Lras Samenvattingen, Notities en Examens

Define the term 'inflation'. (1) : increase in GDP (measured by the CPI based on an average basket of goods) Explain one likely cause of inflation. (2) : increasing in govt spending --> AD shifts out --> actual growth --> demand pull inflation OR natural disaster --> AS shifts inwards --> cost push inflation Illustrate the shape of the Classical long-run aggregate supply (AS) curve on the diagram below. (2) : Explain the reason for the shape of the Classical long-run ...

Final Exam Study Guide Mixing of chapters to put things together: A short-run equilibrium (SRE) is an intersection between which curves? AD & SRAS A long-run equilibrium (LRE) is an intersection between which curves? AD & SRAS & LRAS (resources institutions technology) (Classify these points as short run equilibriums, long run equilibriums, recessions, and/or overheated economies and make up unemployment rates for each point) At A the economy is at Recession (U>U=5%) (U=7%) (U=17%) A...

2024 macro paper Exam Questions and Answers 100% Pass Define the term 'inflation'. (1) - Correct Answer ️️ -increase in GDP (measured by the CPI based on an average basket of goods) Explain one likely cause of inflation. (2) - Correct Answer ️️ -increasing in govt spending --> AD shifts out --> actual growth --> demand pull inflation OR natural disaster --> AS shifts inwards --> cost push inflation Illustrate the shape of the Classical long-run aggregate supply (A...

WGU D089 Principles of Economics – TESTS Already Passed Which type of economy is characterized by a government that plans and controls all economic activity? Command Correct! A command economy is a centralized economic system in which all economic decisions are made by the nation's government. What is an example of a normative economic statement? Marginal tax rates should be lowered on high-income individuals. Correct! A marginal tax rate is the amount of money an individual pays in taxes o...

2024 macro paper Exam Questions and Answers 100% Pass Define the term 'inflation'. (1) - Correct Answer ️️ -increase in GDP (measured by the CPI based on an average basket of goods) Explain one likely cause of inflation. (2) - Correct Answer ️️ -increasing in govt spending --> AD shifts out --> actual growth --> demand pull inflation OR natural disaster --> AS shifts inwards --> cost push inflation Illustrate the shape of the Classical long-run aggregate supply (A...

Sophia (Macroeconomics) - Unit 2 Milestone Which statement below is NOT a reason why the aggregate demand curve slopes downward? ANSAs the price level falls, consumption and investment decrease. Which of the following would be true if demand became more inelastic? ANSThe consumer will receive more of the benefit of the subsidy. George wants to get rid of his old car so he can purchase a newer model. He has figured out that he will not accept a price lower than $3,000, but a buyer offers t...

Sophia Marcoeconomics Milestone 4 1 Which statement below regarding the stagflation of the late 1970s/early 1980s is true? The Phillips curve represented the state of the economy at the time. Expansionary fiscal policies succeeded in lowering the unemployment rate. Expansionary fiscal policy led to double digit inflation. Disruptions in the oil supply caused the LRAS curve to move to the left. CONCEPT Pros and Cons of Monetary and Fiscal Policy 2 Which of the following would be true o...

Macro 15Macro 15m for Gabe Xx Exam With Complete Solutions 2024 Price stability relates to an absence of volatility in the inflation rate. In the UK the Bank of England is charged with the responsibility of achieving price stability by ensuring the inflation rate remains around 2% over the medium term. Unemployment relates to the number of people who are willing and able to work at existing wages rates but cannot find a job. LRAS DIAGRAM AD out As the economy grows from y1 to y1 th...

AP Macroeconomics Final Exam Questions and answers A Level What is the most fundamental issue that economics addresses? - Use of scarce resources Inflation occurs when there is a sustained increase in - average price level An increase in spending in an economy will cause a multiplied increase in GDP because - consumption increases as income increases A contraction in the money supply will most likely change the nominal interest rate and aggregate demand in what way in the short run?...

Sophia (Macroeconomics) - Unit 2 Milestone Which statement below regarding aggregate demand is true? CORRECT ANSWER- It expresses an inverse relationship between price level and RGDP. If demand becomes more elastic, which of the following will happen, as demonstrated by the graph shown here? CORRECT ANSWER- The incidence of the subsidy on the consumer will decrease. Select the statement below that is true of long run aggregate supply curves. CORRECT ANSWER- There is no relations...