Step-by-step solution file
ECO 102 CAT
ECO 102 CAT
Attempt all questions
1. The image above shows two aggregate supply curves. Which of the following statements accurately describes the two curves?
- AS1 is Classical, because it shows more price and wage flexibility
- AS2 is Keynesian, because it shows less price and wage flexibility
- AS1 is Keynesian, because it shows less price and wage flexibility
- both curves are Keynesian
- AS2 is Classical, because it shows less price and wage flexibility
2. If the supply of money increases, what happens in the money market?
- The interest rate falls
- Transaction demand for money falls.
- The interest rate rises
- The interest rate does not change
- Transaction demand for money rises.
3. When aggregate demand increases faster than aggregate supply, prices go up. This is an example of:
- demand-pull inflation
- per-worker productivity
- cost-push inflation
- government gridlock
4. The Phillips curve illustrates that
- when inflation is low, unemployment is low
- when inflation is low, unemployment is high
- when unemployment is low, nominal GDP is negative
- when unemployment is high, inflation is high
- when inflation is low, the real interest rate is high
5. Economics is the study of
- how people use unlimited resources to satisfy limited wants
- how people use unlimited resources to satisfy their unlimited wants
- how businesses use unlimited resources to satisfy unlimited consumer wants
- how people use scarce resources to satisfy unlimited wants
- how governments satisfy business demand
This question was answered on: Feb 21, 2020
This attachment is locked
We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free copy (Deadline assured. Flexible pricing. TurnItIn Report provided)
Need a similar solution fast, written anew from scratch? Place your own custom order
We have top-notch tutors who can help you with your essay at a reasonable cost and then you can simply use that essay as a template to build your own arguments. This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student. New solution orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.