Practice_Externalities_Public_goods
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Practice_Externalities_Public_goods

Course Number: ECON 2106, Spring 2011

College/University: Georgia Tech

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Name: ________________________ Class: ___________________ Date: __________ ID: A Practice_Externalities_Public_goods Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. The term market failure refers to a. a market that fails to allocate resources efficiently. b. an unsuccessful advertising campaign which reduces demand. c. ruthless competition among firms. d....

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________________________ Name: Class: ___________________ Date: __________ ID: A Practice_Externalities_Public_goods Multiple Choice Identify the choice that best completes the statement or answers the question. ____ 1. The term market failure refers to a. a market that fails to allocate resources efficiently. b. an unsuccessful advertising campaign which reduces demand. c. ruthless competition among firms. d. a firm that is forced out of business because of losses. ____ 2. An externality is an example of a. a corrective tax. b. a tradable pollution permit. c. a market failure. d. Both a and b are correct. ____ 3. An externality a. results in an equilibrium that does not maximize the total benefits to society. b. causes demand to exceed supply. c. strengthens the role of the invisible hand in the marketplace. d. affects buyers but not sellers. ____ 4. An externality is a. the costs that parties incur in the process of agreeing and following through on a bargain. b. the uncompensated impact of one person's actions on the well-being of a bystander. c. the proposition that private parties can bargain without cost over the allocation of resources. d. a market equilibrium tax. ____ 5. When externalities are present in a market, the well-being of market participants a. and market bystanders are both directly affected. b. and market bystanders are both indirectly affected. c. is directly affected, and market bystanders are indirectly affected. d. is indirectly affected, and market bystanders are directly affected. ____ 6. Which of the following represents a way that a government can help the private market to internalize an externality? a. taxing goods that have negative externalities b. subsidizing goods that have positive externalities c. The government cannot improve upon the outcomes of private markets. d. Both a and b are correct. 1 Name: ________________________ ____ ID: A 7. A negative externality arises when a person engages in an activity that has a. an adverse effect on a bystander who is not compensated by the person who causes the effect. b. an adverse effect on a bystander who is compensated by the person who causes the effect. c. a beneficial effect on a bystander who pays the person who causes the effect. d. a beneficial effect on a bystander who does not pay the person who causes the effect. Figure 10-1 ____ 8. Refer to Figure 10-1. This graph represents the tobacco industry. The industry creates a. positive externalities. b. negative externalities. c. no externalities. d. no equilibrium in the market. ____ 9. Refer to Figure 10-1. This graph represents the tobacco industry. Without any government intervention, the equilibrium price and quantity are a. $1.90 and 38 units, respectively. b. $1.80 and 35 units, respectively. c. $1.60 and 42 units, respectively. d. $1.35 and 58 units, respectively. 2 Name: ________________________ ID: A Figure 10-2 ____ 10. Refer to Figure 10-2. Suppose that the production of plastic creates a social cost which is depicted in the graph above. Without any government regulation, what price will the firm charge per unit of plastic? a. $3 b. $3.50 c. $5 d. $8 3 Name: ________________________ ID: A Figure 10-4 ____ 11. Refer to Figure 10-4. Externalities in this market could be internalized if a. there were a tax on the product. b. there were a subsidy for the product. c. production were stopped. d. the Coase theorem failed. ____ 12. Which of the following would not be considered a negative externality? a. Smelter, Inc. creates steel and pollution. b. Your friend buys a new puppy that barks every night. c. You have an adverse reaction to a medication your doctor prescribed for you. d. Your neighbor plays loud music that you dislike through stereo speakers set up on his deck. ____ 13. Flu shots provide a positive externality. Suppose that the market for vaccinations is