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ECON-1012-B-Introduction to Macroeconomics

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Beginning at a long-run equilibrium, how does an increase in aggregate demand change the macroeconomic equilibrium in the long run?
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Complete the following statement:

If the price level and the money wage rate rise by the same percentage, the quantity of real GDP supplied ________, but if the price level rises with no change in the money wage rate, the quantity of real GDP supplied ________.
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Initially, the economy is at full employment, the price level is 100, and the multiplier is 2. If investment increases by $100 billion, which of the following events will occur in the short run?
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Short Description: A line graph of price level versus real G D P. Long Description: The vertical axis is labelled, price level (G D P deflator, 20 12 = 100) and ranges from 60 to 110 in increments of 10 with a kink near the origin. The horizontal axis is labelled, real G D P (billions of 20 12 dollars) and ranges from 450 to 700 in increments of 50 with a kink near the origin. The line for S A S is a concave up curve that slopes upward from the lower left corner to the upper right corner passing through the points (475, 60), (550, 70), and (600, 80). The line for A D slopes downward from the upper left corner to the lower right corner, passing through the points (550, 90), (600, 80), and (650, 70). The line for L A S is a vertical line from the point (550, 0) on the horizontal axis passing through the points (550, 70) and (550, 90).

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 economy is at an above full-employment equilibrium.
(2)As the economy adjusts to long-run equilibrium, the SAS curve will automatically shift rightward.
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How does an increase in foreign income influence the Canadian economy?
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An economy is at full employment when aggregate demand increases. Which of the following changes does not occur as a result of an increase in aggregate demand? 
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If the money wage rate remains constant, how does an increase in aggregate demand change the short-run macroeconomic equilibrium?
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Which of the following events does not change aggregate demand?
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Short Description: A graph of price level versus real G D P. Long Description: The vertical axis is labelled, price level (G D P deflator, 20 12 = 100) and ranges from 60 to 110 in increments of 10 with a kink near the origin. The horizontal axis is labelled, real G D P (billions of 20 12 dollars) and ranges from 320 to 520 in increments of 40 with a kink near the origin. The line for S A S slopes upward from the lower left corner to the upper right corner passing through the points (340, 70) and (400, 85). The line for A D slopes downward from the upper left corner to the lower right corner, passing through the points (360, 100), (400, 85), and (440, 70). The line for L A S is a vertical line from the point (440, 0) on the horizontal axis passing through the point (440, 70).

Figure 10.3.1

Refer to Figure 10.3.1, which shows the AS-AD model. When this economy is in short-run macroeconomic equilibrium, which of the following situations occurs?
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An economy is at full employment when aggregate demand decreases. Which of the following changes does not occur as a result of a decrease in aggregate demand? 
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