
Problem Set for Chapters 7 & 8
Quiz
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Social Studies
•
University
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Practice Problem
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Hard
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase in aggregate demand when the economy is operating at high levels of output is likely to result in
a large increase in both output and the overall price level.
little or no increase in either output or the overall price level.
an increase in output but little or no increase in the overall price level.
an increase in the overall price level but little or no increase in output.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase in the price level is likely to increase the aggregate amount of output supplied in the short run because
interest rate is high in the short-run.
the aggregate supply curve is vertical in the short-run.
wages are sticky in the short-run.
wages change in the short-run.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
During the 1980s, many firms in the United States were not investing in new capital. This would have caused
the economy to move from Point B to Point A along AS1
the short-run aggregate supply curve to shift from AS1 to AS0
the short-run aggregate supply curve to shift from AS1 to AS2
the economy to move from Point C to Point B along AS1
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The increased use of hydraulic fracturing, or fracking, in North Texas has significantly reduced energy prices across the country. This fracking would cause
the short-run aggregate supply curve to shift from AS1 to AS0.
the economy to move from Point C to Point B along AS1.
the short-run aggregate supply curve to shift from AS1 to AS2.
the economy to move from Point B to Point A along AS1.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following causes the economy to move from Point A to Point E?
an increase in the price level
an influx of immigrants
an oil embargo that increases the price of oil
technological progress
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Suppose the economy is at Point A. An increase in the price level moves the economy to Point
E.
B.
C.
D.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Suppose the equilibrium price level is 110. An increase in the supply of oil would probably
increase both the equilibrium output and the price level.
increase the equilibrium output and decrease the price level.
decrease both the equilibrium output and the price level.
decrease the equilibrium output and increase the price level.
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