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Gravity
quiz 2
Terms in this set (10)
Consider the goods market diagrams above. Which diagram could describe the results of a large drop in the price of oil?
Where AD1 moves up and to the right to AD2, and AS stays the same
Consider the goods market diagrams above. Which diagram could describe the results of an advance in battery technology that extends the range of long-haul trucks?
Where AS1 goes down and to the right to AS2, and AD stays the same
Suppose in a year the real GDP growth rate is -2.1%, and the inflation rate rises from 4.0% the year before to 6.7% in the year. What must be happening in the goods market?
Aggregate demand is increasing.
Aggregate demand is decreasing.
Aggregate supply is increasing.
Aggregate supply is decreasing.
Aggregate supply is decreasing.
Consider the goods market diagrams above. Suppose the unemployment rate in year 1 is 7.2% and the inflation rate is 2.0%. In year 2 real GDP growth is 3.1%, the inflation rate is 4.1%, and the unemployment rate is 4.9%. Which of the goods market diagrams would describe these changes?
Where AD1 goes up and to the right to AD2, and AS stays the same
Consider the goods market diagrams above. Suppose the unemployment rate in year 1 is 7.5% and the inflation rate is 3.6%. In year 2 real GDP growth is 4.7%, the inflation rate is 5.1%, and the unemployment rate is 5.8%. Which of the goods market diagrams would describe these changes?
Where AS1 goes up and to the left to AS2, and AD stays the same
Consider the goods market diagrams above. Which diagram could describe the results of an exciting new advance in information technology?
Where AS1 moves down and to the right to AS2, and AD stays the same
Consider the goods market diagrams above. Which diagram could describe the results of a hurricane in the Gulf of Mexico that destroys several oil refineries?
Where AS1 moves up and to the left to AS2, and AD stays the same
Suppose in a year the real GDP growth rate is 4.5%, and the inflation rate falls from 2.9% the year before to 1.4% in the year. What must be happening in the goods market?
Aggregate demand is increasing.
Aggregate demand is decreasing.
Aggregate supply is increasing.
Aggregate supply is decreasing.
Aggregate supply is increasing.
Consider the goods market diagrams above. Suppose the unemployment rate in year 1 is 7.5% and the inflation rate is 3.6%. In year 2 real GDP growth is 4.7%, the inflation rate is 2.2%, and the unemployment rate is 4.1%. Which of the goods market diagrams would describe these changes?
Where AS1 moves down and to the right to AS2, and AD stays the same
Consider the goods market diagrams above. Suppose the unemployment rate in year 1 is 5.0% and the inflation rate is 2.5%. In year 2 real GDP growth is -2.6%, the inflation rate is 1.1%, and the unemployment rate is 6.9%. Which of the goods market diagrams would describe these changes?
Where AD1 moves down and to the left to AD2, and AS stays the same
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