perfectly competitive. Without government intervention in the vaccination market, which of the following statements is correct? a. At the current output level, the marginal social benefit exceeds the marginal private benefit. b. The current output level is inefficiently low. c. A per-shot subsidy could turn an inefficient situation into an efficient one. d. All of the above are correct. ____ 14. Most taxes distort incentives and move the allocation of resources away from the social optimum. Why do corrective taxes avoid the disadvantages of most other taxes? a. Corrective taxes apply only to goods that are bad for people's health, such as cigarettes and alcohol. b. Because corrective taxes correct for market externalities, they take into consideration the well-being of bystanders. c. Corrective taxes provide incentives for the conservation of natural resources. d. Corrective taxes do not affect deadweight loss. 4 Name: ________________________ ID: A ____ 15. Two firms, A and B, each currently emit 100 tons of chemicals into the air. The government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution emitted into the air. The government gives each firm 40 pollution permits, which it can either use or sell to the other firm. It costs Firm A $200 for each ton of pollution that it eliminates before it is emitted into the air, and it costs Firm B $100 for each ton of pollution that it eliminates before it is emitted into the air. It is likely that a. Firm A will buy all of Firm B's pollution permits. Each one will cost between $100 and $200. b. Firm B will buy all of Firm A's pollution permits. Each one will cost between $100 and $200. c. Both firms will use their own pollution permits. d. Firm A will buy some of Firm B's pollution permits. Each one will cost less than $100. ____ 16. Two types of private solutions to the problem of externalities are a. charities and the Golden Rule. b. charities and subsidies. c. the Golden Rule and taxes. d. taxes and subsidies. ____ 17. Employing a lawyer to draft and enforce a private contract between parties wishing to solve an externality problem is an example of a. an opportunity cost. b. an implicit cost. c. a sunk cost. d. a transaction cost. ____ 18. Mary and Cathy are roommates. Mary assigns a $30 value to smoking cigarettes. Cathy values smoke-free air at $15. Which of the following scenarios is a successful example of the Coase theorem? a. Cathy offers Mary $20 not to smoke. Mary accepts and does not smoke. b. Mary pays Cathy $16 so that Mary can smoke. c. Mary pays Cathy $14 so that Mary can smoke. d. Cathy offers Mary $15 not to smoke. Mary accepts and does not smoke. ____ 19. Dick owns a dog whose barking annoys Dick's neighbor Jane. Suppose that the benefit of owning the dog is worth $700 to Dick and that Jane bears a cost of $500 from the barking. Assuming Dick has the legal right to keep the dog, a possible private solution to this problem is that a. Dick pays Jane $600 for her inconvenience. b. Jane pays Dick $650 to give the dog to his parents who live on an isolated farm. c. Jane pays Dick $800 to give the dog to his parents who live on an isolated farm. d. The current situation is efficient. ____ 20. Ed is a writer who works from his home. Ed lives nextdoor to Ricky, the drummer for a local band. Ricky needs lots of practice to earn his share of the bands profits, $250. Ed gets distracted by Rickys drumming but needs to get his writing done to earn $500 for his current article. If Ed needs to hire a lawyer to help him reach an agreement with Ricky, what price is Ed willing to pay the lawyer? a. less than $250 b. less than $450 c. less than $500 d. less than $750 5 Name: ________________________ ID: A ____ 21. Goods that are not excludable include both a. private goods and public goods. b. natural monopolies and common resources. c. common resources and public goods. d. private goods and natural monopolies. ____ 22. Both private goods and natural monopolies are a. rival in consumption. b. nonrival in consumption. c. excludable. d. nonexcludable. ____ 23. Private goods are both a. excludable and nonrival in consumption. b. nonexcludable and rival in consumption. c. excludable and rival in consumption. d. nonexcludable and nonrival consumption. ____ 24. A beach house in Florida is a. not rival in consumption and excludable. b. rival in consumption and excludable. c. not rival in consumption and not excludable. d. rival in consumption and not excludable. ____ 25. The Massachusetts Turnpike is a tolled freeway running