A) shift to the right of the aggregate-demand curve.
B) shift to the left of the aggregate-demand curve.
C) movement to the left along a given aggregate-demand curve.
D) movement to the right along a given aggregate-demand curve.
F) None of the above
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A) is different from the model of supply and demand for a particular market, in that we cannot focus on the substitution of resources between markets to explain aggregate relationships.
B) is different from the model of supply and demand for a particular market, in that we have to separate real and nominal variables in the aggregate model.
C) is a straightforward extension of the model of supply and demand for a particular market, in which substitution of resources between markets is highlighted.
D) is a straightforward extension of the model of supply and demand for a particular market, in which the interaction between real and nominal variables is highlighted.
F) A) and B)
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A) and the exchange rate rise.
B) and the exchange rate fall.
C) rises and the exchange rate falls.
D) falls and the exchange rate rises.
F) B) and D)
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A) real GDP will rise and the price level might rise, fall, or stay the same.
B) real GDP will fall and the price level might rise, fall, or stay the same.
C) the price level will rise, and real GDP might rise, fall, or stay the same.
D) the price level will fall, and real GDP might rise, fall, or stay the same.
F) All of the above
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A) rises, so people will want to buy more. This response helps explain the slope of the aggregate demand curve.
B) rises, so people will want to buy more. This response shifts aggregate demand to the right.
C) falls, so people will want to buy less. This response helps explain the slope of the aggregate demand curve.
D) falls, so people will want to buy less. This response shifts aggregate demand to the left.
F) B) and C)
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A) a short-run equilibrium and a long-run equilibrium.
B) a short-run equilibrium but not a long-run equilibrium.
C) a long-run equilibrium but not a short-run equilibrium.
D) neither a short-run equilibrium nor a long-run equilibrium.
F) B) and C)
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A) aggregate supply right.
B) aggregate supply left.
C) aggregate demand right.
D) aggregate demand left.
F) B) and D)
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A) prices but not nominal income
B) nominal income but not prices
C) both prices and nominal income
D) neither prices nor nominal income
F) A) and C)
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A) right, and an increase in the actual price level shifts short-run aggregate supply to the right.
B) right, and an increase in the actual price level does not shift short-run aggregate supply.
C) left, and an increase in the actual price level shifts short-run aggregate supply to the left.
D) left, and an increase in the actual price level does not shift short-run aggregate supply.
F) C) and D)
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B) False
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A) a decrease in taxes and at a given price level consumers feel more wealthy
B) a decrease in taxes and at a given price level consumers feel less wealthy
C) an increase in taxes and at a given price level consumers feel more wealthy
D) an increase in taxes and at a given price level consumers feel less wealthy
F) A) and C)
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