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Stagflation results from continued decreases in aggregate demand.

A) True
B) False

Correct Answer

verifed

verified

The explanations for the slopes of the aggregate demand and short-run aggregate supply curves are the same as the explanations for the slopes of demand and supply curves for specific goods and services.

A) True
B) False

Correct Answer

verifed

verified

The aggregate demand and aggregate supply model helps us to understand both short-run economic fluctuations and how the economy moves from the short to the long run.

A) True
B) False

Correct Answer

verifed

verified

During World War II government expenditures increased almost five-fold and output almost doubled.

A) True
B) False

Correct Answer

verifed

verified

If speculators bid up the value of the dollar in the market for foreign-currency exchange,U.S.aggregate demand would shift to the left.

A) True
B) False

Correct Answer

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verified

Because the price level does not affect the long-run determinants of real GDP,the long-run aggregate-supply is vertical.

A) True
B) False

Correct Answer

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verified

John Maynard Keynes advocated policies that would increase aggregate demand as a way to decrease unemployment caused by recessions.

A) True
B) False

Correct Answer

verifed

verified

An increase in the actual price level does not shift the short-run aggregate supply curve,but an expected increase in the price level shifts the short-run aggregate supply curve to the left.

A) True
B) False

Correct Answer

verifed

verified

An increase in the expected price level shifts the short-run aggregate supply curve to the right.

A) True
B) False

Correct Answer

verifed

verified

If aggregate demand shifts right,then eventually price level expectations rise.The increase in price level expectations causes the short-run aggregate-supply curve to shift to the left.

A) True
B) False

Correct Answer

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verified

When output rises,unemployment falls.

A) True
B) False

Correct Answer

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verified

The model of aggregate demand and aggregate supply is nothing more than a large version of the model of market demand and market supply.

A) True
B) False

Correct Answer

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Technological progress shifts the long-run aggregate supply curve to the right.

A) True
B) False

Correct Answer

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verified

Like real GDP,investment fluctuates,but it fluctuates much less than real GDP.

A) True
B) False

Correct Answer

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We can explain continued increases in both output and the price level by supposing that only aggregate demand shifted right over time.

A) True
B) False

Correct Answer

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A decrease in the money supply will shift the long-run aggregate-supply curve to the left.

A) True
B) False

Correct Answer

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When the price level rises unexpectedly,some businesses may mistake part of the increase for an increase in the price of their product relative to others and so decrease their production.

A) True
B) False

Correct Answer

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Most macroeconomic variables that measure some type of income,spending,or production fluctuate closely together.

A) True
B) False

Correct Answer

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verified

Increased optimism about the future leads to rising prices and falling unemployment in the short run.

A) True
B) False

Correct Answer

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The theory of short-run economic fluctuations is uncontroversial.

A) True
B) False

Correct Answer

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