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- What is the difference between the natural rate of unemployment and the potential level of output.
When a recessionary gap occurs
real output exceeds the natural level of output, and unemployment exceeds its natural rate
real output exceeds the natural level, and unemployment is less thatn its natural rate
real output is less than the natural level of output, and unemployment exceeds it natural rate
real output is less than the natural level of output, and unemployment is less tha its natural rate
An increase in consumption, combined wiht an increase in exports, would have what effect on aggregate demand?
AD would increase
AD would decrease
AD would stay the same
AD could either increase or decrease, depending on which change was of greater magnitude
The aggregate demand curve
is negatively sloped
demonstrate an inverse relationship between the price level and real gross domestic product demanded
shows how real gross domestic prodcut demanded changes wiht the changes in th eprice level
All of the above are correct
Which of the following helps explain the downward slope of the aggregate demand curve?
the real wealth effect
the interest rate effect
the open economy efect
all of the above
none of the above
The short-run aggregate supply curve slopes
downward becasue firms can sell more, and hence, will prodcue more when prices are lower
downward because firms find it costs less to purchase labor and other inputs when price are lower, and hence they produce more
upwards becasue when the price level rises, output prices rise relative to input prices (costs), raising profit margins and increasing prodcution and sales
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
Cost-push inflation occurs when
the aggregate demand curve shifts right at a faster rate than short-run aggregate supply
the short-run aggregate supply curve shifts left, while aggregate demand is fixed
the aggregate demand curve shifts left and aggregate supply is fixed
the short-run aggregate supply curve shifts right
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
What is a recessionary gap? What are effects of this gap on the price level, real output, and unemployment. Explain
This question was answered on: Jan 30, 2021
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