25 May Question 75. The upward slope of the short-run aggregate supply curve is based on the assumption that
Question
75. The upward slope of the short-run aggregate supply curve is based on the assumption that:
A) nominal wages and other resource costs do not respond to price level changes.
B) nominal wages and other resource costs do respond to price level changes.
C) nominal wages are greater than real wages.
D) nominal wages are less than real wages.
Type: A Topic: 3 Level: Moderate E: 193 MA: 193
76. The short-run aggregate supply curve shows the:
A) inverse relationship between the price level and real GDP purchased.
B) inverse relationship between the price level and real GDP produced.
C) direct relationship between the price level and real GDP produced.
D) direct relationship between the price level and real GDP purchased.
Answer:
Type: A Topic: 3 Level: Easy E: 194 MA: 194
77. A change in aggregate supply would be caused by a change in:
A) the price level. C) an aggregate supply determinant.
B) aggregate demand. D) the quantity of real output supplied.
Type: A Topic: 3 Level: Easy E: 194 MA: 194
78. A fall in the price of capital goods will shift the aggregate:
A) demand curve leftward. C) supply curve rightward.
B) demand curve rightward. D) supply curve leftward.
Type: A Topic: 3 Level: Easy E: 194-195 MA: 194-195
79. Which would most likely shift the aggregate supply curve? A change in:
A) consumer expectations. C) excess capacity in business.
B) government spending. D) prices of imported resources.
Type: A Topic: 3 Level: Easy E: 194-195 MA: 194-195
80. A fall in prices of imported resources will cause aggregate:
A) supply to increase. B) demand to increase. C) supply to decrease. D) demand to decrease.
Type: A Topic: 3 Level: Easy E: 195 MA: 195
81. An increase in productivity will:
A) increase aggregate demand.
B) increase aggregate supply.
C) increase aggregate supply and aggregate demand.
D) decrease aggregate supply and aggregate demand.
Type: A Topic: 3 Level: Easy E: 195 MA: 195
82. Which would most likely increase aggregate supply?
A) an increase in the prices of imported products C) a decrease in business subsidies
B) an increase in productivity D) a decrease in net exports
Type: A Topic: 3 Level: Moderate E: 194-195 MA: 194-195
83. If the prices of imported resources decrease, then this event would most likely:
A) decrease aggregate supply. C) increase aggregate demand.
B) increase aggregate supply. D) decrease aggregate demand.
Use the following to answer questions 84-86:
Type: G Topic: 3 Level: Easy E: 195-196 MA: 195-196
84. Refer to the above graph. Which factor will shift AS1 to AS2?
A) an increase in real interest rates C) an increase in input prices
B) a decrease in business subsidies D) a decrease in business taxes
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