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- When the housing bubble burst in 2007, home prices fell and this eliminated a large fraction of many households’ home equity. The most likely outcome of this large decrease in the value of households’ assets is: a rightward shift in the aggregate demand curve a rightward shift in the aggregate supply curve a leftward shift in the aggregate demand curve a leftward shift in the aggregate supply curveGiven the following circumstances, indicate whether or not the aggregate supply curve would shift and, if so, which way would it shift: The price of a barrel of oil doubles An advance in alternative energy technology significantly reduces its cost In order to maintain a relatively clean air quality, a carbon emissions tax is levied against firms with a carbon footprint As a result of fracking, the price of natural gas is significantly reduced Advances in technology increase the productivity of the American worker, on average, by 30%Researchers in an oil producing country discover a cost effective method using existing levels of capital and labour to extract large amounts of petroleum resources that were previously inaccessible. All else equal, which of the following will most likely occur. Select one: The long run aggregate supply curve will shift to the left The long run aggregate supply curve will shift to the right The aggregate demand curve will shift to the left The aggregate demand curve will shift to the right
- Chose one from Multiple choice. 3. Which of the following statements is true if there is an increase in aggregate demand while the economy is in equilibrium on a positively sloping short-run aggregate supply curve? a) Prices rise, national income does not change B) Prices decrease, national income does not change C) Prices go up and national income goes down. D) Prices decrease and national income decreases. E) Prices rise, national income risesOther things equal, as consumers increase their savings to pay off their debts will Multiple choice: shift the aggregate demand curve to the left. shift the aggregate supply curve to the right. shift the aggregate supply curve to the left. shift the aggregate demand curve to the right.Suppose our economy is in macroeconomic equilibrium (also called "general equilibrium") with an upward-sloping aggregate supply curve and a downward-sloping aggregate demand curve. An increase in aggregate demand will: Question 5 options: a) Increase aggregate supply. b) Decrease the price level. c) Causes the aggregate supply to shift to the right. d) Increase real GDP. e) Reduce the number of discouraged workers in the unemployment rate.
- Increased government spending on interstate highways, public housing projects, and defense projects are all ways that the federal government can Question 37 options: a) shift the aggregate demand curve to the left b) shift the short-run aggregate supply curve to the left c) close a recessionary gap d) close an inflationary gapWhich of the following statements best describes the aggregate supply curve? A) The aggregate supply curve represents the relationship between the price level and the total output or real GDP in the macroeconomy. B) The aggregate supply curve represents the relationship between the inflation rate and the total output or real GDP in the macroeconomy. C) The aggregate supply curve represents the relationship between the inflation rate and the total demand or real GDP in the macroeconomy. D) The aggregate supply curve represents the relationship between the price level and the potential output or GDP in the macroeconomy.Assume the economy of Germany is in a long run equilibrium with full employment. Draw a correctly labeled graph of short run aggregate supply, long run aggregate supply, and aggregate demand. Show each of the following Equilibrium output, labeled Y1. Equilibrium price level, labeled PL1 2. Suppose that there is a significant boom in the German stock market, causing all stocks to increase in value by 15%. On your graph in part A, show the effect this will have on the equilibrium in the short run, labeling the new equilibrium output and price level Y2 and PL2, respectively. 3. Using a correctly labeled graph of the Phillips Curve, show how this change will affect the economy. 4. What two fiscal policy options does the federal government have to fix the market imbalance? Explain how each would affect the economy.
- Question 48 The following event has occurred: The U.S. government has issued tax rebates to households. This causes Question 48 options: a) aggregate demand to increase b) short-run aggregate supply to increase c) short-run aggregate supply to decrease d) aggregate demand to decreaseWhich of the following would cause the aggregate supply curve to increase... Group of answer choices The government has reduced its spending by more than 10% over the last 2 years Throughout the economy, workers are using better equipment and output per hour is rising. Consumers are more confident and spending more than before. Energy prices such as gas and electricity have increased rapidly throughout the country.An increase in resources available would decrease potential GDP and the long-run aggregate supply curve. True or False
