Study Game - Topic 3.3Online version Short-Run Aggregate Supply by Zachary Foust 1 Which of the following will cause a rightward shift of the short-run aggregate supply curve? a An increase in consumption spending b An increase in nominal wages c An increase in income taxes d A decrease in the costs of production 2 Which of the following will most likely cause the short-run aggregate supply curve to shift to the left? a A decrease in nominal wages b A decrease in the expected rate of inflation c An increase in energy prices d An increase in the price level 3 The diagram shows two points on the short-run aggregate supply curve. The movement from point g to point h is best described as which of the following? a A decrease in full employment output b A decrease in aggregate demand c An increase in real output due to an increase in the price level d An increase in real output due to technological change 4 Nominal wages are an important cost of production. Which of the following best describes the effect of an increase in nominal wages? a Short-run aggregate supply will increase. b Short-run aggregate supply will decrease. c Aggregate demand will increase. d Aggregate demand will decrease. 5 How will an increase in the expected rate of inflation affect nominal wages, per unit production cost, and short-run aggregate supply? a Nominal wages will increase, per unit production cost will increase, and short-run aggregate supply will decrease. b Nominal wages will decrease, per unit production cost will decrease, and short-run aggregate supply will increase. c Nominal wages will increase, per unit production cost will decrease, and short-run aggregate supply will decrease. d Nominal wages will increase, per unit production cost will increase, and short-run aggregate supply will increase. 6 What are sticky wages? a Wages that are slow to adjust to changes in the price level b Wages that adjust immediately to changes in the price level c Wages that are paid to encourage workers to be more productive d Wages that are set by the government 7 What is short-run aggregate supply? a An illustration of the positive relationship between the price level and real GDP demanded when wages are sticky b An illustration of the positive relationship between the price level and real GDP supplied when wages are sticky c An illustration of the positive relationship between the price level and real GDP supplied when wages are fully flexible d An illustration of the negative relationship between the price level and real GDP supplied when wages are sticky 8 What is long-run aggregate supply? a An illustration of the negative relationship between the price level and real GDP demanded when wages are sticky b An illustration of the negative relationship between the price level and real GDP supplied c An illustration of the relationship between the price level and real GDP supplied when wages are fully flexible d An illustration of the relationship between the price level and real GDP supplied when wages are sticky 9 A rightward shift of the short-run aggregate supply curve will occur when a Exports exceed imports b The money supply increases c The prices of imported raw materials increase d The stock of physical capital increases 10 Which of the following will cause the short-run aggregate supply curve to shift to the right? a An increase in the price level b The discovery of a low-cost energy source c An increase in government spending d An increase in nominal wages 11 Which of the following best describes the effect of an increase in the price of oil? a A rightward shift of the short-run aggregate supply curve b A leftward shift of the short-run aggregate supply curve c A leftward shift of the aggregate demand curve d A rightward shift of the aggregate demand curve 12 Which of the following is a reason why wages are sticky? a The open communication between employers and employees b Dynamic pricing used by online markets c Labor contracts that specify wages for a fixed period d Increases in short-run aggregate supply 13 How would an increase in productivity affect short-run aggregate supply? a The short-run aggregate supply curve would shift up b The short-run aggregate supply curve would remain unchanged c The short-run aggregate supply curve would shift to the left d The short-run aggregate supply curve would shift to the right 14 Which of the following would cause an increase in long-run aggregate supply? a An increase in government spending b An increase in consumer spending c An increase in the overall education level d Less enforcement of private property rights
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