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Ans: f dif: moderate top: the aggregate supply


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Unformatted text preview: ANS: F DIF: Moderate TOP:View
The Aggregate
Supply Curve 20. Wage increases are
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resisted by rms because they decrease prots. ANS: T DIF: Moderate TOP: The Aggregate Supply Curve 21.
An improvement in productivity will usually increase prots. ANS: T DIF: Moderate TOP: The Aggregate
Supply Curve 22. Decreases in the price of imported oil in 2001 led to a rightward shift of the aggregate
supply curve. ANS: T DIF: Easy TOP: The Aggregate Supply Curve 23. Increases in the prices of imported
energy in 1999-2000 caused the aggregate supply curve to shift in- ward. ANS: T DIF: Easy TOP: The
Aggregate Supply Curve Chapter 17 Supply-side Equilibrium: Unemployment and Ination? 557 24. A price
level lower than equilibrium will cause quantity supplied to exceed quantity demanded. ANS: F DIF: Moderate
TOP: Equilibrium of Aggregate Demand and Supply 25. If aggregate demand is $2,000 billion and aggregate
supply is $2,300 billion, the price level will rise. ANS: F DIF: Moderate TOP: Equilibrium of Aggregate Demand
and Supply 26. Ination reduces the multiplier eect by reducing consumers' wealth and purchasing power.
ANS: T DIF: Dicult TOP: Ination and the Multiplier 27. A vertical aggregate supply curve increases the size
of the multiplier eect. ANS: F DIF: Moderate TOP: Ination and the Multiplier 28. When equilibrium GDP is
greater than potential GDP, jobs are plentiful and labor is in great demand. ANS: T DIF: Moderate TOP:
Recessionary and Inationary Gaps Revisited 29. An inationary gap exists when consumers and businesses
are demanding more output than the eco- nomy is capable of producing at full employment. ANS: T DIF:
Moderate TOP: Recessionary and Inationary Gaps Revisited 30. A recessionary gap exists when aggregate
demand is above the full employment level of output. Adjusting to a Recessionary Gap: Deation or
Unemployment? ANS: F DIF: Moderate TOP: Recessionary and Inationary Gaps Revisited 31. Recessionary
gaps are associated with output below potential and high unemployment rates. ANS: T DIF: Moderate TOP:
Recessionary and Inationary Gaps Revisited 32. When equilibrium GDP is below potential GDP, jobs are
plentiful and unemployment is low. ANS: F DIF: Moderate TOP: Recessionary and Inationary Gaps Revisited
33. In our modern economy, the adjustment process necessary to eliminate a recessionary gap is very rapid. ANS: F DIF: Moderate TOP: Recessionary and Inationary Gaps Revisited 34. Economists do not agree on
why wages are more rigid now than they were before World War II. ANS: T DIF: Moderate TOP: Recessionary
and Inationary Gaps Revisited 35. The recessionary gap of the 1990s in Japan led to decreases in the price
level....
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Fall '13

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Ination, Stagation, Unemployment

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