ECON-1012-B-Introduction to Macroeconomics

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Figure 10.3.3

Refer to Figure 10.3.3, which shows the AS-AD model in which an economy is in four possible short-run macroeconomic equilibrium. In which of the graphs is the economy at an above full-employment equilibrium?

only graph (a)

0%

only graph (b)

❌

only graph (c)

0%

only graph (d)

0%✨

both graphs (c) and (d)

0%

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Figure 10.3.2

Refer to Figure 10.3.2, which shows the AS-AD model, in which an economy is in short-run macroeconomic equilibrium. Which of the following statements (1) and (2) is correct and which is incorrect?

(1)	The actual unemployment rate exceeds the natural unemployment rate in the short run.

(2)	As the economy adjusts to long-run equilibrium, the SAS curve automatically shifts rightward.

(1) is correct; (2) is incorrect.

100%✨

(2) is correct; (1) is incorrect.

0%

(1) and (2) are incorrect.

0%

(1) and (2) are correct.

0%

(1) is correct; (2) is correct if the LAS curve shifts rightward at the same time.

0%

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Table 10.3.1

Refer to Table 10.3.1, which shows the aggregate demand and aggregate supply schedules. If potential GDP is $600 billion, which of the following outcomes describes this economy?

The economy has an inflationary gap equal to $100 billion.

0%

The economy has a recessionary gap equal to $100 billion.

100%✨

The economy has a recessionary gap equal to $50 billion.

0%

The economy has an inflationary gap equal to $50 billion.

0%

The economy has neither an inflationary nor a recessionary gap because the economy is at full employment.

0%

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Figure 10.3.3

Refer to Figure 10.3.3, which shows the AS-AD model in which an economy is in four possible short-run macroeconomic equilibrium. In which of the graphs would we predict that eventually the price level will rise and real GDP will fall, everything else remaining the same?

only graph (a)

0%

only graph (b)

❌

only graph (c)

0%

only graph (d)

0%✨

both graphs (c) and (d)

0%

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Figure 10.3.2

Refer to Figure 10.3.2, which shows the AS-AD model, in which an economy is in short-run macroeconomic equilibrium. When this economy automatically adjusts to long-run equilibrium, which of the following events occur?

The LAS curve shifts rightward.

0%

The SAS curve shifts rightward.

❌✨

The SAS curve shifts leftward.

0%

The AD curve shifts rightward.

0%

The AD curve shifts leftward.

0%

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Table 10.3.2

Refer to Table 10.3.2, which shows the aggregate demand and aggregate supply schedules. Potential GDP is $7 trillion. When the economy is at its short-run macroeconomic equilibrium, which of the following statements is correct?

The long-run aggregate supply curve will shift eventually shift leftward for the economy to return to full employment.

0%

The unemployment rate is above the natural unemployment rate.

0%

The money wage rate will rise.

0%

The unemployment rate is below the natural unemployment rate.

❌✨

Potential GDP will eventually increase.

0%

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Figure 10.3.1

Refer to Figure 10.3.1, which shows the AS-AD model in which an economy is in short-run macroeconomic equilibrium. Which of the following statements (1) and (2) is correct and which is incorrect? 

(1)	The actual unemployment rate exceeds the natural unemployment rate.

(2)	The SAS curve will automatically shift leftward as the economy adjusts to long-run equilibrium.

(1) is correct; (2) is incorrect.

✅✨

(2) is correct; (1) is incorrect.

❌

(1) and (2) are incorrect.

❌

(1) and (2) are correct.

❌

(1) is correct; (2) is correct if the money wage rate falls.

❌

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Figure 10.3.1

Refer to Figure 10.3.1, which shows the AS-AD model in which an economy is in short-run macroeconomic equilibrium. When this economy automatically adjusts to long-run equilibrium, which of the following situations occur?

The price level is 70.

0%

Real GDP is $440 billion.

100%

Potential GDP is greater than in the short run.

0%

The actual unemployment exceeds the natural unemployment rate.

0%✨

Both A and B occur.

0%

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