Aggregate supply is the total supply of goods and services produced within an economy at a given overall price level in a given period. There is mostly a positive relationship between aggregate supply and price of an item. Test your understanding of this by taking up the questions below. All the best!
Negative
Positive
No relationship
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Downward sloping
Without sloping
Upward sloping
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The period of time when the price of product do not change.
The period of time when the output levels of the production do not change
The period of time when the factors of production do not change.
The period of time when the prices of the factors of production do not change.
The period of time when the prices of the production changes.
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Real output
Total output
National income
Price level
Demand quantity
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Normal average costs
Lower average costs
Higher average costs
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They are changes in the cost of production.
They are factors that cause decreasing cost of production.
They are factors that cause increasing cost of production.
It is not related to cost of production.
Both B &C.
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Increase; decrease
Increase; increase
Decrease; decrease
Decrease; increase
None of above
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A change in wage rates
A change in the costs of raw materials
A change in the price of imports
All above
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False
True
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Perfectly elastic
Elastic
Perfectly inelastic
Inelastic
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Yes.
No, it only indicates that the unemployment rate is below 5%.
No, it indicates the unemployment rate is somewhere around 10%
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No.
Yes.
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Decrease aggregate demand without the need of supply side policies, when starting from a position of low demand.
Increase aggregate demand with the need of supply side policies, when starting from a position of high demand.
Decrease aggregate demand without the need of supply side policies, when starting from a position of low demand.
Increase aggregate demand without the need of supply side policies, when starting from a position of low demand.
None of above
Technological advances
Improvements in educations
Discoveries of new resources
All above
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Market oriented policies
Interventionist policies
Monetary policies
Fiscal policies
Both a and b
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Reduction in income taxes
Deregulation
Privatization
Reduction in trade union power
Increase in corporation taxes
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Education and training
Research and development
Provision of infrastructure
Improved information
All above
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