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Mac Econ 3

TermDefinition
Besides consumption, the component(s) of aggregate demand is/are: investment expenditures, government expenditures, and net exports.
The wealth effect explains why the: aggregate demand curve slopes downward, since changes in the aggregate price level alter the purchasing power of people's wealth.
Suppose that the stock market booms, which causes a large increase in the value of many households' financial assets. The most likely outcome is a _____ the aggregate demand curve. rightward shift of
Changes in _____ will not shift the aggregate demand curve. the price level
Suppose that consumer expectations about the future improve. This will cause a: shift of the aggregate demand curve to the right.
Suppose that consumer expectations about the future worsen. This will cause a: shift of the aggregate demand curve to the left.
The short-run aggregate supply curve has a ____ slope, showing that increases in the price level will ____ the quantity of aggregate output supplied by firms. positive: increase
When the aggregate price level _____, firms usually experience a(n) _____ in profit per unit and _____ output. increases; increase; increased
When the aggregate price level rises: there will be a movement along the SRAS curve.
The short-run aggregate supply curve is positively sloped because: wages are sticky.
A shift to the left of the short-run aggregate supply curve may be caused by a(n): decrease in productivity.
If nominal wages rise, then the short-run aggregate _____ curve shifts to the _____. supply; left
Suppose that productivity increases as workers' health improves. This increase in productivity will: shift the short-run aggregate supply curve to the right.
If nominal wages fall, then the short-run aggregate _____ curve shifts to the _____. supply; right
Which factor will decrease short-run aggregate supply? an increase in the price of oil
Created by: josiejojo0
 

 



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