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ECO 102 CAT

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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
  • deflation
  • 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

 







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