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True or False
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1
Aggregate demand is the total quantity of final goods and services that consumers, businesses, government, and those living outside the country would buy at different price levels.
A)True
B)False
2
The foreign-trade effect is the effect that a change in exports and imports has on the price level.
A)True
B)False
3
The aggregate supply curve is upward sloping.
A)True
B)False
4
Macroeconomic equilibrium occurs where the aggregate demand is equal to potential GDP.
A)True
B)False
5
A change in resource prices will shift both the aggregate supply and the potential GDP curves.
A)True
B)False
6
An increase in potential GDP has no effect on macroeconomic equilibrium.
A)True
B)False
7
An increase in aggregate demand will cause an increase in both real GDP and the price level.
A)True
B)False
8
An increase in wage rates will cause an increase in both real GDP and the price level.
A)True
B)False
9
According to Keynes, the aggregate supply curve is vertical.
A)True
B)False
10
According to neoclassicists, an increase in aggregate demand will have no effect upon real GDP but will cause the price level to increase.
A)True
B)False





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