ECO 372 Week 2 Knowledge Check

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ECO/372 Entire Course Link

https://uoptutorialstore.com/category/eco-372/

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ECO 372 Week 2 Knowledge Check

Instructions

Week 2 Knowledge Check
The material presented below is not meant to be a comprehensive list of all you need to know in the content area. Rather it is a starting point for building your knowledge and skills. Additional study materials are recommended in each area below to help you master the material.
Personalized Study Guide Results:
Score: 8/ 8
Concepts Mastery Questions
AGGREGATE SUPPLY AND DEMAND 100% • 1
SAYS LAW 100% • 2
AGGREGATE SUPPLY CURVE 100% • 3
STRUCTURAL STAGNATION 100% • 4• 8
KEYNESIAN MODEL 100% • 5• 6
CLASSICAL MODEL 100% • 7
Concept: AGGREGATE SUPPLY AND DEMAND
Mastery : 100% Questions : • 1
Materials on the concept:
• A Range for Potential Output and the LAS Curve
• Shifts in the SAS Curve
• The Short-Run Aggregate Supply Curve
• The Long-Run Aggregate Supply Curve
1.
The globalized AS/AD curve is the standard AS/AD model with an added
• A.
world demand curve
• B.
domestic supply curve
• C.
world supply curve
• D.
long-run aggregate supply curve
Concept: SAYS LAW
Mastery : 100% Questions : • 2
Materials on the concept:
• Growth and the Economy’s Potential Output
• General Observations about Growth
2.
According to Say's Law, people
• A.
supply goods in order to obtain other goods
• B.
supply goods in order to accumulate profits
• C.
demand goods in order to maximize their wealth
• D.
demand goods so they can supply them to others
Concept: AGGREGATE SUPPLY CURVE
Mastery : 100% Questions : • 3
Materials on the concept:
• The Short-Run Aggregate Supply Curve
• The Long-Run Aggregate Supply Curve
• The Aggregate Supply Curves
3.
A shift in the long-run aggregate supply curve will change
• A.
output but not the price level
• B.
the price level but not the output
• C.
both output and the price level
• D.
neither output nor the price level
Concept: STRUCTURAL STAGNATION
Mastery : 100% Questions : • 4• 8
Materials on the concept:
• Business Cycles and Structural Stagnation
• Differentiating a Structural Stagnation from a Standard Recession
• The Structural Stagnation Hypothesis
4.
The hypothesis about the macroeconomy that sees the recent problems with the U.S. economy directly related to the structural problems caused by globalization is referred to as the __________ hypothesis.
• A.
low investment
• B.
secular stagnation
• C.
structural stagnation
• D.
comparative stagnation
8.
The central difference between the standard theory and the structural stagnation hypothesis when it comes to growth is
• A.
the level of inflation
• B.
the trend growth rate
• C.
the federal funds rate
• D.
the natural rate of unemployment
Concept: KEYNESIAN MODEL
Mastery : 100% Questions : • 5• 6
Materials on the concept:
• The Standard Macro Model and Modern Macro Theory
• From the Keynesian Revolution to Modern Macro Models
5.
In 2009, the personal savings rate rose. If the additional savings were not translated into investment, Keynes would predict that aggregate income would
• A.
decline and remain there
• B.
rise indefinitely
• C.
decline but rise in the future
• D.
would rise and remain there
6.
According to the Keynesian model,
• A.
wages are flexible because workers wouldn't otherwise be able to keep their jobs
• B.
the price level is fixed due to social forces, which keeps the economy from remaining at an equilibrium level of unemployment
• C.
prices are subject to significant fluctuations as demand and supply change
• D.
the government puts price controls on the economy, keeping the price level fixed
Concept: CLASSICAL MODEL
Mastery : 100% Questions : • 7
Materials on the concept:
• Turning the Sources of Growth into Growth
7.
The study of economic growth focuses on the factors that cause an
• A.
economy to move along its production possibility curve
• B.
economy's production possibility curve to shift out
• C.
economy to move from a point inside its product possibility curve to a point on this curve
• D.
economy to move from a point on its production possibility curve to a point outside this curve
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