AP Econ Unit 3 Aggregate Supply and the Phillips Curve
Quiz by Mark Stegall
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12 questions
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- Q1Along the Aggregate supply curve, a rise in the price level decreased the quanityt of real GDP suppliedfalsetrueTrue or False30s
- Q2A rise in the price level decreases potential GDP on the aggregate supply curvefalsetrueTrue or False30s
- Q3Anything that changes potential GDP shifts the aggregate supply curvetruefalseTrue or False30s
- Q4An increase in potential GDP shifts the aggregate supply curve rightwardtruefalseTrue or False30s
- Q5Moving along the potential GDP line, the money wage rate changes by the smae percentage as the change in the price level so that the real wage ratedecreasesstays at the full-employment equilibrium levelmight either increase or decreaseincreases30s
- Q6When the price level rises there is a ______ the aggregate demand curvemovement up alongrotation ofrightward shift ofmovement down along30s
- Q7In Figure 29.6, the equilibrium price level is ________ and the equilibrium real GDP is ________ trillion90; $1890: $16100; $17110; $1630s
- Q8Figure 29.6 showsa below full-employment equilbirium with an inflationary gapa full-employment equilibrium .an above full-employment equilibrium with a recessionary gapan above full-employment equilibrium with an inflationary gap30s
- Q9the short-run Phillips curve shows the tradeoff between the natural unemployment rate and the expected inflation ratefalsetrueTrue or False30s
- Q10Moving along a short-run Phillips curve, the cost of a lower unemployment rate is a higher inflation ratetruefalseTrue or False30s
- Q11The short-run Phillips curve shows the relationship between theinflation rate and the unemployment rateinflation rate and the interest rateprice level and real GDPinflation rate and real GDP30s
- Q12the short-run Phillips cure isdownward slopingU-shapedhorizontal at the expected inflation ratevertical at the natural unemployment rate30s