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Chapter 33 Aggregate Demand and Aggregate Supply Sec00 Aggregate Demand and Aggregate Supply Introduction MULTIPLE CHOICE 1 Most economists use the aggregate demand and aggregate supply model primaril[.]
Chapter 33 Aggregate Demand and Aggregate Supply Sec00-Aggregate Demand and Aggregate Supply-Introduction MULTIPLE CHOICE Most economists use the aggregate demand and aggregate supply model primarily to analyze a short-run fluctuations in the economy b the effects of macroeconomic policy on the prices of individual goods c the long-run effects of international trade policies d productivity and economic growth Sec01- Aggregate Demand and Aggregate Supply-Three Key Facts About Economic Fluctuations MULTIPLE CHOICE Which of the following is correct? a Short run fluctuations in economic activity happen only in developing countries b During economic contractions most firms experience rising sales c Recessions come at regular intervals and are easy to predict d When real GDP falls, the rate of unemployment rises Which of the following is most commonly used to monitor short-run changes in economic activity? a the inflation rate b real GDP c aggregate demand d aggregate supply Which of the following is correct? a Economic fluctuations are easily predicted by competent economists b Recessions have never occurred very close together c Other measures of spending, income, and production not fluctuate closely with real GDP d None of the above is correct 11 During recessions which type of spending falls? a consumption and investment b investment but not consumption c consumption but not investment d neither consumption nor investment 15 Which of the following typically rises during a recession? a garbage collection b unemployment c corporate profits d automobile sales 16 Real GDP a is the current dollar value of all goods produced by the citizens of an economy within a given time b measures economic activity and income c is used primarily to measure long-run changes rather than short-run fluctuations d All of the above are correct 18 As recessions begin, production a and unemployment both rise b rises and unemployment falls c falls and unemployment rises d and unemployment both fall Sec02-Aggregate Demand and Supply-Explaining Short-Run Economic Fluctuations MULTIPLE CHOICE The classical dichotomy refers to the separation of a variables that move with the business cycle and variables that not b changes in money and changes in government expenditures c decisions made by the public and decisions made by the government d real and nominal variables According to classical macroeconomic theory, changes in the money supply affect a real GDP and the price level b real GDP but not the price level c the price level, but not real GDP d neither the price level nor real GDP 10 ... and employment d real GDP and the price level 15 28 The model of aggregate demand and aggregate supply a is different from the model of supply and demand for a particular market, in that we cannot... and nominal variables is highlighted 16 Sec03 -Aggregate Demand and Aggregate Supply- The Aggregate Demand Curve MULTIPLE CHOICE When the price level falls the quantity of a consumption goods demanded... consumption goods demanded rises, while the quantity of net exports demanded falls b consumption goods demanded and the quantity of net exports demanded both rise c consumption goods demanded and the quantity