through the state of Massachusetts. Motorists must pay tolls at various points along the Turnpike based on the distance they traveled on the freeway. Suppose that despite the tolls, many motorists in the urban areas use the Turnpike causing traffic to slow during peak times. What type of good would the Turnpike be classified as in this case? a. Private good b. Natural monopoly c. Common resource d. Public good ____ 26. Tom is a non-union employee at General Power. The majority of the employees at General Power are unionized. The union at General Power has negotiated very good benefits. Even though he is not a union member and he does not have to pay union dues, Tom receives all the benefits that the union has negotiated. Toms behavior is an example of a. rivalry. b. a barrier to entry. c. free riding. d. Taft-Hartley opposition. ____ 27. Because of the free-rider problem, a. private markets tend to undersupply public goods. b. the federal government too spends many resources on national defense and not enough resources on medical research. c. fireworks displays have become increasingly dangerous. d. poverty has increased. 6 Name: ________________________ ID: A Table 11-2 Consider a small town with only three families, the Jones family, the Harris family, and the Wong family. The town does not currently have any streetlights so it is very dark at night. The three families are considering putting in streetlights on Main Street and are trying to determine how many lights to install. The table below shows each familys willingness to pay for each streetlight. Number of Streetlights 1 2 3 4 5 6 The Jones Family The Harris Family The Wong Family $180 140 90 30 0 0 $250 200 140 70 35 0 $220 210 180 130 60 20 ____ 28. Refer to Table 11-2. Suppose the cost to install each streetlight is $200. How many streetlights should the town install to maximize total surplus from the streetlights? a. 1 streetlight b. 2 streetlights c. 3 streetlights d. 4 streetlights ____ 29. To increase safety at a bad intersection, you must decide whether to install a traffic light in your hometown at a cost of $15,000. If the traffic light reduces the risk of fatality by 0.4 percent, and the value of a human life is estimated to be $10 million, you should a. install the light because the expected benefit of $40,000 is greater than the cost. b. install the light because the expected benefit of $20,000 is greater than the cost. c. not install the light because the expected benefit of $15,000 is only equal to the cost. d. not install the light because the expected benefit of $4,000 is less than the cost. ____ 30. An overcrowded beach is an example of a. a positive externality. b. a Tragedy of the Commons. c. an environmentally inefficient allocation of resources. d. an economically unfair allocation of resources. ____ 31. The Tragedy of the Commons results when a good is a. rival in consumption and not excludable. b. excludable and not rival in consumption. c. both rival in consumption and excludable. d. neither rival in consumption nor excludable. 7 Name: ________________________ ID: A ____ 32. Three business people meet for lunch at an Indian restaurant. They decide that each person will order an item off the menu, and they will share all dishes. They will split the cost of the final bill evenly among each of the people at the table. When the food is delivered to the table, each person faces incentives similar to the a. consumption of a common resource good. b. production of a public good. c. consumption of a natural monopoly good. d. production of a private good. ____ 33. Which of the following is not an advantage of road tolls as a way to reduce traffic? a. They charge people based on consumption. b. They can help bring usage closer to its optimal level. c. Rates can differ according to the time of day. d. The administrative costs of collecting the tolls are almost zero, especially for local roads. ____ 34. On hot summer days, electricity-generating capacity is sometimes stretched to the limit. At these times, electric companies may ask people to voluntarily cut back on their use of electricity. On these days, electricity is a. excludable, but nonrival in consumption. b. not excludable, but rival in consumption. c. excludable and rival in consumption. d. not excludable and nonrival in consumption. ____ 35. Which of the following statements is correct? a. Common resources are nonexcludable and nonrival in consumption. b. Uncongested toll roads are an example of the free rider problem. c. When