1.If the economy is in short-run equilibrium above the full-employment level of output, what is the most likely adjustment that will restore the economy to long-run equilibrium?

A)   Money wages and resource prices will increase.

B)   The price level for final goods and services will decrease.

C)   Long-run aggregate supply will increase.

D)   Aggregate demand will shift down and to the left.

2.If the economy is in short-run disequilibrium below full employment, the most likely explanation is that:

A)   aggregate demand has decreased.

B)   long-run aggregate supply has decreased.

C)   resource prices have decreased.

D)   money wage rates have decreased.

3.An economy has been producing at its full-employment level of output and the price level has been stable. Businesses then begin experiencing unintended decreases in their inventory levels. What does this most likely imply about the short-run outlook for economic growth and inflation?

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A)                   Increasing                        Decreasing

B)                  Decreasing                       Increasing

C)                  Decreasing                      Decreasing

D)                  Increasing                        Increasing

答案和详解如下：

1.If the economy is in short-run equilibrium above the full-employment level of output, what is the most likely adjustment that will restore the economy to long-run equilibrium?

A)   Money wages and resource prices will increase.

B)   The price level for final goods and services will decrease.

C)   Long-run aggregate supply will increase.

D)   Aggregate demand will shift down and to the left.

The correct answer was A)    

Because we assume money wages and resource prices to be constant in the short run, the economy can be in short-run equilibrium but long-run disequilibrium. Changes in money wages and resource prices are the factor that adjusts output back toward long-run equilibrium. If short-run equilibrium is above the full-employment level, aggregate demand has grown faster than long-run aggregate supply, so the price level has increased. With money wages constant in the short run, the rising price level has reduced workers’ real wages. As a result they will increase their wage demands. As producers increase the money wages they pay (note that our focus now changes from the short run to the long run), their costs increase, and they will supply less output at each price level. This represents a decrease in short-run aggregate supply (a shift left to a new SAS curve) and a move along the aggregate demand curve, increasing the price level further and reducing output to its full-employment level.

2.If the economy is in short-run disequilibrium below full employment, the most likely explanation is that:

A)   aggregate demand has decreased.

B)   long-run aggregate supply has decreased.

C)   resource prices have decreased.

D)   money wage rates have decreased.

The correct answer was A)

A decrease in aggregate demand can reduce output below its full-employment level. A decline in long-run aggregate supply would mean the full-employment output level itself has decreased. Resource prices and wage rates are assumed to be fixed in the short run, but the long-run effect of decreases in wage rates and resource prices would be to increase (shift) short-run aggregate supply, leading to an increase in output.

3.An economy has been producing at its full-employment level of output and the price level has been stable. Businesses then begin experiencing unintended decreases in their inventory levels. What does this most likely imply about the short-run outlook for economic growth and inflation?

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Economic growth

Inflation

A)               Increasing                             Decreasing

B)               Decreasing                            Increasing

C)               Decreasing                           Decreasing

D)               Increasing                             Increasing

The correct answer was D)

Starting from conditions of long-run equilibrium, unintended decreases in inventory levels suggest that aggregate demand has increased. Producers will respond in the short run by increasing output and prices, so economic growth and inflation will increase.