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Chapter 33 Problem Set #5

Authored by Michael Sheehan

Social Studies

9th - 12th Grade

Used 2+ times

Chapter 33 Problem Set #5
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Wages tend to be sticky

because of contracts, social norms, and notions of fairness.

because of contracts, but not social norms or notions of fairness.

because of social norms and notions of fairness, but not contracts.

but not because of social norms, notions of fairness or contracts.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The sticky-wage theory of the short-run aggregate supply curve says that when the price level rises more than expected,

production is more profitable and employment rises.

production is more profitable and employment falls.

production is less profitable and employment rises.

production is less profitable and employment falls.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the sticky-wage theory of the short-run aggregate supply curve, if workers and firms expected prices to rise by 4 percent, but instead they rise by 2 percent, then

employment and production rise.

employment rises and production falls.

employment falls and production rises.

employment and production fall.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Other things the same, an unexpected fall in the price level results in some firms having

lower than desired prices which increases their sales.

lower than desired prices which depresses their sales.

higher than desired prices which increases their sales.

higher than desired prices which depresses their sales.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The sticky-price theory of the short-run aggregate supply curve says that if the price level rises by 5% and people were expecting it to rise by 2%, then firms have

higher than desired prices which increases their sales.

higher than desired prices which depresses their sales.

lower than desired prices which increases their sales.

lower than desired prices which depresses their sales.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Other things the same, if the price level is lower than expected, then some firms believe that the relative price of what they produce has

decreased, so they increase production.

decreased, so they decrease production.

increased, so they increase production.

increased, so they decrease production.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The misperceptions theory of the short-run aggregate supply curve says that the quantity of output supplied will increase if the price level:

increases less than expected so that firms believe the relative price of their output has increased.

increases less than expected so that firms believe the relative price of their output has decreased.

increases more than expected so that firms believe the relative price of their output has increased.

increases more than expected so that firms believe the relative price of their output has decreased.

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