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Quiz

chapter 10

trey thacker 20 perguntas

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Perguntas do quiz (20)

  1. 1Which of the following is NOT true?
    1. AAn expansionary gap is the amount by which actual output exceeds potential output in the short run.
    2. BAn expansionary gap creates inflationary pressure which causes the short-run aggregate supply curve to shift to the left enough to close the expansionary gap.
    3. CExpansionary gaps are closed by upward pressure on the price level that in turn shifts the Aggregate Supply curve to the left, reducing REal GDP until it equals Potential Output.
    4. DActual output cannot exceed Potential Output in the short run but it is always greater than Potential Output in the long run.
  2. 2Which of the following is NOT true?
    1. AA recessionary gap is the amount by actual output in the short run falls short of potential output.
    2. BRising prices help close a recessionary gap.
    3. CIn the long run, in response to a recessionary gap, prices will fall, which shifts the Aggregate Supply curve to the right until Real GDP equals Potential GDP.
    4. DClosing an expansionary gap involves inflation while closing a recessionary gap involves deflation (falling prices).
  3. 3Which of the following is the correct definition and description of a nominal wage?
    1. AA nominal wage is calculated by dividing the actual wage by the inflation percentage.
    2. BA nominal wage is shown by multiplying the true wage by the wage deflator.
    3. CThe nominal wage is just the dollar amount printed on a paycheck. It is the stated wage, without any consideration of the effect of inflation.
    4. DThe Nominal Wage is the wage paid to federal, state, and local government classified employees.
  4. 4Which of the following is NOT true about the Real Wage.
    1. AWhile nominal wage is just the dollar amount printed on a paycheck, the real wage measures the wage in terms of constant dollars, which are dollars measured by the actual quantity of goods and services they buy.
    2. BThe Real Wage is the nominal wage adjusted for inflation.
    3. CIf inflation increases more than the Nominal Wage increases, the Real Wage falls.
    4. DThe Real Wage is the official wage paid to classified government employees.
  5. 5Which of the following is the correct definition and description of Potential Output?
    1. APotential Output is the output that occurs at the "full employment" rate.
    2. BPotential Output is the output that occurs only when every adult is working full time.
    3. CPotential Output is the output that occurs at the zero unemployment rate.
    4. DPotential Output is the output that occurs at the potential rate of employment.
  6. 6What happens to the price level when actual output exceeds potential output and why?
    1. AWhen actual output exceeds potential output the price level falls because everyone has enough money to buy everything they want.
    2. BWhen actual output exceeds potential output the price level falls because the unemployment rate falls to zero.
    3. CWhen actual output exceeds potential output the price level holds perfectly steady and unchanging because everyone has enough money to buy everything they want.
    4. DWhen actual output exceeds potential output the price level rises because employers have to raise wage rates to entice more people into the labor market and employers have to pay more for other inputs that become more expensive to produce.
  7. 7Which of the following is correct about the Aggregate Supply Curve?
    1. AThe Aggregate Supply Curve is downward sloping because of the inverse relationship between aggregate supplies and demand.
    2. BThe Aggregate Supply Curve shows the relationship between the actual price level and real GDP supplied in the short run.
    3. CThe Aggregate Supply Curve is horizontal in the short run because aggregate supplies do not vary as output varies.
    4. DThe Aggregate Supply Curve is vertical is the short run because the actual price level has a positive relationship with real GDP supplied in the short run.
  8. 8Which of the following correctly states the relationship between the actual price level and Real GDP supplied?
    1. AThe Aggregate Supply Curve shows that as the actual price level rises, real GDP supplied in the short run increases.
    2. BThe Aggregate Supply Curve shows that as the actual price level rises, real GDP supplied in the long run decreases.
    3. CThe Aggregate Supply Curve shows that as the actual price level rises, real GDP supplied in the short run does not change. But in the long run, an increase in the price level causes Real PDG to fall.
    4. DThe Aggregate Supply Curve shows an inverse relationship between the actual price level and Nominal GDP.
  9. 9In the long run, what is the relationship between the actual price level and Long Run Real GDP?
    1. AThe Long Run Aggregate Supply Curve shows that as the actual price level rises, real GDP supplied increases by a greater amount.
    2. BThe Long Run Aggregate Supply Curve shows that as the actual price level rises, Nominal GDP supplied increases by much lower amount.
    3. CThe Long Run Aggregate Supply Curve shows that as the actual price level rises, real GDP supplied is unchanged. In the Long Run, Real GDP is equal to Potential GDP, which is unrelated to the price level.
    4. DThe Long Run Aggregate Supply Curve shows that as the actual price level rises, real GDP supplied decreases in the same proportion.
  10. 10Which of the following is NOT correct about Long Run Equilibrium?
    1. ALong Run Equilibrium occurs where Potential GDP equals Real GDP.
    2. BLong Run Equilibrium occurs where Potential GDP equals Real GDP, which is shown by the intersection of Short Run Aggregate Supply and Aggregate Demand directly on the Potential GDP (LAS) vertical line.
    3. CLong Run Equilibrium occurs where Potential GDP equals Real GDP, with the Short Run Aggregate Supply Curve and Aggregate Demand Curve intersecting exactly on the Long Run Aggregate Supply vertical line (Potential GDP line) so that there is neither an Expansionary Gap nor a Recessionary Gap.
    4. DLong Run Equilibrium occurs where Potential GDP is greater than Real GDP in an amount equal to the Short Run Aggregate supply.

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Quiz sobre chapter 10, criado por trey thacker em 02-10-2018.
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