UMUC ECON201 Homework 3 Latest 2015

Jun 27th, 2016
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Question Question 1 1 / 1 point As the aggregate price level in an economy decreases, a) consumer demand decreases. b) investment decreases. c) interest rates decrease. d) imports decrease. Question 2 0 / 1 point In an AD/ASAD/AS model: a) the GDP deflator is shown on the vertical axis. b) the Consumer Price Index always slopes upwards. c) real GDP is shown on the horizontal axis. d) the potential GDP always slopes downwards. Question 3 0 / 1 point The _________________ means that a higher price level leads to lower real wealth. a) foreign price effect b) employment effect c) wealth effect d) interest rate effect Question 4 1 / 1 point _______________________ are economists who generally emphasize the importance of aggregate supply in determining the size of the macroeconomy over the _____________. a) Keynesian economists; short run b) Neoclassical economists; short run c) Neoclassical economists; long run d) Keynesian economists; long run Question 5 1 / 1 point

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umuc econ201 homework 3 latest 2015Report this Question as InappropriateQuestionQuestion 1 1 / 1 pointAs the aggregate price level in an economy decreases,a) consumer demand decreases.b) investment decreases.c) interest rates decrease.d) imports decrease.Question 2 0 / 1 pointIn an AD/ASAD/AS model:a) the GDP deflator is shown on the vertical axis.b) the Consumer Price Index always slopes upwards.c) real GDP is shown on the horizontal axis.d) the potential GDP always slopes downwards.Question 3 0 / 1 pointThe _________________ means that a higher price level leads to lower real wealth.a) foreign price effectb) employment effectc) wealth effectd) interest rate effectQuestion 4 1 / 1 point_______________________ are economists who generally emphasize the importance ofaggregate supply in determining the size of the macroeconomy over the _____________.a) Keynesian economists; short runb) Neoclassical economists; short runc) Neoclassical economists; long rund) Keynesian economists; long runQuestion 5 1 / 1 pointWhen prices of outputs in an economy become sufficiently high causing production to exceedpotential GDP, the resulting:a) downward slope in aggregate supply curve will be short run.b) hyper-intense production will be unsustainable in the long run.c) lower prices will lead to a lower quantity of demand.d) higher wages will encourage workers to produce more at high prices.Question 6 1 / 1 pointEconomic production has fallen to less than

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