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A.P. MacroEconomics-Aggregate Supply Flashcards | StudBud
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A.P. MacroEconomics-Aggregate Supply
A.P. MacroEconomics-Aggregate Supply
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StudBud Administration
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Adahi Elizondo
Flashcards
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Questions
15
Answers
1
What is the slope of the long-run aggregate supply curve?
Horizontal
Upward
Vertical
Downward
2
According to the short run aggregate supply curve, what happens as the price level rises?
Output is infinitely changed
Output decreases
Output increases
Output is unchanged
3
What is the slope of the short-run aggregate supply curve?
Vertical
Downward
Horizontal
Upward
4
What information is needed in order to maximize the usefulness of the aggregate demand curve?
The aggregate supply curve
The price level
The output level
The interest rate
5
When does the long-run aggregate supply curve shift?
When consumers purchase more goods and services
When the capital stock increases
When foreign countries import more goods
When producers create more output
6
What is one way that the long-run aggregate supply curve can shift?
In the short run due to consumption
In the long run due to investment
In the short run due to investment
In the long run due to consumption
7
Which curve usually shifts in the AS-AD model?
Aggregate supply
Neither
Aggregate demand
Both
8
What is aggregate supply fixed by in the long run?
Aggregate demand
Factors of production
Output
Interest rates
9
What do you call the intersection of the long-run AS curve and the AD curve?
Need more information
Unstable equilibrium
Short-run equilibrium
Long-run equilibrium
10
What do you call the intersection of the short-run AS curve and the AD curve?
Unstable equilibrium
Short-run equilibrium
Long-run equilibrium
Need more information
11
What are the factors of production?
Capital and labor
Capital and investment
Investment and output
Labor and investment
12
What does the aggregate supply curve show?
The supply of services in an economy
The supply of goods in an economy
The total supply of goods and services in an economy
The total demand for goods and services in an economy
13
What is the AS-AD model?
A model of savings and consumption
A supply and demand model for the entire economy
A model of the interest rate
A labor market representation
14
Why is the long-term aggregate supply curve vertical?
In the long run, output never changes
In the short run, output never changes
In the SR,output is fixed by the factors of production
In the LR,output is fixed by the factors of production
15
Which of the following curves does not appear in the AS-AD model?
Short-run aggregate supply
Long-run aggregate demand
Aggregate demand
Long-run aggregate supply
