Question 1

Refer to the ﬁgures. In terms of representing the economy,

Accepted Answer

A)   neither Figure A nor Figure B consistently represents either the very short run or the longer run.
B)   demand shocks affect levels of output and employment in Figure A; demand shocks have no effect in Figure B.
C)   Figure A represents the very short run, where output is ﬁxed, and Figure B represents the longer run.
D)   Figure B represents the very short run, where prices are sticky, and Figure A represents the longer run.E) A) and D)
F) B) and D)

Question 2

(Consider This)  In 2008 and 2009, the United States experienced what has come to be known as the

Accepted Answer

A)   Great Depression.
B)   Great Recession.
C)   Great Expansion.
D)   Great Stagnation.E) All of the above
F) B) and D)

Question 3

Prices tend to be more ﬂexible when there are only two or three rival ﬁrms rather than a large
number of sellers in the market.

Accepted Answer

A) True 
 B)False

Exam 6: An Introduction to Macroeconomics

(Consider This) In 2008 and 2009, the United States experienced what has come to be known as the

Correct Answer
verified

Refer to the ﬁgures. In terms of representing the economy,

Correct Answer
verified

Prices tend to be more ﬂexible when there are only two or three rival ﬁrms rather than a large number of sellers in the market.

Correct Answer
verified

Exam 6: An Introduction to Macroeconomics

(Consider This) In 2008 and 2009, the United States experienced what has come to be known as the

Correct AnswerverifiedShow Answer

Refer to the ﬁgures. In terms of representing the economy,

Correct AnswerverifiedShow Answer

Prices tend to be more ﬂexible when there are only two or three rival ﬁrms rather than a large number of sellers in the market.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
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