[{"id":213629,"question":"In the long run an increase in consumer spending would cause output to ________ and the price level to.___________","choices":[{"text":"rise;rise","value":"A"},{"text":"rise; stay; constant","value":"B"},{"text":"stay constant ; stay constant","value":"C"},{"text":"Stay constant ; rise","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213628,"question":"In the short run an increase in export sales would cause output to ______ and the price level to.","choices":[{"text":"Rise, rise","value":"A"},{"text":"Rise,; stay; constant","value":"B"},{"text":"Fall; rise","value":"C"},{"text":"fall; stay; constant","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213627,"question":"When plotted with the aggregate price level on the vertical axis and output on the horizontal axis, the long run aggregate supply curve.","choices":[{"text":"slopes upward","value":"A"},{"text":"Sloped downward","value":"B"},{"text":"Is vertical","value":"C"},{"text":"Is horizontal","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213626,"question":"When plotted with the aggregate price level on the vertical axis and output on the horizontal axis which of the following curves is vertical.","choices":[{"text":"SRAS","value":"A"},{"text":"AD","value":"B"},{"text":"LRAS","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213625,"question":"When plotted with the aggregate price level on the vertical axis and output on the horizontal axis, which of the following curves slopes downward.","choices":[{"text":"SRAS","value":"A"},{"text":"AD","value":"B"},{"text":"LRAS","value":"C"},{"text":"None of the above","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213624,"question":"The Ad, SRAS ,and LRAS curve each show a relationship between which two economic variables.","choices":[{"text":"The aggregate price level and output","value":"A"},{"text":"The aggregate price level and the interest rate","value":"B"},{"text":"Output and unemployment","value":"C"},{"text":"Output and the interest rate.","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213623,"question":"The three main components of the aggregate demand aggregate supply model include.","choices":[{"text":"AD, SRAS, LM","value":"A"},{"text":"SRAS, LRAS, IS","value":"B"},{"text":"AD, IS, LM","value":"C"},{"text":"AD, SRAS, LRAS","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213622,"question":"Wars new inventions, harvest failures, and change sin government policy are examples of.","choices":[{"text":"The business cycle","value":"A"},{"text":"Economics models","value":"B"},{"text":"Shocks","value":"C"},{"text":"Opportunity costs","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213621,"question":"Which of the following macro economic variables doesn't vary much ove the seasons.","choices":[{"text":"The nominal money stock","value":"A"},{"text":"The unemployment rate","value":"B"},{"text":"The real wage","value":"C"},{"text":"Average labor productivity","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213620,"question":"Which of the following macro economic variables is the most seasonally pro cyclical.","choices":[{"text":"Expenditure on services","value":"A"},{"text":"The unemployment rate","value":"B"},{"text":"Expenditure on durable goods","value":"C"},{"text":"The real wage","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213619,"question":"Industries that are extremely sensitive to the business cycle are the.","choices":[{"text":"Durable goods and service sectors","value":"A"},{"text":"Nondurable goods and service sectors.","value":"B"},{"text":"Capital goods and nondurable goods sectors.","value":"C"},{"text":"Capital goods and durable goods sectors.","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213618,"question":"Which of the following macroeconomic variables is procyclical and lags the business cycle.","choices":[{"text":"Business fixed 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cyclical","value":"A"},{"text":"Countercyclical","value":"B"},{"text":"A cyclical","value":"C"},{"text":"A leading variable","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213614,"question":"An economics variable that moves in the same direction as aggregate economic activity is called.","choices":[{"text":"Countercyclical","value":"A"},{"text":"Procyclical","value":"B"},{"text":"A cyclical","value":"C"},{"text":"A leading variable","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213613,"question":"Peaks and trough of the business cycle are known collectively as.","choices":[{"text":"Volatility","value":"A"},{"text":"Turning points","value":"B"},{"text":"Equilibrium point","value":"C"},{"text":"Real business cycle events","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":213612,"question":"When aggregate economic activity is declining , the economy is said to be in.","choices":[{"text":"A contraction","value":"A"},{"text":"An expansion","value":"B"},{"text":"A trough","value":"C"},{"text":"A turning point","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213611,"question":"When aggregate economic activity increasing the economy is said to be in.","choices":[{"text":"An expansion","value":"A"},{"text":"A contraction","value":"B"},{"text":"A peak","value":"C"},{"text":"A turning point","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213610,"question":"The low point in the business cycle is referred to as the","choices":[{"text":"Expansion","value":"A"},{"text":"Boom","value":"B"},{"text":"Trough","value":"C"},{"text":"Peak","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213609,"question":"The through of a business cycle occurs when ______ hits its lowest point.","choices":[{"text":"Inflation","value":"A"},{"text":"The money supply","value":"B"},{"text":"Aggregate economic activity","value":"C"},{"text":"The unemployment rate","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213608,"question":"Which of the following changes shifts the SRAS curve down.","choices":[{"text":"An increase in the labor force","value":"A"},{"text":"An increase in the money supply","value":"B"},{"text":"A decrease in government purchases","value":"C"},{"text":"A decrease in firms costs","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213607,"question":"Which of the following changes shifts the long run aggregate supply curve to the right.","choices":[{"text":"A demographic change that increases the labor supply","value":"A"},{"text":"A decrease in the demand for labor","value":"B"},{"text":"An increase in consumer confidence","value":"C"},{"text":"A decrease in taxes","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213606,"question":"Which of the following changes shifts the SRAS curve up.","choices":[{"text":"Ani increases in the labor force","value":"A"},{"text":"A decrease in government purchases","value":"B"},{"text":"An increase in firms costs","value":"C"},{"text":"An increase in the money supply","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213605,"question":"The long run aggregate supply curve.","choices":[{"text":"Is vertical","value":"A"},{"text":"Slopes upward","value":"B"},{"text":"Is horizontal","value":"C"},{"text":"Slopes downward","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213604,"question":"The long run aggregate supply curve","choices":[{"text":"Is vertical","value":"A"},{"text":"slopes upward","value":"B"},{"text":"Is horizontal","value":"C"},{"text":"Slopes downward","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213603,"question":"The short run aggregate supply curve the absence of misperceptions.","choices":[{"text":"Is vertical","value":"A"},{"text":"Slopes upward","value":"B"},{"text":"Is horizontal","value":"C"},{"text":"Slopes downward","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":213602,"question":"Which of the following changes shifts the AD curve up and to the right.","choices":[{"text":"A rise in the nominal money supply","value":"A"},{"text":"An increase in income taxes","value":"B"},{"text":"An increase in the risk on nonmonetary assets","value":"C"},{"text":"A decreasing the future marginal productivity of capital.","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":213601,"question":"Which of the following changes shifts the AD curve down and to the left.","choices":[{"text":"A temporary increase in government purchases.","value":"A"},{"text":"A rise in the nominal money supply","value":"B"},{"text":"A decrease in corporate taxes","value":"C"},{"text":"A decrease in consumer confidence","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":213600,"question":"The aggregate demand curve","choices":[{"text":"Is vertical","value":"A"},{"text":"Slopes upward","value":"B"},{"text":"Is horizontal","value":"C"},{"text":"Slopes downward","value":"D"},{"value":"E"}],"correctAnswer":4}]