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Exam 10: Economic Fluctuations

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Question 51

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$\begin{array} { | c | c | c | } \hline \begin{array} { c } \text { Amount of Real } \\\text { Output Demanded }\end{array} & \begin{array} { c } \text { Price Level } \\\text { (index value) }\end{array} & \begin{array} { c } \text { Amount of Real } \\\text { Output Supplied }\end{array} \\\hline \$ 200 & 300 & \$ 475 \\\hline 300 & 250 & 450 \\\hline 400 & 200 & 400 \\\hline 500 & 150 & 300 \\\hline 600 & 100 & 100 \\\hline\end{array}$ -If the price level is 150,then:

A) a surplus of real output of $200 will occur
B) a shortage of real output of $100 will occur
C) a surplus of real output of $300 will occur
D) neither a shortage nor a surplus of real output will occur
E) a shortage of real output of $200 will occur

F) None of the above
G) A) and C)

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Question 52

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-Ceteris paribus,a shift in the aggregate supply curve from AS₀ to AS₁ might be caused by a(n) :

A) increase in government regulation
B) increase in aggregate demand
C) increase in productivity
D) decline in wages
E) fall in natural resource prices

F) B) and D)
G) All of the above

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Question 53

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-Which of the above diagrams best portrays the effects of a decrease in the availability of key natural resources?

A recession is defined as a six-month period over which:

Economies such as Canada are characterized by:

The equilibrium price level and level of real output occur where:

In the following table for a hypothetical country, C is consumption, I is investment, G is government purchases, X is exports, and M is imports. All figures in columns (2) to (6) are in billions of dollars $\begin{array} { | c | c | c | c | c | c | } \hline \begin{array} { c } ( 1 ) \\\text { Price } \\\text { Level }\end{array} & \begin{array} { c } ( 2 ) \\\mathrm { C }\end{array} & \begin{array} { c } ( 3 ) \\\mathrm { I }\end{array} & \begin{array} { c } ( 4 ) \\\mathrm { G }\end{array} & \begin{array} { c } ( 5 ) \\\mathrm { X }\end{array} & \begin{array} { c } ( 6 ) \\\mathrm { M }\end{array} \\\hline 128 & \$ 18 & \$ 2 & \$ 3 & \$ 4 & \$ 5 \\\hline 125 & 20 & 4 & 3 & 4 & 4 \\\hline 122 & 22 & 6 & 3 & 4 & 3 \\\hline 119 & 24 & 8 & 3 & 4 & 2 \\\hline 116 & 26 & 10 & 3 & 4 & 1 \\\hline\end{array}$ -Which of the following schedules constitutes aggregate demand in this country? $\quad$ $\quad$ $\quad$ $\quad$$\text { Real Expenditures }$ $\begin{array} { | c | c | c | c | c | } \hline \text { Price } & ( \mathrm { A } ) & ( \mathrm { B } ) & ( \mathrm { C } ) & \text { (D) } \\\hline 128 & 22 & 23 & 27 & 24 \\\hline 125 & 27 & 27 & 31 & 27 \\\hline 122 & 32 & 31 & 35 & 30 \\\hline 119 & 37 & 35 & 39 & 33 \\\hline 116 & 42 & 39 & 43 & 36 \\\hline\end{array}$

-If the equilibrium price level is P₁,then:

The factors that affect the amounts that consumers,businesses,government,and foreigners wish to purchase at each price level are:

-Which of the following would shift the aggregate demand curve from AD₂ to AD₁?

-If the aggregate supply curve shifted from AS₀ to AS₁,we could say that:

-Which of the above diagrams best portrays the effects of an increase in consumer spending?

The level of productivity is:

If Canada wants to increase its net exports,it might take steps to:

In the following table for a hypothetical country, C is consumption, I is investment, G is government purchases, X is exports, and M is imports. All figures in columns (2) to (6) are in billions of dollars $\begin{array} { | c | c | c | c | c | c | } \hline \begin{array} { c } ( 1 ) \\\text { Price } \\\text { Level }\end{array} & \begin{array} { c } ( 2 ) \\\mathrm { C }\end{array} & \begin{array} { c } ( 3 ) \\\mathrm { I }\end{array} & \begin{array} { c } ( 4 ) \\\mathrm { G }\end{array} & \begin{array} { c } ( 5 ) \\\mathrm { X }\end{array} & \begin{array} { c } ( 6 ) \\\mathrm { M }\end{array} \\\hline 128 & \$ 18 & \$ 2 & \$ 3 & \$ 4 & \$ 5 \\\hline 125 & 20 & 4 & 3 & 4 & 4 \\\hline 122 & 22 & 6 & 3 & 4 & 3 \\\hline 119 & 24 & 8 & 3 & 4 & 2 \\\hline 116 & 26 & 10 & 3 & 4 & 1 \\\hline\end{array}$ -If this nation's equilibrium price level is 125,its net exports will be:

-The changes in aggregate demand and supply produce a(n) :

In which of the following sets of circumstances can we confidently expect inflation?

Ceteris paribus,a reduction in personal and business taxes can be expected to:

-If aggregate demand increases and aggregate supply decreases,the price level:

If population is expanding at the same rate as real output,we would expect: