10) Refer to Figure 26.3.1. c. sometimes greater, sometimes less, and sometimes equal to actual real GDP.

As the economy nears the end of an expansion, which of the following occurs? 28) Refer to Figure 26.3.3. A defining characteristic of the business cycle is. ... Quizlet Live. 51) Which of the following will lower the price level for sure? The defining characteristic of long-run economic growth is, Because the focus of long-run economic growth is on the standard of living of the average person, we, In measuring changes in the standard of living in a country, economists rely heavily on comparisons, d. despite its well-known flaws, it is the best means we have of comparing the performance of an, The computation of the average annual growth rate of real GDP. 7) The quantity of real GDP demanded is the sum of real consumption expenditure (C), investment (I), 8) The aggregate demand curve is a relationship between. Spending on the war sin Afghanistan is essentially categorized as government purchases. Which graph illustrates what happens when factor prices rise? As Econoworld automatically adjusts to long-run equilibrium, the, 11) Refer to Figure 26.3.1.

48) Consider an economy starting from a position of full employment.

When the economy is at its short-run macroeconomic equilibrium, 58) Refer to Table 26.3.3. Which graph illustrates what happens when expected future income increases? The level of real GDP in the long run is called, The short-run aggregate supply curve has a, Long-run macroeconomic equilibrium occurs when, Aggregate demand equals short-run aggregate supply and they intersect at a point on the long-run supply curve, _________ of unemployment during _______ make it easier for workers to ____________ wages, Low levels; an expansion; negotiate higher, When the price of oil rises unexpectedly, the equilibrium price level _________ and the unemployment rate__________ in the short run, After an unexpected _________ in the price of oil, the long-run adjustment decreases the price level and _________ the unemployment rate as they return to their original levels, A decrease in aggregate demand results in a ______ in the _______, Government spending and taxes that automatically increase or decrease along with the business cycle, The increase in the amount that the government collects in taxes when the economy expands and the decrease in the amount that the government collects in taxes when the economy goes into a recession is an example of, An increase in government purchases will increase aggregate demand becausse, Government expenditures are a component of aggregate demand, Shift the aggregate demand curve to the right.

55) Economic growth results when there are increases in, 56) Refer to Table 26.3.3. c. sometimes greater, sometimes less, and sometimes equal to actual real GDP. Which graph illustrates what happens when factor prices decrease? 49) Refer to Figure 26.3.4. 37) We observe a decrease in the price level and a decrease in real GDP. Consider the economy represented in the table. 29) Refer to Figure 26.3.3. There is a difference between ________ real GDP and potential GDP of $________ billion. Students. c. cause a movement along the demand curve for loanable funds. The system of financial markets and financial intermediaries through which firms. Which one of the following changes does not occur as a result of a decrease in aggregate demand? The periodic alternation of economic expansion and economic recession in an economy. 13) Refer to Figure 26.3.1. 5) Which of the following statements about the monetarist view of the macroeconomy is incorrect? The supply of loanable funds would increase. 25) Refer to Figure 26.3.3. Which one of the following changes does not occur as a result of an increase in aggregate demand? 44) Refer to Table 26.3.1. There is. Short-term fluctuations in real GDP and the price level Because of the slope of the aggregate demand curve, we can say that A decrease in the price level leads to a higher level of real GDP demanded Learn vocabulary, terms, and more with flashcards, games, and other study tools. With no interference from the central bank or the government, the, 60) Refer to Table 26.3.3. Which of the following will not cause an economy to grow? Which of the graphs illustrates an above full-employment equilibrium? 3) Which of the following situations illustrates how monetary policy can influence aggregate demand? 16) Refer to Figure 26.3.2. 6) When an economy is operating on its long-run aggregate supply curve, 7) Refer to Figure 26.3.1. 25) Refer to Figure 26.2.1. 3) Real GDP fluctuates around potential GDP, which means that on the average over the business cycle, real GDP equals potential GDP. When the economy of Econoworld is in short-run macroeconomic equilibrium, the price level is. If the price level rises by 10 percent, your wealth, 12) If the price level rises, then the wealth effect leads to.

the natural unemployment rate is the result of. With no interference from the central bank or the government, the, 61) Refer to Figure 26.3.5. Consider the economy represented in the table. The quantity of goods and services that can be produced by one worker or by one hour of work. Which aggregate supply curve has a positive slope? Manufactured goods that are used to produce other goods and services; examples of capital are. 23) Short-run macroeconomic equilibrium always occurs when the. Typically, when will the National Bureau of Economic Research (NBER) announce that the economy, c. only well after the recession has begun. 2) Full-employment equilibrium occurs when, 3) A recessionary gap is the amount by which, 4) An inflationary gap is the amount by which, 5) When the actual unemployment rate is equal to the natural unemployment rate, then the. Which types of goods are most likely to be affected by the business cycle?

