
LRAS - video and questions
Authored by Tim Newton
Business
12th Grade
Used 2+ times

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9 questions
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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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