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Economics 201 Ch 6

Principles of Economics Ch 6

QuestionAnswer
Aggregate Demand The quantity demanded of all goods and services at different price levels.
Total Expenditures consist of four types of spending: Consumption, investment, government purchases, and net exports.
Consumption Spending is affected by: Wealth, interest rates, and taxes.
The two factors that affect investment spending are: Expectations about the future and interest rates.
Rate of return = Additional Annual Profits / Cost of the Investment
Net Exports will change if there is: A change in foreign Real GDP or a change in the exchange rate for a nation's currency.
Aggregate Supply The quantity supplied of all goods and services at different price levels.
The determinant of short-run aggregate supply is: The overall costs of production.
The four factors that cause the SRAS curve to shift: Wage rates, Prices of nonlabor inputs, Productivity, and Supply shocks.
Productivity is measured by: The output produced per unit of input.
The interaction of aggregate demand and short-run aggregate supply determines: Short-run equilibrium in the economy.
Short-run equilibrium will determine: The price level and Real GDP for the economy.
If the AD increases: The Price Level increases, the GDP increases, and the Unemployment decreases.
If the AD decreases: The Price Level decreases, the GDP decreases, and the Unemployment increases.
If SRAS increases: The Price Level decreases, the GDP increases, and the Unemployment decreases.
If SRAS decreases: The Price Level increases, the GDP decreases, and the Unemployment increases.
Created by: dengler
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