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AD-AS Model

Authored by Zanoxolo Kale

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University

Used 2+ times

AD-AS Model
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6 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Aggregate demand and Aggregate supply model uses to show the determination of __________ in an economy.

Real GDP and income level

Real GDP and standard of living

Real GDP and price level

Real GDP and cost level

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The quantity of goods and services purchased at all possible price levels is known as.

Demand

Supply

Aggregate demand

Aggregate supply

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The relationship between quantity demanded of real GDP (AD) and the price level is __________.

Positive

Negative

Constant

Linear

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A fall in price cause a __________ in AS.

Expansion

Contraction

Increase

None of the options

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is true at macroeconomic equilibrium?

AD = AS

AD > AS

AD < AS

AD + AS = 1

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Given the graph of the short-run aggregate supply (SRAS) and long-run aggregate supply (LRAS) curves above, which of the following is true?

At point Z, the economy has cyclical unemployment.

At point Z, the economy is in long-run equilibrium but not in short-run equilibrium.

At point Y, the natural rate of unemployment is zero.

At point X, the economy is experiencing a recessionary gap.

At point X, there is no frictional unemployment.

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