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Question : 72) If both the supply and demand curves shift simultaneously, : 1226419

Economics

 

72) If both the supply and demand curves shift simultaneously, we can always predict what will happen to

A) both the price and the quantity.

B) either the price or the quantity, but not both.

C) only the price.

D) only the quantity.

E) neither the price nor the quantity.

 

73) A competitive market is in equilibrium. Then there is an increase in demand and an increase in supply. The equilibrium price ________, and the equilibrium quantity ________.

A) rises; increases

B) perhaps changes but we can’t say if it rises, falls, or stays the same; does not change

C) falls; increases

D) perhaps changes but we can’t say if it rises, falls, or stays the same; increases

E) falls; perhaps changes but we can’t say if it increases, decreases, or stays the same

 

74) If the demand and supply both increase equally, then the equilibrium price ________ and the equilibrium quantity ________.

A) increases; increase

B) increases; does not change

C) does not change; increases

D) increases; decreases

E) decreases; does not change

75) Kiwis and strawberries are substitutes for consumers. An increase in the price of a kiwi coupled with an increase in the number of strawberry growers ________ the equilibrium price of a pound of strawberries and ________ the equilibrium quantity of strawberries.

A) raises; increases

B) probably changes, but more information is needed to determine if it rises or falls; increases

C) raises; probably changes, but more information is needed to determine if it increases or decreases

D) lowers; probably changes, but more information is needed to determine if it increases or decreases

E) lowers; increases

 

76) A competitive market is in equilibrium. Then there is a decrease in demand and a decrease in supply. The equilibrium price ________, and the equilibrium quantity ________.

A) rises; decreases

B) perhaps changes but we can’t say if it rises, falls, or stays the same; decreases

C) falls; increases

D) perhaps changes but we can’t say if it rises, falls, or stays the same; increases

E) rises; increases

 

77) If both supply and demand decrease by the same amount, the equilibrium price

A) does not change.

B) rises.

C) falls.

D) cannot be predicted.

E) None of the answers is correct because the price depends on what happens to the equilibrium quantity.

78) Both the demand for and supply of cars changes in France. You observe that the quantity of cars does not change but the price rises. Thus, which of the following occurred?

A) Demand and supply increased by an equal amount.

B) Demand and supply decreased by an equal amount.

C) Demand increased and supply decreased by an equal amount.

D) Demand decreased and supply increased by an equal amount.

E) Demand increased by a larger magnitude than supply decreased.

 

79) Suppose that the demand curve for desktop computers shifts rightward and at the same time the supply curve shifts leftward. Which of the following could have caused these shifts?

A) Desktop computers are a normal good and incomes increased, while more firms entered the market.

B) The price of a laptop computer, a substitute for desktop computers, fell and the cost of producing desktop computers decreased.

C) Consumers purchased more computers because of the Christmas season and the labor costs of producing desktop computers decreased.

D) Desktop computers are a normal good and incomes increased, while the labor costs of producing personal computers increased.

E) Desktop computers are a normal good and incomes decreased, while the labor costs of producing personal computers increased.

 

80) If the demand curve for desktop computers shifts rightward and at the same time the supply curve shifts leftward, then

A) the equilibrium price definitely rises.

B) the equilibrium price definitely falls.

C) the equilibrium price definitely remains the same.

D) More information is needed to determine the effect on the equilibrium price.

E) the equilibrium quantity definitely increases.

 

 

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July 1, 2023
    

 

31) Which of the following describes the distinction between the Phillips curve and the AS curve?

A) The AS curve has the price level on the vertical axis whereas the Phillips curve has the interest rate on the vertical axis.

B) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of change in the interest rate on the vertical axis.

C) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

D) The AS curve has the rate of price inflation on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

E) There is no distinction: the two curves are essentially the same thing.

32) If the economy in the short run is experiencing a recessionary gap, we are likely to see

A) severe and widespread labour shortages.

B) quickly rising output prices.

C) many workers receiving employment-insurance benefits.

D) the number of employment-insurance recipients the lowest ever.

E) consumers optimistic about the future.

33) Which of the following statements about output gaps is true?

A) When actual GDP is below potential GDP, there is upward pressure on wages.

B) When actual GDP is below potential GDP, there is upward pressure on output prices.

C) When actual GDP is above potential GDP, there is downward pressure on wages.

D) When actual GDP is above potential GDP, there is downward pressure on output prices.

E) When actual GDP is above potential GDP, there is upward pressure on wages.

