LRAS - video and questions

LRAS - video and questions

12th Grade

9 Qs

quiz-placeholder

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LRAS - video and questions

LRAS - video and questions

Assessment

Passage

Business

12th Grade

Practice Problem

Medium

Created by

Tim Newton

Used 2+ times

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the classical model of aggregate supply include?

Short run and long run aggregate supply

Only long run aggregate supply

Only short run aggregate supply

Neither short run nor long run aggregate supply

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What causes the short run aggregate supply (SRS) to shift to the left?

Increase in productivity

Increase in cost of production

Decrease in cost of production

Decrease in wages

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor is considered a separate cost of production in the UK economy?

Oil prices

Raw materials

Wages

Business taxes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does YFE represent in the classical model?

Yearly Financial Earnings

Full Employment level of output

Yearly Fiscal Expenditure

Financial Economic Equilibrium

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can cause the long run aggregate supply (LRAS) to shift to the right?

Mass capital depreciation

Improvement in productive efficiency

Natural disasters

Decrease in labor productivity

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the shape of the Keynesian aggregate supply curve?

Vertical

Bendy

Horizontal

Upward sloping

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to Keynesian economists, when can the economy produce below the Full Employment level of output?

Only in the short run

In both short run and long run

Never

Only in the long run

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