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Aggregate Demand & Supply - ORELA Middle Grades Social Science Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. How will the supply curve for labor be affected if people decide that they value vacation time more highly and consequently decide to work fewer hours at each wage point?

Question 2 2. What would an unfavorable supply shock that leads to a leftward shift of the SRAS would most likely show?

Question 3 3. In the Classical model, what shape is the aggregate supply curve?

Question 4 4. XYZ Water Company has recently experienced an increase in labor costs. What will this increase lead to?

Question 5 5. Which is the best description of the short-run aggregate supply curve?

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Question 6 6. Aggregate supply is composed of which of the following?

Question 7 7. The equilibrium point of the SRAS and AD are what direction from the LRAS curve during a contractionary gap?

Question 8 8. Why is the LRAS curve vertical?

Question 9 9. What does it mean when the demand for labor shifts to the right?

Question 10 10. Labor supply is the total hours that workers or employees are willing to work at a given _____.

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Question 11 11. What does the term 'sticky prices' mean?

Question 12 12. Why can sticky wages and sticky prices be problematic?

Question 13 13. What did Keynes believe?

Question 14 14. Which of the following statements is NOT true regarding the marginal propensity to save?

Question 15 15. The image shows two aggregate supply curves. Which of the following statements accurately describes the two curves?

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Question 16 16. What is the Y axis of the AS AD curve?

Question 17 17. Aggregate supply is defined as the total amount of goods and services that are _____.

Question 18 18. In a certain fiscal year, the federal government receives $4 trillion in revenue and spends $3.8 trillion for goods and services. What effect would this have on the national debt?

Question 19 19. How do technological advancements affect aggregate supply, all else constant? Why?

Question 20 20. Which best defines aggregate supply in the short-run?

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Question 21 21. Which of the following factors does NOT cause a shift in the overall labor supply?

Question 22 22. What do classical economists believe?

Question 23 23. Which of the following is an example of a budget surplus?

Question 24 24. Which model of economic growth more accurately describes economic growth in the long-run?

Question 25 25. In the Classical model, how does a vertical aggregate supply curve affect other economic drivers?

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Question 26 26. The short-run effects of an unfavorable oil shock would likely include which of the following?

Question 27 27. Which of the following can increase aggregate supply?

Question 28 28. When there is an unexpected increase in the world supply of oil, the Real GDP will _____.

Question 29 29. Which of the following is an inaccurate explanation of why wages are sticky?

Question 30 30. Why is the income tax relevant to the federal government?

Aggregate Demand & Supply - ORELA Middle Grades Social Science Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

ORELA Middle Grades Social Science: Practice & Study Guide  /  Social Science Courses
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