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Econ Ch. 29 True/False

The shape of the aggregate supply curve is determined by what happens to aggregate demand as real output expands
False
In the immediate short run, both input and output prices are fixed
True
The greater the upward slope of the AS curve, the larger is the realized multiplier effect of a change in investment spending
False
A negative GDP gap can be caused by either a decrease in aggregate demand or a decrease in aggregate supply
True
The interest-rate effect is one of the determinants of aggregate demand
False
The aggregate supply curve (short-run) becomes steeper as the economy moves rightward and upward along it
True
The immediate-short-run aggregate supply curve is vertical at the full employment level of output
False
Cost-push inflation is depicted as a rightward shift of the aggregate demand curve along an upsloping aggregate supply curve
False
An increase in wealth from a substantial increase in stock prices will move the economy along a fixed aggregate demand curve
False
The real-balances effect indicates that inflation makes the public feel wealthier and they therefore spend more out of their current incomes
False
An increase in business excise taxes will shift the aggregate supply curve leftward
True
Other things equal, an increase in productivity will shift the short-run aggregate supply curve rightward
true
The price level in the United States is more flexible downward than upward
False
A decrease in per unit production costs will shift the aggregate supply curve leftward
False
An increase in imports (independent of a change in the U.S. price level) will increase both U.S. aggregate supply and U.S. aggregate demand
False
In locating a particular aggregate demand curve it is assumed that the money supply is fixed
True
The equilibrium price level and equilibrium level of real GDP occur at the intersection of the aggregate demand curve and the aggregate supply curve
True

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