3.5 Equilibrium in the AD-AS Model - AP Econ

Quiz
•
Social Studies
•
12th Grade
•
Easy
+2
Standards-aligned
Holden Lowe
Used 4+ times
FREE Resource
6 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
45 sec • 5 pts
What do Economists use the AD-AS model for?
To represent the relationship between price level and aggregate output in an economy
To illustrate how output, employment and price levels respond to macroeconomic shocks
Tags
Mod-2
2.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
When does short-run equilibrium occur?
When aggregate supply and aggregate demand are equal
When SRAS meets the LRAS
When AD meets LRAS
Tags
Mod-2
Mod-2.G.1
3.
MULTIPLE SELECT QUESTION
45 sec • 5 pts
When does long-run equilibrium occur?
When AD, AS and LRAS all meet
When AD and AS meet
At the full-employment level of real output
When we have high inflation
Tags
Mod-2
Mod-2.G.2
4.
MULTIPLE SELECT QUESTION
45 sec • 5 pts
What can the short-run equilibrium create?
positive output gaps (inflationary)
Negative output gaps (recessionary gaps)
Government intervention
Fed intervention
Tags
Mod-2.G.3
5.
MULTIPLE SELECT QUESTION
45 sec • 5 pts
Where can the short-run equilibrium output be?
At the full-employment level out output
Above the full-employment level of output
Below the full-employment level of output
6.
MATCH QUESTION
30 sec • 5 pts
Economy in recession, below full employment, UE is above the natural rate
Economy experiencing inflation, economy above full employment, UE < NRU
Economy at full employment in long-run equilibrium, experiencing NRU
Tags
Mod-2
Mod-2.F
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