Answer All 1-The exchange rate last month was $1= 1 Swiss francs. This month it is...
Answer All
1-The exchange rate last month was $1= 1 Swiss francs. This month it is $1 = 0.95 Swiss francs. We can say that the value of the dollar
A.fell, causing net exports to decrease and aggregate demand to fall.
B.increased, causing net exports to decrease and aggregate demand to rise.
C.increased, causing net exports to decrease and aggregate demand to fall.
D.fell, causing net exports to increase and aggregate demand to rise.
2-Say's Law says that
A.desired expenditures always equal actual expenditures.
B.people consume the goods they produce.
C.consumption is greater than supply.
D.people produce the goods they consume.
3-The relationship between the price level and the real Gross Domestic Product (GDP) without full adjustment or full information is represented by
A.the long-run aggregate supply curve.
B.the aggregate demand curve.
C.the distance between the long-run aggregate supply curve and the short-run aggregate supply curve.
D.the short-run aggregate supply curve.
4-In the short run, if aggregate demand shifts to the left while the position of the short-run aggregate supply curve does NOT change, then
A.an inflationary gap occurs
B.a recessionary gap occurs.
C.there is no change in real GDP and the price level.
D.the level of economic activity rises
5-After some tornadoes in Alabama, unemployment is low as there is a great deal of construction work and businesses run at full capacity. This suggests that
A.living standards are increasing as there is more employment and economic activity.
B.the economy is operating above the full-employment level and will eventually adjust back to longminus−runaggregate supply.
C.the economy is operating below its long-run level and living standards are less than they would have been without the hurricane.
D.the hurricane is beneficial since it is increasing employment and replacing less efficient capital with newer and more efficient capital.
Homework Answers
1.
D
Since the USD depreciates, it facilitates more export in the international market and AD also increases.
2.
B
It makes that supply is creating demand.
3.
D
It is the SRAS curve that shows the relationship.
4.
B
Leftward shift of the AD curve, will make the economy move away from the LR position in the left direction. It will create recessionary gap.
5.
B
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