combined shifts in long-run aggregate supply and aggregate demand that could unambiguously explain the simultaneous occurrences of an increase in equilibrium real GDP and increase in the equilibrium price level.
20. Identify the combined shifts in long-run aggregate supply and aggregate demand that could unambiguously explain the simultaneous occurrences of a decrease in equilibrium real GDP with no change in the equilibrium price level.
21. Identify the combined shifts in long-run aggregate supply and aggregate demand that could unambiguously explain the simultaneous occurrences of an increase in equilibrium real GDP with no change in the equilibrium price level.
22. Consider the accompanying diagram when answering the questions that follow.
Suppose that the current price level is P3.
In this case, the price will rise toward P1because
23. Long-run equilibrium in the economy will occur
24. The long-run equilibrium of an economy occurs
25. In the accompanying graph the equilibrium price level is ____ and the equilibrium real GDP is _____.
26. In the accompanying graph if the price level is 140
27. An increase in the U.S. price level can be caused by all of the following except
28. If economic growth causes the long-run aggregate supply curve to shift rightward over time, but the aggregate demand curve does not change, we expect
29. A persistent decline in the price level due to economic growth with stable aggregate demand is
30. In the long run, persistent deflation in a growing economy can occur if
31. An increase in the LRAS curve that is larger proportionately than an increase in the AD curve will lead to
32. Inflation can be caused by
33. Consider this statement: "Persistent inflation in a growing economy is possible only if the aggregate demand curve shifts rightward over time at a faster pace than the rightward progression of the long-run aggregate supply curve." This statement is describing
34. Supply-side inflation can be caused by a continual
35. Which of the following factors could cause the economy to experience supply-side inflation?
36. Within the Arctic Circle lies the underutilized and untapped resource endowments. Some economists believe that unfreezing these resources
37. Economists think that if underutilized and untapped resource endowments near and within the Arctic Circle can be brought into broader use, it will generate
38. The volume of the untapped endowment of Arctic oil is thought to be
39. Which of the following would cause an increase in long-run aggregate supply?
40. Which of the following is a correct explanation for why the aggregate demand curve slopes downward?
41. The primary difference between the aggregate demand curve and an individual demand curve is that
42. Which of the following would cause a decrease in aggregate demand?
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