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Aggregate Demand And Supply

8 Questions  I  By Jessicaann471
Aggregate Demand and Supply
Chap 16 & 17- Economics Course Companion (Oxford)

  
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1.  Refer to the diagram. Assume that wages are initially set on the basis of price level P1 and that the economy is operating at its full-employment level of Qf. The short-run effect of an increase in demand is best reflected by a move from:
A.
B.
C.
D.
2.  Refer to the diagram above. If P1 is the price level and Qf is the full-employment output, then the long-run aggregate supply curve:
A.
B.
C.
D.
3.  Refer to the diagram. Assume aggregate demand is initially given by AD1 and cost-push inflation pushes the aggregate supply curve from AS1 to AS2. If the government uses fiscal policy to restrain the inflation:
A.
B.
C.
D.
4.  Refer to the diagram. If Q1 represents the full-employment output, then the curve labeled B is the:
A.
B.
5.  If the economy is initially at a point on its long-run aggregate supply curve, a decrease in aggregate demand will:
A.
B.
C.
D.
6.  Refer to the diagram. Assume the economy is initially at point a. A movement to point b might be caused by:
7.  What is Aggregate Demand?
8.  What is Aggregate Supply?
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