3.5 Equilibrium in the AD-AS Model - AP Econ

3.5 Equilibrium in the AD-AS Model - AP Econ

12th Grade

6 Qs

quiz-placeholder

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3.5 Equilibrium in the AD-AS Model - AP Econ

3.5 Equilibrium in the AD-AS Model - AP Econ

Assessment

Quiz

Social Studies

12th Grade

Easy

Mod-2, Mod-2.G.3, Mod-2.G.1

+2

Standards-aligned

Created by

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

Match the following

Economy in recession, below full employment, UE is above the natural rate

Media Image

Economy experiencing inflation, economy above full employment, UE < NRU

Media Image

Economy at full employment in long-run equilibrium, experiencing NRU

Media Image

Tags

Mod-2

Mod-2.F