34) Consider the basic AD/AS diagram. The vertical line at Y* shows the relationship between the price level and the amount of output ________ have adjusted to output gaps.

A) demanded by households after all factor prices

B) supplied by firms after all factor prices

C) demanded by households before all factor prices

D) supplied by firms before all factor prices

E) supplied by firms after all output prices

35) As the macro economy adjusts from the short run to the long run,

A) wages and other factor prices adjust to close output gaps.

B) potential output is adjusting to close inflationary or recessionary gaps.

C) wages and other factor prices remain constant.

D) aggregate demand shocks cause deviations from potential output.

E) aggregate supply shocks cause deviations from potential output.

36) Following any AD or AS shock, economists typically assume that the adjustment process continues until

A) the AD and AS curves intersect each other at the correct price level.

B) real GDP returns to Y*.

C) factor prices have returned to their levels previous to the shock.

D) Y* adjusts to its long-run equilibrium level.

E) the output gap is at a stable level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37) Refer to Table 24-1. Which of the economies is operating at its long-run equilibrium?

A) Economy A

B) Economy B

C) Economy C

D) Economy D

E) Economy E

38) Refer to Table 24-1. Which of the economies are experiencing an inflationary gap?

A) Economies A and B

B) Economies B and C

C) Economies C and D

D) Economies D and E

E) none of the economies

39) Refer to Table 24-1. Which of the following statements best describes the situation facing Economy B?

A) There is a recessionary gap of $40 billion and wages are falling slowly.

B) There is an inflationary gap of $40 billion and wages are rising.

C) There is a recessionary gap of $20 billion and wages are falling slowly.

D) There is no output gap and wages are stable.

E) There is an output gap of $20 billion and wages are rapidly adjusting.

40) Refer to Table 24-1. Consider Economy E. Which of the following best describes the positions of the aggregate demand and aggregate supply curves in this economy?

A) The AD curve has shifted to the right and the economy is in a short-run disequilibrium position.

B) The AS curve has shifted to the left and the economy is in a short-run disequilibrium position.

C) The intersection of the AD and AS curves is to the right of Y*.

D) The intersection of the AD and AS curves is to the left of Y*.

E) The intersection of the AD and AS curves coincide with the long-run aggregate supply curve.

 

 

default image
July 1, 2023
    

 

31) Which of the following describes the distinction between the Phillips curve and the AS curve?

A) The AS curve has the price level on the vertical axis whereas the Phillips curve has the interest rate on the vertical axis.

B) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of change in the interest rate on the vertical axis.

C) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

D) The AS curve has the rate of price inflation on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

E) There is no distinction: the two curves are essentially the same thing.

32) If the economy in the short run is experiencing a recessionary gap, we are likely to see

A) severe and widespread labour shortages.

B) quickly rising output prices.

C) many workers receiving employment-insurance benefits.

D) the number of employment-insurance recipients the lowest ever.

E) consumers optimistic about the future.

33) Which of the following statements about output gaps is true?

A) When actual GDP is below potential GDP, there is upward pressure on wages.

B) When actual GDP is below potential GDP, there is upward pressure on output prices.

C) When actual GDP is above potential GDP, there is downward pressure on wages.

D) When actual GDP is above potential GDP, there is downward pressure on output prices.

E) When actual GDP is above potential GDP, there is upward pressure on wages.

34) Consider the basic AD/AS diagram. The vertical line at Y* shows the relationship between the price level and the amount of output ________ have adjusted to output gaps.

A) demanded by households after all factor prices

B) supplied by firms after all factor prices

C) demanded by households before all factor prices

D) supplied by firms before all factor prices

E) supplied by firms after all output prices

35) As the macro economy adjusts from the short run to the long run,

A) wages and other factor prices adjust to close output gaps.

B) potential output is adjusting to close inflationary or recessionary gaps.

C) wages and other factor prices remain constant.

D) aggregate demand shocks cause deviations from potential output.

E) aggregate supply shocks cause deviations from potential output.

36) Following any AD or AS shock, economists typically assume that the adjustment process continues until

A) the AD and AS curves intersect each other at the correct price level.

B) real GDP returns to Y*.

C) factor prices have returned to their levels previous to the shock.

D) Y* adjusts to its long-run equilibrium level.

E) the output gap is at a stable level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37) Refer to Table 24-1. Which of the economies is operating at its long-run equilibrium?

