Short Run As Quizzes, Questions & Answers

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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....

Questions: 19 | Attempts: 161 | Last updated: Mar 20, 2025

Sample Question 1
Aggregate Supply is

The total amount of goods and services that all industries in the economy will produce at a given price level

A specific amount of goods and services that all industries in the economy will produce at a given price level

The total amount of goods and services that only one industry in the economy will produce at a given price level

A given amount of outputs that all industries in the economy will produce at a given price level.

The total amount of goods and services that only one industry in the economy will produce at any random price level.

Sample Question 2
What is the relationship between the price level and the amount of output that a country's industries will supply?

Negative

Positive

No relationship

Sample Question 3
The short run aggregate supply curve looks very much like a microeconomic supply curve that is ?

Downward sloping

Without sloping

Upward sloping