on a AD/AS model, what would be the impact of minimum wages rising from $17.70 to $20

Demand shifts to the right, Supply shifts to the left

Supply and demand are:

fundamental forces in a free market economy

Winners of inflation are

high income earners, borrowers, importers

The Largest oil supplier in the southern hemisphere closes, what would be the implications following this

Supply would decrease increasing the price level

is a way of describing a series of peaks & troughs in GDP

a cause of unemployment is

when spending in the economy falls

What can lead to cost push inflation?

Nominal wage rate increase, Natural Disaster or War, Higher taxes on firms, Depreciation of nation's currency

Which of the following is not a cause of inflation?

a fall in consumer and investment confidence

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Inflation 91222

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Questions 14

Answers

1
Where supply and demand curves meet is known as:
coincide
connection
equilibrium
equal
2
on a AD/AS model, what would be the impact of minimum wages rising from $17.70 to $20
Supply shifts to the right
Demand shifts to the right
Supply shifts to the left
Demand shifts to the left
3
Supply and demand are:
a straight line with constant gradient
are factors of production
in a never changing equilibrium
fundamental forces in a free market economy
4
Inflation is measured using:
the gross domestic product
trade of a country
increase in spending
the consumer price index
5
What does inflation do to the Price level
Decreases it
Nothing, it only increases demand
Increases it
Nothing, it only increases supply
6
Winners of inflation are
those on a fixed income, exporters, borrowers
those on a fixed income, lenders, bank savers
high income earners, borrowers, importers
those on a high income, lenders, importers
7
When supply increases, demand also increases
True
False
8
Which of these would effect inflation the most if there demand increased?
Phones
Computers
Toothbrush
Milk
9
The Largest oil supplier in the southern hemisphere closes, what would be the implications following this
Demand would increase therefore so does the price level
Supply would increase as there as less competitors prices would decrease
demand decreases due to the biggest supplier closing, prices would decrease
Supply would decrease increasing the price level
10
A business cycle is
helps solve the economic problem
is how we investigate commerce
is a way of describing a series of peaks & troughs in GDP
refers to sponsored events such as the Grafton to Inverell
11
a cause of unemployment is
An increase in GDP
when business expands its operation
when spending increases in the economy
when spending in the economy falls
12
If inflation was to go from 4.3% in March 2018 to 3.8% in March 2019, what is the correct term to describe this
Shrinking
Inflation
Disinflation
Deflation
13
What can lead to cost push inflation?
Nominal wage rate increase
Natural Disaster or War
Higher taxes on firms
Depreciation of nation's currency
14
Which of the following is not a cause of inflation?
a fall in consumer and investment confidence
consumer and investment confidence
lower taxes and increased government spending
increase costs of resources

Inflation 91222 Flashcards | StudBud