08 Jun ECO 102 CAT Attempt all questions
Question
ECO 102 CAT
Attempt all questions
1. The image above shows two aggregate supply curves. Which of the following statements accurately describes the two curves?
AS1 is Classical, because it shows more price and wage flexibility
AS2 is Keynesian, because it shows less price and wage flexibility
AS1 is Keynesian, because it shows less price and wage flexibility
both curves are Keynesian
AS2 is Classical, because it shows less price and wage flexibility
2. If the supply of money increases, what happens in the money market?
The interest rate falls
Transaction demand for money falls.
The interest rate rises
The interest rate does not change
Transaction demand for money rises.
3. When aggregate demand increases faster than aggregate supply, prices go up. This is an example of:
demand-pull inflation
per-worker productivity
deflation
cost-push inflation
government gridlock
4. The Phillips curve illustrates that
when inflation is low, unemployment is low
when inflation is low, unemployment is high
when unemployment is low, nominal GDP is negative
when unemployment is high, inflation is high
when inflation is low, the real interest rate is high
5. Economics is the study of
how people use unlimited resources to satisfy limited wants
how people use unlimited resources to satisfy their unlimited wants
how businesses use unlimited resources to satisfy unlimited consumer wants
how people use scarce resources to satisfy unlimited wants
how governments satisfy business demand
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