Solution for QID #61449: Question 11) _______________ represents how much output a so | StudyHelpMe

Question 11) _______________ represents how much output a society has the potential to produce Group of answer choices Short run aggregate supply Long run aggregate supply aggregate demand   Long run aggregate demand   Flag this Question Question 12 2 pts If AD increases, prices will _______ and real GDP will ________ Group of answer choices     decrease; increase   increase; increase   be unchanged; increase   be unchanged; be unchanged   Flag this Question Question 13 2 pts     Referring to the economy represented in the above figure, an increase in the aggregate demand will likely cause Group of answer choices     short-run aggregate supply (shown as "AS"); increase   price levels to increase and real GDP to increase   price levels to decrease and real GDP to decrease   price levels to increase and real GDP to decrease   price levels to decrease and real GDP to increase   Flag this Question Question 14 2 pts     Referring to the economy represented in the above figure, a _________ of _______ exists. Group of answer choices     recessionary gap; $0.5 Trillion   recessionary gap; $10 Trillion   expansionary gap; $0.5 Trillion   expansionary gap; $10 Trillion   Flag this Question Question 15 2 pts The intersection of __________ and __________ predicts actual output. Group of answer choices     LRAS and SRAS   SRAS and AD   LRAS and AD   Flag this Question Question 16 2 pts If potential output increases, prices will _______ and real GDP will ________ Group of answer choices     decrease; increase   increase; increase   be unchanged; increase   be unchanged; be unchanged   Flag this Question Question 17 2 pts Long Run Aggregate Supply Represents _________ supply while Short Run Aggregate Supply represents __________ supply. Group of answer choices     potential; actual   potential; potential   actual; actual   actual; potential   Flag this Question Question 18 2 pts If a country is in a recessionary gap and impliments an expansionary fiscal policy, what would be the most likely effect on the country's unemployment rate? Group of answer choices     The unemployment rate would stay the same.   The unemployment rate is not related to fiscal policy.   The unemployment rate would increase.   The unemployment rate would decrease.   Flag this Question Question 19 2 pts When comparing a $100 billion increase in government expenditure to a $100 billion decrease in personal income taxes, the effect of the increase in government expenditure on aggregate demand is Group of answer choices     equal to the effect of the tax decrease.   negative whereas the effect of the tax decrease is positive.   positive whereas the effect of the tax decrease is negative.   less than the effect of the tax decrease.   greater than the effect of the tax decrease.   Flag this Question Question 20 2 pts To eliminate a recessionary gap, the government can ________ government expenditures and/or ________ taxes. Group of answer choices     decrease; decrease   increase; increase   increase; not change   increase; decrease   decrease; increase