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ECON EXAM #3 PART TWO

Authored by Kaelyn Dennis

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ECON EXAM #3 PART TWO
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46 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Expectations/Shocks are unexpected events that send a ripple effect through the economy. (Can be positive or negative). Expectations/Shocks are…

Primarily on the supply side

Primarily on the demand side

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: The Short Run Aggregate Supply (SAS) curve may shift for reasons other than shifts of the long run aggregate supply curve (LRAS).

False

True

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

True or False: The Short Run Aggregate Supply Curve (SAS) and the Long Run Aggregate Supply Curve (LRAS) may shift for reasons other than shifts of the long run aggregate supply curve

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The SAS curve is upward sloping because

as prices rise producers chose to produce less

as prices rise producers chose to produce more

as prices drop producers chose to produce more

as prices drop producers chose to produce less

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Why does the SAS curve shift to the right or left? (three reasons)

Price Shocks of input

Price (not supply) for imported (NR) natural resources (ex. oil or gas) or of a important imported NR

International currency

A change in average wage rate paid to workers

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

With a change in average wage rate paid to workers causes the SAS curve to shift where?

Forward

Backwards

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If average rate decreases, the SAS curve shifts to the ____. If they rise, then they shift to the ____

right; left

left; right

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