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Econ 104 Final Exam With Complete Solutions Latest Update 2024
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Econ 104 Final Exam With Complete Solutions Latest Update 2024
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Econ 104 Final Exam With Complete SolutionsLatest Update 2024
The aggregate demand curve shows the relationship between the
__________________ and _________________. - ANS price level; quantity of real
GDP demanded
Which of the following would be considered a positive addition to household
wealth? - ANS the balance in your checking account, 1,000 shares of Microsoft
stocks, the equity in one's home
Which of the following best describes the "interest rate effect"? - ANS An increase
in the price level raises the interest rate and chokes off investment and
consumption spending
The level of long-run aggregate supply is affected by all of the following EXCEPT -
ANS Changes in the price level
The level of real GDP in the long run is - ANS Potential GDP
The invention of the integrated circuit by Jack Kilby of Texas Instruments gave rise
to the information age. What did this technological change do the short-run supply
curve? - ANS It shifted the short-run aggregate supply curve to the right.
, Which of the following would cause the short-run aggregate supply curve to shift
to the left? - ANS An increase in inflation expectations
A rapid increase in the price of oil will tend to - ANS shift short-run aggregate
supply to the left
Stagflation is often a result of - ANS a negative supply shock
Which of the following is one reason for the decline in aggregate demand that led
to the recession - ANS The end of the housing bubble
Which of the following correctly describes the automatic mechanism through
which the economy adjust to long-run equilibrium? - ANS the rightward shift of the
short-run aggregate supply cure that occurs after a recession
Which of the following is a reason why the wages of workers and the prices of
inputs rise more slowly than the prices of final goods and services? - ANS Firms are
often slow to adjust wages, Menu costs make some prices sticky, Contracts make
prices and wages "sticky"
A barter economy is an economy where - ANS goods and services are exchanged
for other goods and services
When a grocery store accepts your $5 bill in exchange for bread and milk, the $5
bill serves as a - ANS Medium of exchange
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