A) Economy A

B) Economy B

C) Economy C

D) Economy D

E) Economy E

38) Refer to Table 24-1. Which of the economies are experiencing an inflationary gap?

A) Economies A and B

B) Economies B and C

C) Economies C and D

D) Economies D and E

E) none of the economies

39) Refer to Table 24-1. Which of the following statements best describes the situation facing Economy B?

A) There is a recessionary gap of $40 billion and wages are falling slowly.

B) There is an inflationary gap of $40 billion and wages are rising.

C) There is a recessionary gap of $20 billion and wages are falling slowly.

D) There is no output gap and wages are stable.

E) There is an output gap of $20 billion and wages are rapidly adjusting.

40) Refer to Table 24-1. Consider Economy E. Which of the following best describes the positions of the aggregate demand and aggregate supply curves in this economy?

A) The AD curve has shifted to the right and the economy is in a short-run disequilibrium position.

B) The AS curve has shifted to the left and the economy is in a short-run disequilibrium position.

C) The intersection of the AD and AS curves is to the right of Y*.

D) The intersection of the AD and AS curves is to the left of Y*.

E) The intersection of the AD and AS curves coincide with the long-run aggregate supply curve.

 

 

default image
July 1, 2023
    

 

31) Which of the following describes the distinction between the Phillips curve and the AS curve?

A) The AS curve has the price level on the vertical axis whereas the Phillips curve has the interest rate on the vertical axis.

B) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of change in the interest rate on the vertical axis.

C) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

D) The AS curve has the rate of price inflation on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.

E) There is no distinction: the two curves are essentially the same thing.

32) If the economy in the short run is experiencing a recessionary gap, we are likely to see

A) severe and widespread labour shortages.

B) quickly rising output prices.

C) many workers receiving employment-insurance benefits.

D) the number of employment-insurance recipients the lowest ever.

E) consumers optimistic about the future.

33) Which of the following statements about output gaps is true?

A) When actual GDP is below potential GDP, there is upward pressure on wages.

B) When actual GDP is below potential GDP, there is upward pressure on output prices.

C) When actual GDP is above potential GDP, there is downward pressure on wages.

D) When actual GDP is above potential GDP, there is downward pressure on output prices.

E) When actual GDP is above potential GDP, there is upward pressure on wages.

34) Consider the basic AD/AS diagram. The vertical line at Y* shows the relationship between the price level and the amount of output ________ have adjusted to output gaps.

A) demanded by households after all factor prices

B) supplied by firms after all factor prices

C) demanded by households before all factor prices

D) supplied by firms before all factor prices

E) supplied by firms after all output prices

35) As the macro economy adjusts from the short run to the long run,

A) wages and other factor prices adjust to close output gaps.

B) potential output is adjusting to close inflationary or recessionary gaps.

C) wages and other factor prices remain constant.

D) aggregate demand shocks cause deviations from potential output.

E) aggregate supply shocks cause deviations from potential output.

36) Following any AD or AS shock, economists typically assume that the adjustment process continues until

A) the AD and AS curves intersect each other at the correct price level.

B) real GDP returns to Y*.

C) factor prices have returned to their levels previous to the shock.

D) Y* adjusts to its long-run equilibrium level.

E) the output gap is at a stable level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37) Refer to Table 24-1. Which of the economies is operating at its long-run equilibrium?

A) Economy A

B) Economy B

C) Economy C

D) Economy D

E) Economy E

38) Refer to Table 24-1. Which of the economies are experiencing an inflationary gap?

A) Economies A and B

B) Economies B and C

C) Economies C and D

D) Economies D and E

E) none of the economies

39) Refer to Table 24-1. Which of the following statements best describes the situation facing Economy B?

A) There is a recessionary gap of $40 billion and wages are falling slowly.

B) There is an inflationary gap of $40 billion and wages are rising.

C) There is a recessionary gap of $20 billion and wages are falling slowly.

D) There is no output gap and wages are stable.

E) There is an output gap of $20 billion and wages are rapidly adjusting.

40) Refer to Table 24-1. Consider Economy E. Which of the following best describes the positions of the aggregate demand and aggregate supply curves in this economy?

A) The AD curve has shifted to the right and the economy is in a short-run disequilibrium position.

B) The AS curve has shifted to the left and the economy is in a short-run disequilibrium position.

C) The intersection of the AD and AS curves is to the right of Y*.

D) The intersection of the AD and AS curves is to the left of Y*.

E) The intersection of the AD and AS curves coincide with the long-run aggregate supply curve.

 

 

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