An increase in the expected price level shifts the short-run aggregate supply curve to the right and an increase in the actual price level shifts SRAS to the left right and an increase in the actual price level does not shift the SRAS left, and an increase in the actual price level shifts SRAS to the right left and an increase in the actual price level shifts SRAS to the left

An increase in the expected price level shifts the short-run aggregate supply curve to the right and an increase in the actual price level shifts SRAS to the left right and an increase in the actual price level does not shift the SRAS left, and an increase in the actual price level shifts SRAS to the right left and an increase in the actual price level shifts SRAS to the left

Economics For Today

10th Edition

ISBN:9781337613040

Author:Tucker

Publisher:Tucker

Chapter20: Aggregate Demand And Supply

Section: Chapter Questions

Problem 7SQ

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Which of the following will shift the aggregate supply curve up to the left? A: an increase in the price level B: a decrease in the level of output C: an increase in the expected price level D: a decrease in the price level
Which of the following does the slope of the aggregate demand curve indicate? As the price level increases, the aggregate demand curve shifts rightward As the price level increases, the real GDP demanded decreases As the price level increases, the real GDP demanded increases As the price level increases, the aggregate demand curve shifts leftward
What is the difference between short-run aggregate supply and long-run aggregate supply In the AD-AS model? The short-run aggregate supply curve is sloping upwards while the long-run aggregate supply curve is sloping A upwards. The short-run aggregate supply curve is sloping downwards while the long-run aggregate supply curve is B horizontal. The short-run aggregate supply curve is sloping upwards while the long-run aggregate supply curve is vertical. The short-run aggregate supply curve is sloping downwards while the long-run aggregate supply curve is horizontal.
Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, a shift in neither curve, or a shift in both curves. If a shift is caused, indicate which curve shifts, and in which direction it shifts. What happens to aggregate output and the price level in each case? label each section of your response with the appropriate number (1, 2, 3, 4). The price level changes. Consumer confidence increases. The supply of resources decreases. The wage rate decreases.
Which of the following shifts the long-run aggregate supply curve to the left? Either an increase in the price of imported natural resources or a reduction in the college-educated workforce. Neither an increase in the price of imported natural resources nor a reduction in the college-educated workforce. An increase in the price of imported natural resources and an increase in the college-educated workforce. Both an increase in the price of imported natural resources and an increase in technological progress.
Determinants of aggregate supply The following graph shows an increase in short-run aggregate supply (AS) in a hypothetical economy where the currency is the dollar. Specifically, the short-run aggregate supply curve shifts to the right from AS1AS1 to AS2AS2, causing the quantity of output supplied at a price level of 100 to rise from $200 billion to $250 billion. The following table lists several determinants of short-run aggregate supply. Complete the table by selecting the changes in each scenario necessary to increase short-run aggregate supply. Change Necessary to Increase AS Technology (DECLINES or IMPROVES) Human capital (IMPROVES or DECLINES) Inflation expectations (HIGHER or LOWER)
Which of the following shifts the aggregate supply and the potential GDP curve to the left? a decrease in immigration a decrease in the price level a decrease in the money supply a decrease in the expected price level
Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, a shift in neither curve, or a shift in both curves. If a shift is caused, indicate which curve shifts, and in which direction it shifts. What happens to aggregate output and the price level in each case? The price level changes. Consumer confidence increases. The supply of resources decreases. The wage rate decreases. There is no minimum word requirement for responses. Please label each section of your response with the appropriate number (1, 2, 3, 4). Compare the classical economic theory that was used prior to the Great Depression to the Keynesian theory used after the Great Depression.Your response must be at least 200 words in length.
The following graph represents the short-run aggregate supply curve (SRAS) based on an expected price level of 180. The economy's full- employment output level is $9 trillion. Major unions across the country have recently negotiated three-year wage contracts with employers. The wage contracts are based on an expected price level of 180, but the actual price level turns out to be 240. Show the short-run effect of the unexpectedly high price level by dragging the curve or moving the point to the appropriate position. PRICE LEVEL (CPI) 380 300 240 180 80 0 3 SRAS[180] 9 12 REAL GDP (Trillions of dollars) 15 18 0 SRAS[180] 0
The following graph represents the short-run aggregate supply curve (SRAS) based on an expected price level of 120. The economy's full- employment output level is $9 trillion. Major unions across the country have recently negotiated three-year wage contracts with employers. The wage contracts are based on an expected price level of 120, but the actual price level turns out to be 160. Show the short-run effect of the unexpectedly high price level by dragging the curve or moving the point to the appropriate position. PRICE LEVEL (CPI) 240 200 160 40 0 0 3 SRAS[120] 6 9 12 REAL GDP (Trillions of dollars) 15 18 SRAS[120] 0 (?) Interpret the change you drew on the previous graph by filling in the blanks in the following paragraph:
Which of the following does not shift the aggregate supply curve? Changes to technology Increases in government spending Decrease to the average nominal wage rate Additions to capital stock
Which of the following would shift the long run aggregate supply curve to the left? Decrease in consumption Decrease in the wage rate Decrease in resources Decrease in profit. All of the following would cause a decrease in the aggregate demand except Increase in interest rates Household wealth falls Dollar depreciates relative to foreign currencies Increase in tax rates.

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		right and an increase in the actual price level shifts SRAS to the left
		right and an increase in the actual price level does not shift the SRAS
		left, and an increase in the actual price level shifts SRAS to the right
		left and an increase in the actual price level shifts SRAS to the left