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Test Bank (chapter 07) - Macroeconomics, 6e (Blanchard╱Johnson)
Macroeconomics, 6e (Blanchard/Johnson)
Chapter 7: Putting All Markets Together. The AS-AD Model
7.1 Multiple Choice Questions
1) In the aggregate supply relation, the current price level depends upon
A) expected price level.
B) monetary policy.
C) fiscal policy.
D) consumer confidence.
E) all of the above
Answer: A
Diff: 2
2) Based on the aggregate supply relation, an increase in current output will cause
A) a shift of the aggregate supply curve.
B) an increase in the current price level.
C) a change in the expected price level this year.
D) an increase in the expected price level and an upward shift of the AS curve.
E) an increase in the markup over labor costs.
Answer: B
Diff: 2
3) Which of the following will cause the aggregate supply curve to shift down?
A) an increase in firms markup over labor costs
B) an increase in the expected price level
C) an increase in unemployment benefits
D) all of the above
E) none of the above
Answer: E
Diff: 2
4) When the current price level is equal to the expected price level, we know that
A) the unemployment rate is zero.
B) the goods market and financial markets are in equilibrium.
C) the output is equal to the natural level of output.
D) the money market is in equilibrium.
E) none of the above
Answer: C
Diff: 2
5) When the economy is operating at a point where output is greater than the natural level of output, which of the following occurs?
A) the unemployment rate is less than the natural unemployment rate.
B) the price level is greater than the expected price level.
C) the price level will be higher next period than it is this period.
D) all of the above
E) none of the above
Answer: D
Diff: 2
6) In the aggregate demand relation, an increase in the price level causes output to decrease because of its effect on
A) government spending.
B) the money market and, subsequently, investment.
C) the nominal wage.
D) firms markup over labor costs.
E) the expected price level.
Answer: B
Diff: 1
7) The aggregate demand curve w
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