equaly and the total wil be counted out of 100 The below graph refers to the nex

Question

equaly and the total wil be counted out of 100 The below graph refers to the next 5 questions age 13 out of Price level (ODP deflator URASSRAS 62) What points in the above graph represent (long- or short nun) macroeconomic equilibriums? a) A and D b) B and D c) A and EB d) A and C e) A, B, C and D 63) Why is long run aggregate supply (LRAS) a vertical curve? a) Because long run aggregate supply is independent of the level of real GDP b) Because long run aggregate supply is independent of the price level c) Because long run aggregate supply is determined by the level of real GDP d) Because long run aggregate supply is determined by the price level 64) Suppose the economy is at point C. If investment decreases in the economy, where will the new long-run equilibrium be? a) A b) B c) C d) D If the (which is an input in production), where will the new short-run equilibrium be? a) A b) B c) C d) D 65) Suppose the economy is at point C. 66) [AG,e] Which point on the above graph corresponds to a short run equilibrium when the economy is in recession? b) B c) d) D e) None of the above

Explanation / Answer

62. The correct answer is D.

63. The correct answer is C.

64. The correct answer is B.

65. The correct answer is D.

66. The correct answer is B.

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