(Answered) Final Exams ECON 1580 Introduction to Economics Latest Fall 2023
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Course
ECON 1580
Institution
ECON 1580
Using the aggregate demand-aggregate supply model, predict what happens in the short run
when there is a general decrease in raw materials cost.
Select one:
a. The aggregate supply curve shifts right; the aggregate demand curve is not a
Home My courses ECON 1580 - AY2020-T3 Final Exam (Days 1 - 4) Final Exam
Question 1 Not yet answered Marked out of 1.00
Economic growth can be represented by:
Select one:
a. an increasing equilibrium output level
b. a rightward shift of an economy's short-run aggregate supply curve.
c. a rightward shift of an economy's long-run aggregate demand curve.
d. a rightward shift of an economy's long-run aggregate supply curve.
Clear my choice
/
,Question 2 Not yet answered Marked out of 1.00
In this exhibit (Figure 7-7), suppose the economy is initially in short-run equilibrium at point
K. If the policy-makers adopt a nonintervention policy, over time,
I. Real wages will fall as long as unemployment remains above the natural rate.
II. Lower nominal wages will result in a gradual shift from SRAS2 to SRAS1.
III. Long-run equilibrium will be established at YP and Ph.
Select one:
a. I, II, and III
b. I and II only
c. II and III only
d. III only
Clear my choice
/
,Question 3 Not yet answered Marked out of 1.00
The income e ect of a price change is described by which of the following statements?
Select one:
a. When the price of a good falls, consumers have an implicit increase in income and can
now buy more of the good.
b. When the price of a good falls, consumers will now substitute this lower priced good for
more higher priced goods.
c. The income e ect is the relative change in the amount of a good consumed when the
price of another good changes.
d. The income e ect shows how a change in income at a given price will a ect the
quantity of a good purchased.
Clear my choice
Question 4 Not yet answered Marked out of 1.00
The supply curve for the rm in perfect competition:
Select one:
a. is the MC curve above the minimum of ATC.
b. tells the quantity produced at each price.
c. must result in a price greater than MR.
d. shows the outputs at which the rm makes an economic pro t.
Clear my choice
/
, Question 5 Not yet answered Marked out of 1.00
In this exhibit (Simultaneous Shifts in Demand and Supply), D1 and S1 are original supply and
demand curves, and S2 and D2 are new curves. In this market, the change in supply may have
resulted from:
Select one:
a. wage increases for the workers.
b. an improvement in technology.
c. a decrease in the number of sellers.
d. all of the above.
Clear my choice
/
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