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7. Aggregate supply (AS) denotes the relationship between the __________________ that firms choose to produce and sell and the _________________, holding the price of inputs fixed.

Question 7 options:

[removed]

a) 

 total quantity; price level for output

[removed]

b) 

 total inputs; types of goods

[removed]

c) 

price of goods; number of employees 

[removed]

d) 

type of goods; input price of raw materials

 8. When prices of outputs in an economy become sufficiently high causing production to exceed potential GDP, the resulting:

Question 8 options:

[removed]

a) 

 higher wages will encourage workers to produce more at high prices.

[removed]

b) 

 downward slope in aggregate supply curve will be short run.

[removed]

c) 

 lower prices will lead to a lower quantity of demand.

[removed]

d) 

 hyper-intense production will be unsustainable in the long run.

 

 

9. When the aggregate demand curves slope downwards because the price of a good increases, people will 

Question 9 options:

[removed]

a) 

 buy at the higher price.

[removed]

b) 

expect a wage increase.

[removed]

c) 

 substitute and buy other goods instead.

[removed]

d) 

 consume less and save more.

10. In macroeconomics, _____________________ denotes the relationship between the total quantity of goods and services and the price level for output.

Question 10 options:

[removed]

a) 

 aggregate demand (AD)

[removed]

b) 

aggregate supply (AS)

[removed]

[removed]

d) 

 macroeconomic equilibrium

11. The following table shows the aggregate supply and demand data for a country.  

Price Level

Aggregate Demand

Aggregate Supply

100

10,000

4,000

200

9,000

5,000

300

8,000

5,000

400

7,000

7,000

500

6,000

8,500

600

5,000

9,000

700

4,000

9,500

What is the equilibrium output?

 

Question 11 options:

[removed]

[removed]

[removed]

[removed]

         

 

 

12.

            

 

 

 Refer to the graph above. A government creating economic policy in these circumstances should be most concerned about: 

Question 12 options:

[removed]

unemployment but not inflation.

[removed]

 inflation but not unemployment.

[removed]

 inflation and unemployment.       

[removed]

neither inflation nor unemployment.

13. The Keynesian economic framework is based on an assumption that: 

Question 13 options:

[removed]

a) 

 an increase in government spending will cause the aggregate demand curve to shift to the left.

[removed]

b) 

 people can afford a high level of government services.

[removed]

c) 

an increase in government spending will cause the aggregate demand curve to shift to the left.

[removed]

d) 

 prices and wages are sticky and do not adjust rapidly.

14. The onset of a trade deficit is most likely supported by a country’s: 

Question 14 options:

[removed]

a) 

 reduction in the balance of trade.

[removed]

b) 

increased consumption function.

[removed]

c) 

 strong economic growth.

[removed]

d) 

 existing trade surplus.

15.  When an economy is experiencing higher real interest rates, business firms will most likely be discouraged from investing in:

 

Question 15 options:

[removed]

a) 

 mechanical devices.

[removed]

b) 

 specialized services.

[removed]

c) 

 computer or other technologies.

[removed]

d) 

 tangible and/or intangible capital.

16. In macroeconomics, what name is given to the costs of changing prices that businesses must consider?

Question 16 options:

[removed]

[removed]

[removed]

[removed]

17. If a Keynesian expenditure-output model shows that aggregate demand for both goods and labor has shifted to the left to D1, while wages remained at w0 and prices remained at P0, what will be the result?

Question 17 options:

[removed]

a) 

 natural rate of unemployment

[removed]

[removed]

[removed]

d) 

 coordinated wage reductions

18. In macroeconomics, a _________________ is used to show the relationship between output and the input price level.

Question 18 options:

[removed]

[removed]

b) 

 Keynesian framework

[removed]

c) 

 microeconomic model

[removed]

d) 

expenditure-output model

19. ___________________ will not cause a shift of the AS curve in a Keynesian framework.

Question 19 options:

[removed]

[removed]

b) 

 Changes in output prices 

[removed]

c) 

 Changes in input prices

[removed]

 20.  If markets throughout the global economy all have flexible and continually adjusting prices, then:

Question 20 options:

[removed]

a) 

 all market-oriented economies will implement coordinated wage reductions.

[removed]

b) 

 each economy must shift in aggregate demand and create additional employment.

[removed]

c) 

 all changes in prices and wages will create additional employment.

[removed]

d) 

 each economy will always head for its natural rate of unemployment.

21. According to the Keynesian framework, ____________________________ will not help reduce inflation, but may help a country get out of a recession.

Question 21 options:

[removed]

a) 

 increased taxes on business investments

[removed]

b) 

 increased spending by the government on health care

[removed]

c) 

 increased consumer tax rate

[removed]

d) 

 decreased military spending

22. Consumption, investment, government spending, exports, and imports are:

Question 22 options:

[removed]

a) 

 all components of aggregate demand.

[removed]

b) 

 all complementary elements of a market-orientated economy.

[removed]

c) 

some of the building blocks of Keynesian analysis.

[removed]

d) 

 some of the opposing elements found in a market-orientated economy. 

23.  The equilibrium quantity of labor and the equilibrium wage level decrease when:

Question 23 options:

[removed]

a) 

 labor demand shifts to the left, if wages are flexible.

[removed]

b) 

 labor demand shifts to the right, if wages are flexible.

[removed]

c) 

 labor supply shifts to the right, if wages are flexible.

[removed]

d) 

 labor supply shifts to the left, if wages are flexible.

24. Suppose that out of the original 100 increase in government spending, 33 will be recycled back into purchases of domestically produced goods and services in the second round and 10.89 is spent in the third round. Following this multiplier effect, what value would be recycled in the fourth round of this cycle? 

Question 24 options:

[removed]

[removed]

[removed]

[removed]

25.  The chart below gives the data necessary to make a Keynesian cross diagram. Assume that the tax rate is 0.4 of national income, the MPC out of after-tax income is 0.9, investment is 58, government spending is 60, exports are 40, and imports are 0.1 of after-tax income. 

 

National Income

After-tax income

Consumption

I+G+X

Minus Imports

Aggregate Expenditures

100

 

104

 

 

 

200

 

 

 

 

 

300

 

 

 

 

 

400

 

 

 

 

 

500

 

 

 

 

 

600

 

 

 

 

 

 

What does consumption equal when income equals 600?

 

Question 25 options:

[removed]

a) 

·         540

[removed]

b) 

·         374

[removed]

c) 

·         324

[removed]

d) 

·         104

 

 

 







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