Study Game - Topic 3.3

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Short-Run Aggregate Supply

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HS4

Economics

aggregate supply

Recommended age: 17 years old

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Created by

Zachary Foust

United States

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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

Study Game - Topic 3.3Online version

Short-Run Aggregate Supply

by Zachary Foust

Which of the following will cause a rightward shift of the short-run aggregate supply curve?

An increase in consumption spending

An increase in nominal wages

An increase in income taxes

A decrease in the costs of production

Which of the following will most likely cause the short-run aggregate supply curve to shift to the left?

A decrease in nominal wages

A decrease in the expected rate of inflation

An increase in energy prices

An increase in the price level

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 decrease in full employment output

A decrease in aggregate demand

An increase in real output due to an increase in the price level

An increase in real output due to technological change

Nominal wages are an important cost of production. Which of the following best describes the effect of an increase in nominal wages?

Short-run aggregate supply will increase.

Short-run aggregate supply will decrease.

Aggregate demand will increase.

Aggregate demand will decrease.

How will an increase in the expected rate of inflation affect nominal wages, per unit production cost, and short-run aggregate supply?

Nominal wages will increase, per unit production cost will increase, and short-run aggregate supply will decrease.

Nominal wages will decrease, per unit production cost will decrease, and short-run aggregate supply will increase.

Nominal wages will increase, per unit production cost will decrease, and short-run aggregate supply will decrease.

Nominal wages will increase, per unit production cost will increase, and short-run aggregate supply will increase.

What are sticky wages?

Wages that are slow to adjust to changes in the price level

Wages that adjust immediately to changes in the price level

Wages that are paid to encourage workers to be more productive

Wages that are set by the government

What is short-run aggregate supply?

An illustration of the positive relationship between the price level and real GDP demanded when wages are sticky

An illustration of the positive relationship between the price level and real GDP supplied when wages are sticky

An illustration of the positive relationship between the price level and real GDP supplied when wages are fully flexible

An illustration of the negative relationship between the price level and real GDP supplied when wages are sticky

What is long-run aggregate supply?

An illustration of the negative relationship between the price level and real GDP demanded when wages are sticky

An illustration of the negative relationship between the price level and real GDP supplied

An illustration of the relationship between the price level and real GDP supplied when wages are fully flexible

An illustration of the relationship between the price level and real GDP supplied when wages are sticky

A rightward shift of the short-run aggregate supply curve will occur when

Exports exceed imports

The money supply increases

The prices of imported raw materials increase

The stock of physical capital increases

Which of the following will cause the short-run aggregate supply curve to shift to the right?

An increase in the price level

The discovery of a low-cost energy source

An increase in government spending

An increase in nominal wages

Which of the following best describes the effect of an increase in the price of oil?

A rightward shift of the short-run aggregate supply curve

A leftward shift of the short-run aggregate supply curve

A leftward shift of the aggregate demand curve

A rightward shift of the aggregate demand curve

Which of the following is a reason why wages are sticky?

The open communication between employers and employees

Dynamic pricing used by online markets

Labor contracts that specify wages for a fixed period

Increases in short-run aggregate supply

How would an increase in productivity affect short-run aggregate supply?

The short-run aggregate supply curve would shift up

The short-run aggregate supply curve would remain unchanged

The short-run aggregate supply curve would shift to the left

The short-run aggregate supply curve would shift to the right

Which of the following would cause an increase in long-run aggregate supply?

An increase in government spending

An increase in consumer spending

An increase in the overall education level

Less enforcement of private property rights

Study Game - Topic 3.3

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Study Game - Topic 3.3

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Study Game - Topic 3.3Online version

by Zachary Foust

Which of the following will cause a rightward shift of the short-run aggregate supply curve?

Which of the following will most likely cause the short-run aggregate supply curve to shift to the left?

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?

Nominal wages are an important cost of production. Which of the following best describes the effect of an increase in nominal wages?

How will an increase in the expected rate of inflation affect nominal wages, per unit production cost, and short-run aggregate supply?

What are sticky wages?

What is short-run aggregate supply?

What is long-run aggregate supply?

A rightward shift of the short-run aggregate supply curve will occur when

Which of the following will cause the short-run aggregate supply curve to shift to the right?

Which of the following best describes the effect of an increase in the price of oil?

Which of the following is a reason why wages are sticky?

How would an increase in productivity affect short-run aggregate supply?

Which of the following would cause an increase in long-run aggregate supply?