Long Run Aggregate Supply

Quiz
•
Social Studies
•
12th Grade
•
Easy
+1
Standards-aligned
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.
Create a free account and access millions of resources
Similar Resources on Wayground
20 questions
3.3 Short Run Aggregate Supply - AP Macro

Quiz
•
12th Grade
20 questions
Aggregate Supply and Aggregate Demand Review

Quiz
•
9th - 12th Grade
25 questions
AQA Economics Year - 1 Macroeconomics

Quiz
•
10th - 12th Grade
22 questions
AP Macro Unit 3 Vocabulary Quiz

Quiz
•
12th Grade - University
20 questions
Modules 16 - 18

Quiz
•
12th Grade
20 questions
AP Macro Unit 3 Midway Practice

Quiz
•
11th - 12th Grade
21 questions
Chapter 34 Problem Set #1

Quiz
•
9th - 12th Grade
21 questions
MA Unit 5: Long-run Consequences

Quiz
•
9th - 12th Grade
Popular Resources on Wayground
18 questions
Writing Launch Day 1

Lesson
•
3rd Grade
11 questions
Hallway & Bathroom Expectations

Quiz
•
6th - 8th Grade
11 questions
Standard Response Protocol

Quiz
•
6th - 8th Grade
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
4 questions
Exit Ticket 7/29

Quiz
•
8th Grade
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
20 questions
Subject-Verb Agreement

Quiz
•
9th Grade
Discover more resources for Social Studies
40 questions
Algebra Review Topics

Quiz
•
9th - 12th Grade
19 questions
Handbook Overview

Lesson
•
9th - 12th Grade
62 questions
Spanish Speaking Countries, Capitals, and Locations

Quiz
•
9th - 12th Grade
20 questions
First Day of School

Quiz
•
6th - 12th Grade
6 questions
Maier - AMDM - Unit 1 - Quiz 1 - Estimation

Quiz
•
12th Grade
21 questions
Arithmetic Sequences

Quiz
•
9th - 12th Grade
21 questions
9th Grade English Diagnostic Quiz

Quiz
•
9th - 12th Grade
7 questions
Characteristics of Life

Interactive video
•
11th Grade - University