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ECON-1012-B-Introduction to Macroeconomics

ECON-1012-B-Introduction to Macroeconomics

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When the U.S. economy goes into a business cycle expansion, what happens in the Canadian economy?

Canadian real GDP ________ and Canadian unemployment ________ in the short run.

does not change; decreases

increases; decreases

decreases; decreases

increases; increases

decreases; increases

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A change in wealth induced by a change in the price level creates which of the following events?

A substitution effect shifts the aggregate demand curve.

A change in wealth does not move the economy along the aggregate demand curve.

A substitution effect creates a movement along the aggregate demand curve.

A change in wealth shifts the aggregate demand curve.

The economy moves along the aggregate demand curve.

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How does a rise in the price level influence aggregate expenditure and aggregate demand?

It decreases aggregate expenditure and decreases the quantity of real GDP demanded.

It increases aggregate expenditure, but has no effect on aggregate demand.

It decreases aggregate expenditure and increases aggregate demand.

It has no effect on aggregate expenditure or aggregate demand.

It decreases aggregate expenditure and decreases aggregate demand.

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Which of the following events occur when the price level rises?

The AE curve shifts downward and the AD curve shifts rightward.

The AD curve shifts rightward and the economy moves up along the AE curve.

The AE curve shifts upward and the economy moves down along the AD curve.

The AE curve shifts downward and the economy moves up along the AD curve.

The AD curve shifts leftward and the economy moves down along the AE curve.

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Short Description: A set of four graph of price level versus real G D P. Long Description: The vertical axis of each graph is labelled, price level and the horizontal axis is labelled, real G D P. The graph are as follows.(a) The line for S A S slopes upward from the lower left corner to the upper right corner. The line for A D slopes downward from the upper left corner to the lower right corner, intersecting the lines for S A S. The line for L A S is a vertical line from a point on the horizontal axis. The line intersect the lines for S A S and A D right to their point of intersection.(b) The line for S A S slopes upward from the lower left corner to the upper right corner. The line for A D slopes downward from the upper left corner to the lower right corner, intersecting the lines for S A S. The line for L A S is a vertical line from a point on the horizontal axis. The line intersect the lines for S A S and A D at their point of intersection. (c) The line for S A S slopes upward from the lower left corner to the upper right corner. The line for A D slopes downward from the upper left corner to the lower right corner, intersecting the lines for S A S. The line for L A S is a vertical line from a point on the horizontal axis. The line intersect the lines for S A S and A D left to their point of intersection.(d) The line for S A S slopes upward from the lower left corner to the upper right corner. The line for A D slopes downward from the upper left corner to the lower right corner, intersecting the lines for S A S. The line for L A S is a vertical line from a point on the horizontal axis. The line intersect the lines for S A S and A D left to their point of intersection.

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?

both graphs (c) and (d)

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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 90 to 130 in increments of 10 with a kink near the origin. The horizontal axis is labelled, real G D P (trillions of 20 12 dollars) and ranges from 12.0 to 14.0 in increments of 0.50 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 A (13.0, 100) and B (13.5, 110). The line for A D0 slopes downward from the upper left corner to the lower right corner, passing through the point A (13.0, 100). The line for A D1 slopes downward from the upper left corner to the lower right corner, parallel to the line for A D0 on the right and passing through the point B (13.5, 110).

Refer to Figure 10.3.4, which shows the AS-AD model. Which of the following events might have shifted the aggregate demand curve from AD0 to AD1?

a decrease in the quantity of money

an increase in taxes

all of the above

a rise in the foreign exchange rate

an increase in government expenditure

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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).

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 AD curve shifts leftward.

The SAS curve shifts rightward.

The AD curve shifts rightward.

The SAS curve shifts leftward.

The LAS curve shifts rightward.

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A rise in the price level changes aggregate expenditure but which of the following events will also occur?

Aggregate demand decreases.

Aggregate demand increases.

The economy moves up along the aggregate demand curve.

The price rise has no effect on aggregate demand.

The economy moves down along the aggregate demand curve.

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If the Canadian inflation rate is expected to increase next year, which of the following events will occur today?

Aggregate demand today doesn't change, but aggregate demand in the future decreases.

Aggregate demand today doesn't change, but aggregate demand in the future increases.

Aggregate demand today increases.

Aggregate demand today deceases.

Potential GDP increases today.

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Which of the following events will occur if the money wage rate falls?

Firms hire less labour.

The SAS curve shifts rightward.

Both the LAS and the SAS curves shift rightward.

The LAS curve shifts rightward.

Potential GDP increases.

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