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AP Econ Unit 3 Aggregate Supply and the Phillips Curve

Quiz by Mark Stegall

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12 questions
Show answers
  • Q1
    Along the Aggregate supply curve, a rise in the price level decreased the quanityt of real GDP supplied
    false
    true
    True or False
    30s
  • Q2
    A rise in the price level decreases potential GDP on the aggregate supply curve
    false
    true
    True or False
    30s
  • Q3
    Anything that changes potential GDP shifts the aggregate supply curve
    true
    false
    True or False
    30s
  • Q4
    An increase in potential GDP shifts the aggregate supply curve rightward
    true
    false
    True or False
    30s
  • Q5
    Moving 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 rate
    decreases
    stays at the full-employment equilibrium level
    might either increase or decrease
    increases
    30s
  • Q6
    When the price level rises there is a ______ the aggregate demand curve
    movement up along
    rotation of
    rightward shift of
    movement down along
    30s
  • Q7
    In Figure 29.6, the equilibrium price level is ________ and the equilibrium real GDP is ________ trillion
    Question Image
    90; $18
    90: $16
    100; $17
    110; $16
    30s
  • Q8
    Figure 29.6 shows
    Question Image
    a below full-employment equilbirium with an inflationary gap
    a full-employment equilibrium .
    an above full-employment equilibrium with a recessionary gap
    an above full-employment equilibrium with an inflationary gap
    30s
  • Q9
    the short-run Phillips curve shows the tradeoff between the natural unemployment rate and the expected inflation rate
    false
    true
    True or False
    30s
  • Q10
    Moving along a short-run Phillips curve, the cost of a lower unemployment rate is a higher inflation rate
    true
    false
    True or False
    30s
  • Q11
    The short-run Phillips curve shows the relationship between the
    inflation rate and the unemployment rate
    inflation rate and the interest rate
    price level and real GDP
    inflation rate and real GDP
    30s
  • Q12
    the short-run Phillips cure is
    downward sloping
    U-shaped
    horizontal at the expected inflation rate
    vertical at the natural unemployment rate
    30s

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