
ECON EXAM #3 PART TWO
Quiz
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University
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Medium
Kaelyn Dennis
Used 22+ times
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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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