The long-run aggregate supply curve is
A) horizontal at the full employment level of real GDP.
B) vertical at the full employment level of real GDP.
C) sloping upward due to the effects of price level changes on output.
D) the same as the short-run aggregate supply curve.
2) The long-run aggregate supply curve
A) shows that at higher prices, potential output increases.
B) slopes up and to the right.
C) shows that long-run aggregate supply equals potential output.
D) s very sensitive to changes in the price level.
3) The aggregate demand curve shifts to the left when
A) aggregate prices rise.
B) there is a drop in the foreign exchange value.
C) taxes decrease.
D) when the amount of money in the economy falls.
4) When the price level goes down, the aggregate demand curve
A) shifts to the right.
B) remains unchanged but there is a movement along the curve.
C) continues to slope downward.
D) causes the long-run aggregate supply to shift to the left.
5) Which of the following statements is TRUE?
A) The long-run aggregate supply curve is upward sloping.
B) The long run aggregate demand curve is upward sloping.
C) The short-run aggregate supply curve is vertical.
D) The long-run aggregate supply curve is vertical.
6) The full-employment and full adjustment level of real output of goods and services in the economy is represented by
A) the LRAS curve.
B) the SRAS curve.
C) the AD curve.
D) the distance between the LRAS curve and the SRAS curve.
7) The long-run aggregate supply curve can be thought of as the
A) level of output that the nation is currently producing.
B) full-employment level of real GDP.
C) level of real GDP associated with a constant price level.
D) level of output for which real GDP equals nominal GDP.
8) The long-run aggregate supply curve
A) is horizontal.
B) indicates the economy's real output under conditions of full employment.
C) shows that changes in real GDP are sensitive to changes in the price level.
D) slopes up and to the right.
9) The long-run aggregate supply will increase when
A) labour supply decreases.
B) increased labour productivity.
C) the price level increases.
D) taxes increase.
10) Economic growth can be thought of as
A) an increase in the price level.
B) a decrease in the price level.
C) an increase in long-run aggregate supply.
D) an increase in aggregate demand.
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