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(solution) I need answers for questions. Question 1 What is the difference


  1. I need answers for questions.


Question 1
  1. What is the difference between the natural rate of unemployment and the potential level of output.

Question 2
  1. When a recessionary gap occurs

    a.

    real output exceeds the natural level of output, and unemployment exceeds its natural rate

    b.

    real output exceeds the natural level, and unemployment is less thatn its natural rate

    c.

    real output is less than the natural level of output, and unemployment exceeds it natural rate

    d.

    real output is less than the natural level of output, and unemployment is less tha its natural rate 

Question 3
  1. An increase in consumption, combined wiht an increase in exports, would have what effect on aggregate demand?

    a.

    AD would increase

    b.

    AD would decrease

    c.

    AD would stay the same

    d.

    AD could either increase or decrease, depending on which change was of greater magnitude

Question 4
  1. The aggregate demand curve

    a.

    is negatively sloped

    b.

    demonstrate an inverse relationship between the price level and real gross domestic product demanded

    c.

    shows how real gross domestic prodcut demanded changes wiht the changes in th eprice level

    d.

    All of the above are correct

Question 5
  1. Which of the following helps explain the downward slope of the aggregate demand curve?

    a.

    the real wealth effect

    b.

    the interest rate effect

    c.

    the open economy efect

    d.

    all of the above

    e.

    none of the above

Question 6
  1. The short-run aggregate supply curve slopes

    a.

    downward becasue firms can sell more, and hence, will prodcue more when prices are lower

    b.

    downward because firms find it costs less to purchase labor and other inputs when price are lower, and hence they produce more

    c.

    upwards becasue when the price level rises, output prices rise relative to input prices (costs), raising profit margins and increasing prodcution and sales

    d.

    upward becasue firsm find it cots more to purchase labor and other inputs when prices are higher, and hence they must produce and sell more in order to make a profit

Question 7
  1. Cost-push inflation occurs when

    a.

    the aggregate demand curve shifts right at a faster rate than short-run aggregate supply

    b.

    the short-run aggregate supply curve shifts left, while aggregate demand is fixed

    c.

    the aggregate demand curve shifts left and aggregate supply is fixed

    d.

    the short-run aggregate supply curve shifts right

Question 8 1. What is an inflationary gap? What are the implications of this gap in terms of unemployment, real output, and the price level.





Question 9
  1. The short-run is

    a time period in which the prices of output cannot change but in whihc the prices of inputs have time to adjust

    a time period in which output prices can change in response to supply and demand but in which all input prices have not yet been able to completely adjust

    a time period in which neither the prices of output nor the prices of inputs are able to change

    any time period ofless thatn a year

1

Question 10
  1. What is a recessionary gap? What are effects of this gap on the price level, real output, and unemployment. Explain


 


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