African elephants were privatized, the survival of the species improved. d. Fish in the ocean are excludable but nonrival in consumption. ____ 36. Ten friends who love to ski decide to pool their financial resources and equally share the cost of a one-week time-share condominium in Alta, Utah. Suppose that the lift lines at the ski resort become more congested when the ten additional people start to ski. Which of the following statements is not correct? a. Use of the ski resort by the ten new skiers will yield a negative externality. b. The ski resort can reduce the congestion externality by raising lift ticket prices. c. An increase in lift ticket prices could be viewed as a corrective tax on the externality of congestion. d. Each of the ten friends would have been better off staying at home. 8 ID: A Practice_Externalities_Public_goods Answer Section MULTIPLE CHOICE 1. ANS: NAT: TOP: 2. ANS: NAT: TOP: 3. ANS: NAT: TOP: 4. ANS: NAT: TOP: 5. ANS: NAT: TOP: 6. ANS: NAT: TOP: 7. ANS: NAT: TOP: 8. ANS: NAT: TOP: 9. ANS: NAT: TOP: 10. ANS: NAT: TOP: 11. ANS: NAT: TOP: 12. ANS: NAT: TOP: 13. ANS: NAT: TOP: A PTS: Analytic LOC: Externalities MSC: C PTS: Analytic LOC: Externalities MSC: A PTS: Analytic LOC: Externalities MSC: B PTS: Analytic LOC: Externalities MSC: C PTS: Analytic LOC: Externalities MSC: D PTS: Analytic LOC: Externalities MSC: A PTS: Analytic LOC: Negative externalities B PTS: Analytic LOC: Externalities MSC: C PTS: Analytic LOC: Externalities MSC: B PTS: Analytic LOC: Negative externalities A PTS: Analytic LOC: Negative externalities C PTS: Analytic LOC: Negative externalities D PTS: Analytic LOC: Positive externalities 1 DIF: 1 REF: Markets, market failure, and externalities Definitional 1 DIF: 1 REF: Markets, market failure, and externalities Applicative 1 DIF: 1 REF: Markets, market failure, and externalities Interpretive 1 DIF: 1 REF: Markets, market failure, and externalities Definitional 1 DIF: 2 REF: Markets, market failure, and externalities Analytical 1 DIF: 2 REF: Markets, market failure, and externalities Applicative 1 DIF: 1 REF: Markets, market failure, and externalities MSC: Definitional 1 DIF: 2 REF: Markets, market failure, and externalities Applicative 1 DIF: 2 REF: Markets, market failure, and externalities Applicative 1 DIF: 2 REF: Markets, market failure, and externalities MSC: Applicative 1 DIF: 2 REF: Markets, market failure, and externalities MSC: Interpretive 1 DIF: 2 REF: Markets, market failure, and externalities MSC: Applicative 1 DIF: 2 REF: Markets, market failure, and externalities MSC: Analytical 1 10-0 10-0 10-0 10-0 10-0 10-0 10-0 10-1 10-1 10-1 10-1 10-1 10-1 ID: A 14. ANS: NAT: TOP: 15. ANS: NAT: TOP: 16. ANS: NAT: TOP: 17. ANS: NAT: TOP: 18. ANS: NAT: TOP: 19. ANS: NAT: TOP: 20. ANS: NAT: TOP: 21. ANS: NAT: TOP: 22. ANS: NAT: TOP: 23. ANS: NAT: TOP: 24. ANS: NAT: TOP: 25. ANS: NAT: TOP: 26. ANS: NAT: TOP: 27. ANS: NAT: TOP: 28. ANS: NAT: TOP: B PTS: 1 DIF: 2 REF: 10-2 Analytic LOC: Markets, market failure, and externalities Corrective taxes MSC: Interpretive A PTS: 1 DIF: 3 REF: 10-2 Analytic LOC: Markets, market failure, and externalities Tradable pollution permits MSC: Analytical A PTS: 1 DIF: 1 REF: 10-3 Analytic LOC: Markets, market failure, and externalities Externalities MSC: Applicative D PTS: 1 DIF: 1 REF: 10-3 Analytic LOC: Markets, market failure, and externalities Coase theorem MSC: Applicative B PTS: 1 DIF: 3 REF: 10-3 Analytic LOC: Markets, market failure, and externalities Coase theorem MSC: Analytical D PTS: 1 DIF: 3 REF: 10-3 Analytic LOC: Markets, market failure, and externalities Coase theorem MSC: Analytical C PTS: 1 DIF: 2 REF: 10-3 Analytic LOC: Markets, market failure, and externalities Coase theorem MSC: Analytical C PTS: 1 DIF: 2 REF: 11-1 Analytic LOC: Understanding and applying economic models Excludability MSC: Applicative C PTS: 1 DIF: 2 REF: 11-1 Analytic LOC: Understanding and applying economic models Excludability MSC: Applicative C PTS: 1 DIF: 2 REF: 11-1 Analytic LOC: The study of economics and definitions in economics Private goods MSC: Applicative B PTS: 1 DIF: 2 REF: 11-1 Analytic LOC: Understanding and applying economic models Private goods MSC: Applicative A PTS: 1 DIF: 2 REF: 11-1 Analytic LOC: The study of economics and definitions in economics Natural monopoly MSC: Interpretive C PTS: 1 DIF: 2 REF: 11-2 Analytic LOC: Markets, market failure, and externalities Free riders MSC: Applicative A PTS: 1 DIF: 2 REF: 11-2 Analytic LOC: Markets, market failure, and externalities Free riders