Study Game - Topic 3.5

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Equilibrium in the AD-AS Model

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Economics

macroeconomic equilibrium

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Zachary Foust

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Study Game - Topic 3.5Version en ligne Equilibrium in the AD-AS Model par Zachary Foust 1 Given the graph of the short-run aggregate supply (SRAS) and long-run aggregate supply (LRAS) curves, which of the following is true? a At point X, the economy is experiencing a recessionary gap. b At point Y, the natural rate of unemployment is zero. c At point Z, the economy is in long-run equilibrium but not in short-run equilibrium. d At point Z, the economy has cyclical unemployment. 2 Based on the diagram, which of the following describes the short-run equilibrium? a The economy is operating at full employment. b The economy is operating below full employment. c The economy is operating above full employment. d There will be downward pressure on the price level. 3 In the AD-AS model, which of the following is true? a The economy is in an inflationary gap when the short-run equilibrium real output is below the long-run equilibrium real output. b The economy is in an inflationary gap when the short-run equilibrium real output is at the long-run equilibrium real output. c The economy is in a recessionary gap when the short-run equilibrium real output is at the long-run equilibrium real output. d The economy is in a recessionary gap when the short-run equilibrium real output is below the long-run equilibrium real output. 4 On the AD-AS model, where is short-run macroeconomic equilibrium located? a At the intersection of the AD curve and the SRAS curve b At the intersection of the AD curve and the LRAS curve c At the intersection of the LRAS curve and the SRAS curve d At the origin 5 When the unemployment rate is below the natural rate of unemployment, which of the following is true? a The economy is experiencing a recessionary gap. b The economy is experiencing a negative output gap. c The economy is operating at the full employment level of output. d The economy is experiencing an inflationary gap. 6 What is the AD-AS model? a The AD-AS model is a graph that shows the equilibrium nominal interest rate and quantity of money. b The AD-AS model is a graph that shows the equilibrium price level and output level. c The AD-AS model is a graph that shows the equilibrium real interest rate and quantity of loanable funds. d The AD-AS model is a graph that shows the equilibrium exchange rate for the dollar and quantity of dollars. 7 What is the full employment level of output? a When actual output equals potential output b When actual output is less than potential output c When actual output is greater than potential output d When actual output is greater than or equal to potential output 8 What is a recessionary gap? a When actual output equals potential output b When actual output is less than potential output c When actual output is greater than potential output d When actual output is greater than or equal to potential output 9 What is an inflationary gap? a When actual output equals potential output b When actual output is less than potential output c When actual output is greater than potential output d When actual output is greater than or equal to potential output 10 Examine the graph. Which of the following terms best describes the graph? a Negative output gap b Full employment level of output c Recessionary gap d Inflationary gap 11 Examine the graph. Which of the following terms best describes the graph? a Negative output gap b Full employment level of output c Positive output gap d Inflationary gap 12 Examine the graph. Which of the following terms best describes the graph? a Negative output gap b Full employment level of output c Positive output gap d Inflationary gap 13 If actual output is greater then potential output, then the economy is experiencing a An inflationary gap b A recessionary gap c The full employment level of output d Potential output 14 If actual output is less then potential output, then the economy is experiencing a An inflationary gap b A recessionary gap c The full employment level of output d Potential output 15 If the unemployment rate is greater than the natural rate of unemployment, then the economy is experiencing a A recessionary gap b An inflationary gap c The full employment level of output d An expansion 16 If the unemployment rate is less than the natural rate of unemployment, then the economy is experiencing a A recessionary gap b An inflationary gap c The full employment level of output d An expansion 17 If the cyclical rate of unemployment is negative, then the economy is experiencing a a The full employment level of output b A recessionary gap c An inflationary gap d Potential output 18 If the cyclical rate of unemployment is positive, then the economy is experiencing a a The full employment level of output b A recessionary gap c An inflationary gap d Potential output

Study Game - Topic 3.5Version en ligne

Equilibrium in the AD-AS Model

par Zachary Foust

Given the graph of the short-run aggregate supply (SRAS) and long-run aggregate supply (LRAS) curves, which of the following is true?

At point X, the economy is experiencing a recessionary gap.

At point Y, the natural rate of unemployment is zero.

At point Z, the economy is in long-run equilibrium but not in short-run equilibrium.

At point Z, the economy has cyclical unemployment.

Based on the diagram, which of the following describes the short-run equilibrium?

The economy is operating at full employment.

The economy is operating below full employment.

The economy is operating above full employment.

There will be downward pressure on the price level.

In the AD-AS model, which of the following is true?

The economy is in an inflationary gap when the short-run equilibrium real output is below the long-run equilibrium real output.

The economy is in an inflationary gap when the short-run equilibrium real output is at the long-run equilibrium real output.

The economy is in a recessionary gap when the short-run equilibrium real output is at the long-run equilibrium real output.

The economy is in a recessionary gap when the short-run equilibrium real output is below the long-run equilibrium real output.

On the AD-AS model, where is short-run macroeconomic equilibrium located?

At the intersection of the AD curve and the SRAS curve

At the intersection of the AD curve and the LRAS curve

At the intersection of the LRAS curve and the SRAS curve

At the origin

When the unemployment rate is below the natural rate of unemployment, which of the following is true?

The economy is experiencing a recessionary gap.

The economy is experiencing a negative output gap.

The economy is operating at the full employment level of output.

The economy is experiencing an inflationary gap.

What is the AD-AS model?

The AD-AS model is a graph that shows the equilibrium nominal interest rate and quantity of money.

The AD-AS model is a graph that shows the equilibrium price level and output level.

The AD-AS model is a graph that shows the equilibrium real interest rate and quantity of loanable funds.

The AD-AS model is a graph that shows the equilibrium exchange rate for the dollar and quantity of dollars.

What is the full employment level of output?

When actual output equals potential output

When actual output is less than potential output

When actual output is greater than potential output

When actual output is greater than or equal to potential output

What is a recessionary gap?

When actual output equals potential output

When actual output is less than potential output

When actual output is greater than potential output

When actual output is greater than or equal to potential output

What is an inflationary gap?

When actual output equals potential output

When actual output is less than potential output

When actual output is greater than potential output

When actual output is greater than or equal to potential output

Examine the graph. Which of the following terms best describes the graph?

Negative output gap

Full employment level of output

Recessionary gap

Inflationary gap

Examine the graph. Which of the following terms best describes the graph?

Negative output gap

Full employment level of output

Positive output gap

Inflationary gap

Examine the graph. Which of the following terms best describes the graph?

Negative output gap

Full employment level of output

Positive output gap

Inflationary gap