Econ Unit 3
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| 3. Assume the economy of Andersonland is in a long-run equilibrium with full employment. In the short run, nominal wages are fixed. |
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| An increase in personal income taxes will most likely cause aggregate demand and aggregate supply to change in which of the following ways in the short run? | AD= decrease, AS= not change
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| A short-run Phillips curve shows an inverse relationship between | Inflation and unemployment
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| Stagflation is most likely to be caused by | (D) a decrease in aggregate supply
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| 4. According to the graph above, an increase in aggregate supply will most likely cause income and employment to change in which of the following ways? | E) income=increase, Employment= increase
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| An increase in aggregate demand will cause which of the following? | A movement along a given short-run
Phillips curve
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| Which of the following is true about the marginal propensity to consume? | It determines the size of the simple spending multiplier.
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| 58. Which of the following would cause the short-run aggregate supply curve to shift to the right? | (E) A decrease in the expected price level
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| 7. Which of the following would be the initial impact on an economy if wages were to increase more than worker productivity? | (D) The short-run aggregate supply curve would shift to the left, increasing the price level.
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| An advance in technology will cause the | (E) long-run aggregate supply curve to shift to the right
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| A simultaneous increase in inflation and unemployment could be explained by an increase in which of the following? | (E) Inflationary expectations
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| 15. According to the short-run Phillips curve, lower inflation rates are associated with | higher unemployment rates
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| 17. An increase in which of the following would cause the aggregate demand curve to shift to the left? | (D) Income taxes
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| A high marginal propensity to consume implies which of the following? | (E) A low marginal propensity to save
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| Which of the following will most likely occur as a result of an increase in labor productivity in an economy? | (A) An increase in output and a decrease in inflation.
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| According to the graph above, which of the following is true about the long-run equilibrium of the economy depicted? | (E) As wages increase, the short-run aggregate supply curve will shift to the left to restore long-run equilibrium.
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| 30. An advance in technology will cause the | (E) long-run aggregate supply curve to shift to the right
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| An increase in which of the following is most likely to promote economic growth? | B. investment tax credits
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