Long-Run Aggregate Supply, Recession, and Inflation- Macro Topic 3.4 and 3.5

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Business, Life Skills
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11th Grade - University
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Hard
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5 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to the price level and output when there is an increase in aggregate demand?
Price level decreases, output decreases
Price level increases, output increases
Price level decreases, output increases
Price level increases, output decreases
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a demand shock?
A decrease in government spending
An increase in consumer savings
A shift in aggregate demand
A sudden increase in aggregate supply
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What economic condition is characterized by high inflation and stagnant growth?
Stagflation
Deflation
Boom
Recession
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the long run, how does the economy self-correct a recessionary gap?
By increasing wages and resource prices
By decreasing wages and resource prices
By increasing government spending
By decreasing taxes
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens to wages and resource prices in the long run during inflation?
They remain constant
They fluctuate randomly
They decrease
They increase
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