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34 and 35

Authored by Katie Bostick

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University

Used 3+ times

34 and 35
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The short-run relationship between inflation and unemployment is often called

the Classical Dichotomy.

Money Neutrality.

the Phillips curve.

the Aggregate Supply and Demand model.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is on the vertical axis of the AD-AS model?

Price

Quantity

Price Level

Real GDP

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does the AD Curve slope DOWN?

The Wealth Effect

The Exchange Rate Effect

The Interest Rate Effect

All of these are RIGHT

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the Phillips curve, unemployment and inflation are negatively related

in the short run

in the long run

in both the short and long run

NEVER

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Foreign-produced goods and services that are purchased domestically are called

Imports

Exports

Net Exports

Net Imports

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following are vertical?

Both the long-run Phillips curve and the long-run aggregate supply curve

Neither the long-run Phillips curve nor the long-run aggregate supply curve

The long-run Phillips curve, but not the long-run aggregate supply curve

The long-run Phillips curve, but not the long-run aggregate supply curve

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For the U.S. economy, which of the following is the most important reason for the downward slope of the aggregate-demand curve?

The wealth effect

The interest-rate effect

The exchange-rate effect

The real-wage effect

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