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Macroeconomics Australia Study Set 1

Business

Quiz 11 :

Aggregate Supply and Aggregate Demand

Quiz 11 :

Aggregate Supply and Aggregate Demand

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Which of the following does NOT affect potential GDP?
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D

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img -If the money wage rate and the price level both rise by the same proportion, then, in the figure above, the potential GDP line ________, and the aggregate supply curve ________.
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E

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The aggregate supply curve shows the relationship between
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A

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Which of the following changes aggregate supply and shifts the aggregate supply curve? i. Change in the price level ii. Change in potential GDP iii. Change in the money wage rate
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A rise in the price level brings a ________ in the real wage rate that ________ profits which leads to ________ production.
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If the price level falls and the money wage rate does not change, some firms ________ and there is ________.
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Moving along the AS curve, when the price level increases, the
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img -Based on the figure above, the aggregate supply curve shifts rightward and the potential GDP line does NOT change when
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During 2018, a country reports that its price level fell and the money wage rate did not change. These changes led to
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If profits are high because the price level rose,
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Changes in which of the following do NOT shift the AS curve? i. The price level ii. Potential GDP iii. The money wage rate
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If the price of widgets is $2 and the real wage is $20 per hour then the firm must sell 10 widgets to cover the cost of an hour of labour. If the price of widgets rises to $4, how many widgets must the firms sell to cover the cost of an hour of labour?
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The line showing potential GDP is a vertical straight line because
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Along the aggregate supply curve, the quantity of real GDP supplied increases when the price level rises because
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The aggregate supply curve is a(n) ________ curve because it represents the relationship between price level and the quantity of real GDP supplied, two items that are ________ correlated.
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Which of the following shifts the aggregate supply curve rightward? i. The money wage rate rises. ii. Potential GDP increases. iii. Government expenditure on goods and services increases.
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Over the business cycle, factors such as the quantity of capital, human capital and technology
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If the price level increases from 110.0 to 115.0, the quantity of
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The real wage rate definitely falls if the money wage rate ________ and the price level ________.
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An increase in the price level leads to
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