Business, 19.06.2020 10:57 esigaran24

1. The short-run aggregate supply curve shows: a. What happens to output in an economy as the price level changes, holding all other determinants of real GDP constant.
b. What happens to output in an economy when the government spends more money.
c. How firms respond to changes in interest rates.
d. The relationship between the price level and aggregate expenditure.
2. Which of the following are assumed to remain unchanged along a given short-run aggregate supply curve? Check all that apply.
The position of the aggregate demand curve
Resource prices
Real GDP
Institutions, such as patent laws and tax systems, that make up the "rules of the game"
3. The term short-run macroeconomic equilibrium refers to:
a. The situation when aggregate price level is in equilibrium.
b. The situation when the aggregate supply curve and the aggregate demand curve as used together to analyze economic fluctuations.
c. The situation when the quantity of aggregate output produced in the short-run is in equilibrium.
d. The situation when the quantity of aggregate output supplied is equal to the quantity demanded.
4. In macroeconomics, the term long run refers to:
a. A period of 1 year.
b. A period of 10 years.
c. A period of time in which some input prices and wages are fixed.
d. A period of time long enough for all input prices and wages to be renegotiated.

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1. The short-run aggregate supply curve shows: a. What happens to output in an economy as the price...