【導(dǎo)讀】goods,nondurablegoods,andservices.capacity.tobepositive.country.year.goods.TRUE?

　　

【正文】 on ID: 21245 Which of the following statements regarding supply and demand is TRUE? A. An unexpected supply shock will impact both short run aggregate supply (SRAS) and longrun aggregate supply (LRAS). B. An unexpected temporary positive supply shock will result in a new longterm economic equilibrium. C. In the long run, an unexpected shift in AD will impact only output levels. D. An unexpected shift in aggregate demand (AD) will result in a new longterm economic equilibrium. D An unexpected shift in AD will disturb the existing longrun equilibrium (E) and will lead to a new longrun (E). For example, if consumers bee more pessimistic about the economy, they will likely cut back on spending, shifting AD down and to the left. Inventories accumulate, production decreases and layoffs occur. (Short run result: lower prices and output.) As workers adjust to lower wages and suppliers adjust to lower resource prices, aggregate supply (AS) shits up and left, resulting in a new equilibrium point where output is at preshift levels and prices have decreased. If the supply shock is temporary, then prices, employment, output, and interest rates return to preshock levels. The SRAS can shift right or left without shifting the LRAS curve. Some events do not affect the longrun productive capacity of the nation but affect the SRAS. Circumstances that will shift the SRAS curve but not necessarily the LRAS include: drought, hurricanes, and changes in input 20 prices. The LRAS is impacted by improvements in technology and productivity and an increase in the supply of resources. In the long run, an unexpected AD shift will impact prices only. Question ID: 12444 Which one of the following is most likely to acpany an unanticipated reduction in aggregate demand? A. An increase in the price level. B. An increase in real GDP. C. A decrease in employment. D. A decrease in the unemployment rate. C As demand decreases inventories will accumulate, production will be cut and workers will be laid off. Question ID: 21246 If the price of oil decreased by 70 percent today, what would be the shortrun impact on output, prices (consumer perspective), and real interest rates? Assume that oil remains a major resource. (The answers are listed in the following order: Output, Prices, Interest Rates.) A. Decrease, Increase, Increase B. Increase, Rises, Decrease C. Decrease, Decrease, Increase D. Increase, Decrease, Decrease D The decrease in oil prices will shift SRAS down and to the right, resulting in lower prices. In response, output will increase, causing unemployment to fall. In the shortrun, the new economic equilibrium is at a level of higher output and lower prices. The lower price level and higher employment will increase ines. According to the permanent ine hypothesis, if 21 consumers perceive this increase as temporary, they will save most of it. A higher level of savings increases the supply of loanable funds in the financial markets. As with any modity, as the supply rises the price (represented here by interest rates) falls. Question ID: 21247 Assume that consumers and businesses unexpectedly decide to increase their current spending. What is the longrun impact on output and prices? (The answers are listed in the following order: Output, Prices.) A. Increase, Increase B. No Change, Increase C. Decrease, Decrease D. Increase, No Change B If consumers and businesses decide to consume more today, the AD curve temporarily shifts up and right. Inventory levels fall as sales increase and businesses increase production and employ more workers. In the short run, the economy is at a new equilibrium of higher prices and output. The increase in demand places upward pressure on wage rates and resource prices. In response, output will eventually fall back to preshift levels. In the long run, the economy is at new equilibrium where prices are higher, but output is unchanged. Question ID: 24997 Mark Goodwin and Cathy Laumann, CFA candidates, are discussing the relationship between moary policy and interest rates. Goodwin, who has only studied for one week, makes the following statements. Which statement should Laumann agree with? A. Interest rate movements are a good indicator of moary policy. B. The real interest rate equals the nominal interest rate plus inflation. C. The real interest rate moves in the same the direction as the nominal interest rate. D. In the short run, an increase in the money supply will most likely decrease real interest rates. 22 D When the Federal Reserve (Fed) increases the money supply by (for example) buying bonds, bond demand increases, forcing bond prices up and real interest rates down. Interest rates are not always a good indicator of moary policy. For example, the likely initial result of expansionary moary policy is a lower shortterm real interest rate. However, as time passes, consumers begin to anticipate inflation and take actions that cause interest rates to rise, rather than fall. Nominal interest rates move in the opposite direction of real interest rates – even if consumers do not originally anticipate expansionary moary policy, they will eventually increase inflation expectations. Remember that the nominal interest rate equals the real interest rate plus inflation. Thus, although the real interest rate likely decreases, the nominal rate increases due to increased inflation expectations. Question ID: 12450 Which of these is NOT a way in which a market economy exhibits a selfcorrecting mechanism, stabilizing the economy? A. Stable consumption demand. B. Resource prices change. C. Unemployment pensation. D. Real interest rates change. C Unemployment pensation is an automatic stabilizer derived from fiscal policy and