Marks: 1 Suppose the economy is initially at K. Which of the following statements best explains how the economy responds to restore long-run macroeconomic equilibrium?Choose one answer.
Question 2Marks: 1 Table 7-1 shows the aggregate demand and short-run aggregate supply curves for an economy. The potential level of output is $7.6 trillion. If policymakers choose to close the gap by using stabilization policy, they should useChoose one answer.
Question 3Marks: 1A graph that depicts the relationship between the total quantity of goods and services demanded and the price level is theChoose one answer.
Question 4Marks: 1 Which of the following statements is true?Choose one answer.
Question 5Marks: 1 For the economy represented in the figure,Choose one answer.
Question 6Marks: 1What is the difference between a change in aggregate demand and a change in aggregate quantity of real GDP demanded?Choose one answer.
Question 7Marks: 1Using the aggregate demand-aggregate supply model, predict what happens in the short run when the federal government lowers the capital gains tax to stimulate investment.Choose one answer.
Question 8Marks: 1Suppose the economy is initially in long-run equilibrium. Which of the following events leads to an increase in the price level and a decrease in real GDP in the short run?Choose one answer.
Question 9Marks: 1Which of the following best explains the multiplier effect as a result of a $100 million increase in government spending on highways?Choose one answer.
Question 10Marks: 1A change in the price level, all other things unchanged, causesChoose one answer.
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