Long Run Aggregate Supply

Long Run Aggregate Supply

12th Grade

25 Qs

quiz-placeholder

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Long Run Aggregate Supply

Long Run Aggregate Supply

Assessment

Quiz

Social Studies

12th Grade

Easy

2.F, Mod-2, 2.F.1

+1

Standards-aligned

Created by

John Robinson

Used 1+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Define the long-run aggregate supply curve

The LRAS curve corresponds to the PPC because they both represent maximum sustainable capacity

The LRAS corresponds to the PPC because they both use land, labor, and love

Kindness is my number one value

Tags

2.F

2.F.1

2.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

Why is the LRAS curve vertical?

In the long run wages and prices fully adjust

In the long run prices are infinite

In the long run, we're all dead

In the long run wages don't equal productivity.

3.

MULTIPLE SELECT QUESTION

1 min • 5 pts

What causes the LRAS to shift (select all)

Changes in productivity

Changes in quality and quantity of the factors of production

It happens by itself if we just wait

Demanding higher wages

Tags

Mod-2

Mod-2.f

4.

MULTIPLE CHOICE QUESTION

1 min • 5 pts

The long-run aggregate supply curve is vertical because in the long run:

  technological progress outpaces raises in nominal wages.

  all factors of production increase.

  the price of labor is flexible, while the price of physical capital is fixed.

all prices are flexible.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Long-run Aggregate Supply

The timeframe when price levels, wages, and contacts can adjust to the changes in the economy

The timeframe when prices levels, wages and contracts do not adjust to the changes in the economy

When nominal wages are slow to rise of fall in response to changes in the economy

Level of real GDP if all prices an wages were fully flexible and efficient

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A candidate for political office announces the following policies which, he says, economics clearly demonstrates will lead to higher output in the long run. reduce immigration from abroad make trade more open between the US and other countries.

and 2 both shift long-run aggregate supply right.

and 2 both shift long-run aggregate supply left.

shifts long-run aggregate supply right, shifts long-run aggregate supply left.

shifts long-run aggregate supply left, shifts long-run aggregate supply right.

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is correct?

The short-run, but not the long-run, aggregate supply curve is consistent with the idea that nominal variables do not affect real variables.

The long-run, but not the short-run, aggregate supply curve is consistent with the idea that nominal variables do not affect real variables.

The long-run and short-run supply curves are both consistent with the idea that nominal variables affect real variables.

Neither the long-run nor the short-run aggregate supply curve is consistent with the idea that nominal variables affect real variables.

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