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The short-run aggregate supply curve shows: O The relationship between the price level and aggregate expenditure O What happens to the level of real GDP suppliers are willing and able to produce in an economy as the overall price level changes, during a period in which output prices can change but input prices are fixed How firms respond to changes in interest rates O What happens to output in an economy when the government spends more money

The short-run aggregate supply curve shows: O The relationship between the price level and aggregate expenditure O What happens to the level of real GDP suppliers are willing and able to produce in an economy as the overall price level changes, during a period in which output prices can change but input prices are fixed How firms respond to changes in interest rates O What happens to output in an economy when the government spends more money

Brief Principles of Macroeconomics (MindTap Course List)
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Aggregate Demand And Aggregate Supply
Section: Chapter Questions
Problem 10PA
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1. Aggregate supply definitions The short-run aggregate supply curve shows: O The relationship between the price level and aggregate expenditure O What happens to the level of real GDP suppliers are willing and able to produce in an economy as the overall price level changes, during a period in which output prices can change but input prices are fixed O How firms respond to changes in interest rates O What happens to output in an economy when the government spends more money Which of the following are assumed to remain unchanged along a given short-run aggregate supply curve? Check all that apply. O Real GDP O Input prices O The position of the aggregate demand curve O The technology available to firms The natural rate of unemployment refers to: O The unemployment rate that occurs when an economy's real GDP is equal to its potential output O The unemployment that arises due to purely seasonal factors, such as unemployed lifeguards in the winter O The unemployment rate that would occur if there were no frictional unemployment O The minimum possible unemployment rate of an economy Complete the following table by matching each definition to the appropriate economic time frame. Definition Short Run Long Run A period of time in which all input prices and wages are renegotiated A period of time in which some input prices and wages are fixed
Transcribed Image Text:1. Aggregate supply definitions The short-run aggregate supply curve shows: O The relationship between the price level and aggregate expenditure O What happens to the level of real GDP suppliers are willing and able to produce in an economy as the overall price level changes, during a period in which output prices can change but input prices are fixed O How firms respond to changes in interest rates O What happens to output in an economy when the government spends more money Which of the following are assumed to remain unchanged along a given short-run aggregate supply curve? Check all that apply. O Real GDP O Input prices O The position of the aggregate demand curve O The technology available to firms The natural rate of unemployment refers to: O The unemployment rate that occurs when an economy's real GDP is equal to its potential output O The unemployment that arises due to purely seasonal factors, such as unemployed lifeguards in the winter O The unemployment rate that would occur if there were no frictional unemployment O The minimum possible unemployment rate of an economy Complete the following table by matching each definition to the appropriate economic time frame. Definition Short Run Long Run A period of time in which all input prices and wages are renegotiated A period of time in which some input prices and wages are fixed
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