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ECON-1012-B-Introduction to Macroeconomics

ECON-1012-B-Introduction to Macroeconomics

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Which of the following situations arises when the actual unemployment rate is equal to the natural unemployment rate?

The inflation rate is zero.

The money wage rate will rise.

The economy is operating at potential GDP.

The long-run aggregate supply curve is upward sloping.

The short-run aggregate supply curve is vertical.

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Which of the following statements about the macroeconomy is not the idea of John Keynes?

Expectations are based on "animal spirits."

To achieve and maintain full employment, active help from fiscal policy and monetary policy is required.

Expectations are the most significant influence on aggregate demand.

The money wage rate is extremely sticky in the downward direction so there is no automatic mechanism for eliminating a recessionary gap.

Technological change is the most significant influence on both aggregate demand and aggregate supply.

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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 the short-run macroeconomic equilibrium in graph (b). How would you expect the government to respond to its current macroeconomic equilibrium?

Pursue trade policies that reduce exports.

Increase government expenditure.

Cut government expenditure.

Do nothing except maintain the current equilibrium.

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Which of the following events does not change short-run aggregate supply?

a change in the money wage rate

a change in the full-employment quantity of labour

a change in expected future profits

technological change

an increase in the quantity of capital

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Compare the size of the multiplier in the short run and the long run.

The multiplier effect is zero in the short run.

In the long run, the multiplier effect depends on potential GDP.

The multiplier effect is zero in the long run.

The multiplier effect is larger in the long run.

In the short run, there is no multiplier effect.

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Which of the following events shifts the aggregate demand curve leftward?

an increase in the money wage rate

an increase in taxes

a decrease in the interest rate

an increase in expected inflation

an increase in the price level

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If real GDP exceeds potential GDP in an economy, which of the following situations describes the economy's equilibrium?

in a recessionary equilibrium

in a below full-employment equilibrium

in long-run equilibrium

in an above full-employment equilibrium

not in a short-run macroeconomic equilibrium

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If Canadian firms build new pipelines across Alberta, which of the following events will occur?

The quantity of Canadian real GDP demanded decreases.

No change occurs to either the quantity of Canadian real GDP demanded or to Canadian aggregate demand.

The quantity of Canadian real GDP demanded increases.

Canadian aggregate demand increases.

Canadian aggregate demand decreases.

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If the price level is fixed, which of the following events determines the amount by which the AD curve shifts?

The change in aggregate expenditure.

The change in autonomous expenditure and the multiplier.

The change in induced expenditure.

The change in the price level.

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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 would we predict that eventually the price level will rise and real GDP will fall, everything else remaining the same?

both graphs (c) and (d)

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