Aggregate Supply Quiz 3 (8 MCQs)

Quiz Instructions

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1. The axis on the aggregate demand curve diagrams are real GDP and the price level

Correct Answer: A) Yes, I understand this from the notes.

2. The study of the economy as a whole and how major sectors of the economy interact.

Correct Answer: D) Macroeconomics.

3. Which of the following would shift AS in the short run but not in the long run?

Correct Answer: B) Increase in wages.

4. Changes in factors of production cause the long run aggregate supply curve to shift

Correct Answer: A) Yes, I understand this from the notes.

5. The long run aggregate supply curve has

Correct Answer: B) An infinite slope.

6. A change in the price level will cause a movement along the aggregate demand curve

Correct Answer: A) Yes, I understand this from the notes.

7. The aggregate demand curve is a similar shape to the normal micoreconomic demand curve

Correct Answer: A) Yes, I understand this from the notes.

8. The reasons why aggregate demand may shift to the left

Correct Answer: A) Yes, I understand this from the notes.