24) Refer to Figure 26.3.3. 16) Everything else remaining the same, which one of the following increases aggregate demand? Firms, such as banks, mutual funds, and insurance companies, that borrow funds from savers and lend them to borrowers. The level of GDP attained when all firms are producing at capacity.

b. increasing production faster than population growth. 15) Refer to Figure 26.3.2. In which of the graphs would we predict that eventually the price level will fall and real GDP will decrease, all else remaining the same?
a. Recessions have been milder and the economy has been more stable. When the economy of Mythlo is in short-run macroeconomic equilibrium, the price level is. In short-run macroeconomic equilibrium, the price level is ________ and the level of real GDP is ________ billion.

2) Real GDP can exceed potential GDP only temporarily as it approaches and then recedes from a business cycle peak. b.

Which of the following determines the supply of loanable funds? 1) Which one of the following newspaper quotations describes a movement along an SAS curve? Short-run macroeconomic equilibrium real GDP in Econoworld is, 8) Refer to Figure 26.3.1. Help Center. Start studying Chapter 23.1: Potential GDP. c. decrease the supply of loanable funds and increase the equilibrium real interest rate. Which graph illustrates what happens when the quantity of money increases? 7) Which of the following does not change short-run aggregate supply? The economy is in, 43) Refer to Table 26.3.1. 27) Everything else remaining the same, an increase in the expected inflation rate. 5) The quantity of real GDP demanded is composed of the purchases of, 6) The quantity of real GDP demanded does not depend on decisions made by. The relationship between the quantity of real GDP supplied and the price level in the short run when the money wage rate, other resource prices, and potential GDP remain constant Disposable Income Aggregate income - Taxes + Transfer Payments In Mythlo there is a difference between the ________ equilibrium real GDP and potential GDP of ________ billion. If the government begins running a budget deficit, what impact will the deficit have on the loanable. 9) Which one of the following variables is not held constant along a given aggregate demand curve? The changes represented, 50) All of the following will raise the price level except. Which of the following is a possible explanation? b. always less than actual real GDP. d. The supply of loanable funds will decrease. When the economy is at full employment, real GDP is, 63) Refer to Figure 26.3.5. As the economy of Mythlo automatically adjusts to long-run equilibrium, the, 19) Refer to Figure 26.3.2. 3) Which one of the following newspaper quotations describes a movement along an LAS curve?

How have the establishment of unemployment insurance and the creation of other transfer programs. Growth rates in real GDP are very important. Consider statements (1) and (2) and select the correct answer. 41) Refer to Table 26.3.1. a. Which one of the following occurs as a result of an advance in technology? 2) Which of the following news quotes best describes a new classical view of a recession? c. to judge how rapidly real GDP per capita is growing over long time periods, When it comes to raising the standard of living in a country, how important is the growth rate of real, a. What happens when government spending is greater than government tax revenues? In which of the graphs would we predict that eventually the price level will rise and real GDP will fall, all else remaining the same?
Potential GDP, 9) A vertical long-run aggregate supply curve indicates that, 10) The long-run aggregate supply curve is vertical because, 11) The short-run aggregate supply curve indicates, 12) The long-run aggregate supply curve is, 13) The short-run aggregate supply curve is the relationship between the quantity of real GDP supplied and, 14) Everything else remaining the same, the short-run aggregate supply curve shifts rightward if. The impact of government budget deficits and surpluses on the equilibrium interest rate is.

Consider statements (1) and (2) and select the correct answer. A decline in private expenditures as a result of an increase in government purchases. Which of the following is not a reason that the economy is considered to be more stable now than in, d. the introduction of a minimum wage rate, During the last half of the twentieth century, the U.S. economy experienced. 14) If a change in wealth is induced by a change in the price level, then this would be shown as a, 15) Everything else remaining the same, an increase in the quantity of money. During expansions, the inflation rate usually increases.

15) Which one, if any, of the following events shift the short-run aggregate supply curve but not the long-run aggregate supply curve?

Consider statements (1) and (2) and select the correct answer. Changes in the stability of the economy since 1950 have been attributed to. 36) We observe an increase in the price level and an increase in real GDP. A) potential GDP is independent of the price level. The chart shows logged values of actual GDP and two estimates of potential GDP calculated by the CBO. If Econoworld automatically adjusts to a long-run equilibrium, then in the long-run macroeconomic equilibrium. How does the inflation rate behave during the business cycle? Which of the following are financial securities that represent promises to repay a fixed amount of, 17Allowing savers to spread their money among many financial instruments is one of the key services, If you read a newspaper headline announcing that an automobile has been subject to a recall to fix a, c. The recall would lead to an expectation of lower future profits and would put downward pressure, A government that collects more in taxes than it spends experiences. b. the interest rate they must pay to borrow the necessary funds. The economy eventually moves to its long-run equilibrium. The only way that the standard of living of the average person in a country can increase is by.


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