ECO372T Economics Study Questions 5
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Question 22
Use the following graph to answer the next question.
When output increases from Q1 and the price level decreases from P1, this change will _____.
Multiple Choice
be caused by a shift in the aggregate supply curve from AS1 to AS3
result in a movement along the aggregate demand curve from e1 to e2
result in a movement along the aggregate demand curve from e3 to e1
be caused by a shift in the aggregate supply curve from AS1 to AS2
Question 23
In the aggregate demand-aggregate supply model, the economy’s price level is assumed to be _____.
Multiple Choice
variable, unlike in the aggregate expenditures model
constant, just like in the aggregate expenditures model
variable, just like in the aggregate expenditures model
constant, unlike in the aggregate expenditures model
Question 24
The aggregate demand curve or schedule shows the relationship between the total demand for output and the _____.
Multiple Choice
price level
income level
real GDP
interest rate
Question 25
An increase in aggregate demand is most likely to be caused by a(n) _____.
Multiple Choice
decrease in government spending
decrease in the tax rates on household income
decrease in expected returns on investment
increase in real interest rates
Question 26
An increase in personal income taxes will cause a(n) _____.
Multiple Choice
increase (or shift right) in aggregate demand
decrease (or shift left) in aggregate demand
increase in the quantity of real output demanded (or movement down along AD)
decrease in the quantity of real output demanded (or movement up along AD)
Question 27
Which of the following events would most likely reduce aggregate demand?
Multiple Choice
A reduction in the amount of existing capital stock.
An increase in real interest rates.
A reduction in business and personal tax rates.
An increase in expected returns on investment.
Question 28
Which would most likely increase aggregate supply?
Multiple Choice
An increase in productivity
A decrease in personal income taxes
A decrease in business subsidies
An increase in the prices of imported products
Question 29
Use the following table which shows the aggregate demand and aggregate supply schedules for a hypothetical economy to answer the next question.
Real Domestic Output Demanded (in billions) Price Level (index value) Real Domestic Output Supplied (in billions)
$3,000 350 $9,000
4,000 300 8,000
5,000 250 7,000
6,000 200 6,000
7,000 150 5,000
8,000 100 4,000
The equilibrium price and output levels will be _____.
Multiple Choice
250 and $7,000
200 and $5,000
300 and $8,000
200 and $6,000
Question 30
The long-run aggregate supply curve is _____.
Multiple Choice
upward-sloping and becomes flatter at output levels above the full-employment output
upward-sloping and becomes steeper at output levels above the full-employment output
horizontal
vertical
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