A) has a slope that is explained in the same way as the slope of the demand curve for a particular product.
B) is vertical in the long run.
C) shows an inverse relation between the price level and the quantity of all goods and services demanded.
D) All of the above are correct.
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A) decrease consumption, shown as a movement to the left along a given aggregate-demand curve.
B) increase consumption, shown as a movement to the right along a given aggregate-demand curve.
C) decrease consumption, shown by shifting the aggregate-demand curve to the left.
D) increase consumption, shown by shifting the aggregate-demand curve to the right.
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A) The expected price level falls. Bargains are struck for higher wages.
B) The expected price level falls. Bargains are struck for lower wages.
C) The expected price level rises. Bargains are struck for higher wages.
D) The expected price level rises. Bargains are struck for lower wages.
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A) The expected price level rises. Bargains are struck for higher wages.
B) The expected price level rises. Bargains are struck for lower wages.
C) The expected price level falls. Bargains are struck for higher wages.
D) The expected price level falls. Bargains are struck for lower wages.
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A) an increase in the money supply.
B) an increase in government expenditures.
C) a fall in stock prices.
D) bad weather in farm states.
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A) increases by less than expected so that firms believe the relative price of their output has increased.
B) increases by less than expected so that firms believe the relative price of their output has decreased.
C) increases by more than expected so that firms believe the relative price of their output has increased.
D) increases by more than expected so that firms believe the relative price of their output has decreased.
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A) workers and firms will strike bargains for lower wages. In response to the lower wages firms will produce less at any given price level.
B) workers and firms will strike bargains for lower wages. In response to the lower wages firms will produce more at any given price level.
C) will strike bargains for higher wages. In response to the higher wages firms will produce less at any given price level.
D) workers and firms will strike bargains for higher wages. In response to the higher wages firms will produce more at any given price level.
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Consumption expendit...View Answer
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A) relative to prices wages are higher and employment rise.
B) relative to prices wages are higher and employment falls.
C) relative to prices wages are lower and employment rises.
D) relative to prices wages are lower and employment falls.
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A) the price level decreases and government expenditures increase.
B) the price level decreases and the government repeals an investment tax credit.
C) taxes decrease and government expenditures increase.
D) None of the above are correct.
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A) only the long-run aggregate supply curve right.
B) only the short-run aggregate supply curve right.
C) both the short-run and the long-run aggregate supply curve right.
D) Neither the short-run nor the long-run aggregate supply curve right.
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A) an increase in the actual price level
B) an increase in the expected price level
C) an increase in the capital stock
D) None of the above is correct.
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A) short-run aggregate supply shifts right
B) short-run aggregate supply shifts left
C) aggregate demand shifts right
D) aggregate demand shifts left
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A) investment spending.
B) real GDP.
C) unemployment rate.
D) CPI.
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A) the nominal wage they pay their employees was set based on the expected price level.
B) prices are costly to adjust and they have set their price at some time in the past but are not ready to change it.
C) they believe that the price of their product has risen relative to the price of other products, when in fact the rise in the price of their product reflects an increase in the general price level.
D) All of the above are correct.
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The price level woul...View Answer
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A) an increase in the expected price level.
B) an increase in the capital stock.
C) an increase in the money supply.
D) an increase in taxes.
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A) an increase in the minimum wage
B) an increase in immigration from abroad
C) an increase in the price of oil
D) an increase in the actual price level
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