Homework Answers
a) LRAS shift left , quantity of available resource reduces permanently .
b) LRAS shift right , quantity of labor resource increases .
c) LRAS shift left , productivity falls as workers are out of labor force .
d) LRAS shift left , incentive to innovate falls so productivity also falls .
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8. The long run aggregate supply curve is a vertical line. It is so because it...
Which of the following factors will influence the position of the long-run aggregate supply curve? Check all that apply
5. The slope and position of the long-run aggregate supply curve Which of the following factors will influence the position of the long-run aggregate supply curve? Check all that apply The price level The quantity of physical capital The amount of available natural resources The size of the labor force Suppose the economy produces real GDP of $30 bwwion when unemployment is at its natural rate. On the following graph, use the purple line (diamond symbol) to plot the economy's long-run aggregate supply (LRAS) curve. Suppose the...
Describe the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve. A. the...
Describe the short-run aggregate supply (SRAS) curve and the long-run aggregate supply (LRAS) curve. A. the SRAS curve is horizontal and the LRAS curve is upward sloping B. the SRAS curve is horizontal and the LRAS curve is vertical C. the SRAS curve is vertical and the LRAS curve is horizontal D. the SRAS curve is vertical and the LRAS curve is upward sloping Why is the short-run aggregate supply curve horizontal? A. because output is fixed in the short...
a) Provide a factor that would shift the long-run aggregate supply (LRAS) curve to the right....
a) Provide a factor that would shift the long-run aggregate supply (LRAS) curve to the right. What does this shift in LRAS imply for aggregate output? Use the Aggregate Demand and Supply model to illustrate this event. Make sure you properly label all the axes and curves. (You only need to draw a shift in LRAS curve, no need to draw other curves). b) Provide a factor that would shift the short-run aggregate supply (SRAS) curve upward (and to the...
At points on the short-run aggregate supply curve, but to the right of the long-run aggregate...
At points on the short-run aggregate supply curve, but to the right of the long-run aggregate supply curve, resources are: A. over-utilized, making it more likely that the short-run aggregate supply curve will shift up (to the left) B. over-utilized, making it more likely that the short-run aggregate supply curve will shift down (to the right) ° C. under-utilized, making it more likely that the short-run aggregate supply curve will shift up (to the left) D. under-utilized, making it more...
The long-run aggregate supply curve shifts right if a. either immigration from abroad increases or technology...
The long-run aggregate supply curve shifts right if a. either immigration from abroad increases or technology improves. b. immigration from abroad increases, but not if technology improves. c. technology improves, but not if immigration from abroad increases. d. None of the above are correct.
The long run aggregate supply curve is perfectly vertical to both the RBC and New keynesian...
The long run aggregate supply curve is perfectly vertical to both the RBC and New keynesian models of inflation and economic growth. this implies that a. inflation and long run supply and positively correlated b. sthe slope of the LRAS curve is negative c. there is no relationship between long run growth and inflation d. all of the possible choices are correct money neutrality implies that a. all the possible choices are correct b. increaes in the money supply have...
When the long-run aggregate supply curve shifts, the short-run aggregate supply curve may or may not...
When the long-run aggregate supply curve shifts, the short-run aggregate supply curve may or may not shift in the same direction.
Which of the following would cause the long-run aggregate supply curve to shift to the right?
Which of the following would cause the long-run aggregate supply curve to shift to the right? (Choose all that apply) an increase in the size of the labor force a decrease in nominal wages an improvement in technology an increase in the supply of capital goods
The long-run aggregate supply curve is vertical because Select one: a. potential GDP is independent of...
The long-run aggregate supply curve is vertical because Select one: a. potential GDP is independent of the price level. ob. actual output can never exceed, even temporarily, the output rate implied by the economy's long-run aggregate supply curve. c. a vertical long-run aggregate supply curve indicates the maximum output rate that an economy can ever reach. d. a vertical long-run supply curve indicates that an increase in aggregate demand will lead to a
QUESTION 36 Which of the following would cause the long-run aggregate supply curve to shift to...
QUESTION 36 Which of the following would cause the long-run aggregate supply curve to shift to the right? (Choose all that apply). an improvement in technology an increase in the supply of capital goods an increase in the size of the labor force a decrease in nominal wages
At points on the short-run aggregate supply curve, but to the right of the long-run aggregate supply curve, resources are: A. over-utilized, making it more likely that the short-run aggregate supply curve will shift up (to the left) B. over-utilized, making it more likely that the short-run aggregate supply curve will shift down (to the right) ° C. under-utilized, making it more likely that the short-run aggregate supply curve will shift up (to the left) D. under-utilized, making it more...
When the long-run aggregate supply curve shifts, the short-run aggregate supply curve may or may not shift in the same direction.
The long-run aggregate supply curve is vertical because Select one: a. potential GDP is independent of the price level. ob. actual output can never exceed, even temporarily, the output rate implied by the economy's long-run aggregate supply curve. c. a vertical long-run aggregate supply curve indicates the maximum output rate that an economy can ever reach. d. a vertical long-run supply curve indicates that an increase in aggregate demand will lead to a
QUESTION 36 Which of the following would cause the long-run aggregate supply curve to shift to the right? (Choose all that apply). an improvement in technology an increase in the supply of capital goods an increase in the size of the labor force a decrease in nominal wages
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