MSC: Applicative D PTS: 1 DIF: 2 REF: 11-2 Analytic LOC: Understanding and applying economic models Public goods MSC: Applicative 2 ID: A 29. ANS: NAT: TOP: 30. ANS: NAT: TOP: 31. ANS: NAT: TOP: 32. ANS: NAT: TOP: 33. ANS: NAT: TOP: 34. ANS: NAT: TOP: 35. ANS: NAT: TOP: MSC: 36. ANS: NAT: TOP: A PTS: 1 DIF: 3 REF: 11-2 Analytic LOC: Understanding and applying economic models Cost-benefit analysis MSC: Analytical B PTS: 1 DIF: 1 REF: 11-3 Analytic LOC: Markets, market failure, and externalities Tragedy of the Commons MSC: Applicative A PTS: 1 DIF: 2 REF: 11-3 Analytic LOC: The study of economics and definitions in economics Tragedy of the Commons MSC: Definitional A PTS: 1 DIF: 2 REF: 11-3 Analytic LOC: Understanding and applying economic models Tragedy of the Commons MSC: Analytical D PTS: 1 DIF: 2 REF: 11-3 Analytic LOC: Markets, market failure, and externalities Common resources MSC: Analytical C PTS: 1 DIF: 3 REF: 11-3 Analytic LOC: Markets, market failure, and externalities Common resources MSC: Analytical C PTS: 1 DIF: 2 REF: 11-3 Analytic LOC: Markets, market failure, and externalities Common resources | Tragedy of the Commons | Property rights Analytical D PTS: 1 DIF: 2 REF: 11-3 Analytic LOC: Understanding and applying economic models Common resources MSC: Analytical 3

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Maryland - ARTH - 250
Pyramid B, TulaPyramid B, Toltec, Tula,Early PostclassicAtlantean Columns, Pyramid B, Toltec, Tula, Early PostclassicChacmool, TulaChacmool, Palace, Toltec, Tula, Early PostclassicSacred Cenote, Chichen ItzaCenote, Maya, Chichen Itza, Early Postcla
Maryland - ARTH - 250
Cylindrical vessel, Maya, Late ClassicPresentation of Captives to a Maya Ruler, Maya,Usumacinta River Valley, Late ClassicCylindrical pot with monkey scribes, Maya, Late ClassicHead of a Maize God, Maya, Palenque, Late ClassicStructure 22 (reconstruc
Maryland - ARTH - 250
Center marker, Maya, Copn, Late ClassicAndr Thevet, Folio 2 (frontispiece),Codex Mendoza, 1540sStone of Tizoc,Tenochtitln, Aztec, LatePost-ClassicCalendar Stone, Tenochtitln, Aztec, LatePost-Classic
Maryland - ARTH - 250
Codex Fejervary-Mayer 24, Aztec, Late Post-ClassicStatue of Coatlicue, Aztec, Late PostClassicHead of Coyolxauhqui, Tenochtitln, Aztec, Late Post-ClassicColossal stone relief of Coyolxauhqui,Tenochtitln, Aztec, Late Post-Classic
Maryland - ARTH - 250
Chavn de Huntar (site plan), late Initial Period to Early HorizonSunken Circular Court, Chavn deHuntar, Late Initial PeriodSunken Circular Court, Chavn deHuntar, Late Initial PeriodRelief panel (upper register),Sunken Circular Court, Chavn deHuntar
Maryland - ARTH - 250
Lanzn cult image, Old Temple, Chavn de Huntar, Early HorizonTello Obelisk, Chavn de Huntar, Early HorizonBlack and White Portal with IncisedColumns (New Temple), Chavn deHuntar, Early HorizonNorth column, Black and White Portal(New Temple), Chavn de
Maryland - ARTH - 250
Gold pectoral, Chavn, Early HorizonGold pectoral, Chavn de Huntar,Early HorizonPainted textile, Karwa, Chavn style, Early HorizonWhistling bottle with feline face, Paracas, Early HorizonOculate Being, Paracas, Early IntermediatePeriod
Maryland - ARTH - 250
Block Color style mantle,Paracas, Early IntermediatePeriodNecropolis Mantle, Paracas,Early Intermediate PeriodTextile hanging (discontinuous warpand weft), Paracas-Nasca, EarlyIntermediate PeriodDouble-spout-and-bridge vessel,Nasca, Early Interme
Maryland - ARTH - 250
Huaca del Sol, Moche,Early IntermediateHuaca de la Luna, Moche, Early IntermediateReconstruction of Platform I andPyramid I, Huaca de la Luna,Moche, Early IntermediatePainted relief, Huaca de la Luna(Great Patio), Moche, EarlyIntermediateEar orna
Maryland - ARTH - 250
Peanut-man playing flute, Moche,Early Intermediate PeriodRevolt of the objects (mural), Huaca dela Luna, Moche, Early Intermediate PeriodPortrait head, Moche, EarlyIntermediate PeriodPortrait vessel, Moche, EarlyIntermediate PeriodFineline scene w
Maryland - ARTH - 250
Standing owl, Moche, Early Intermediate PeriodSemi-Subterranean Temple and the faade of the Kalasasaya Platform, Tiwanaku,Middle HorizonSemi-Subterranean Temple (stonework and projecting heads), Tiwanaku, MiddleHorizonPonce monolith, Tiwanaku, Middle
Maryland - ARTH - 250
Basalt sculpture of feline holding a trophyhead, Tiwanaku style, Middle HorizonTunic with shoulder panels, Tiwanaku, Middle HorizonTapestry tunic, Tiwanaku, Middle Horizon
Maryland - ARTH - 250
Tunic, South Coast, Wari, Middle HorizonTapestry tunic, Wari, South Coast, Middle HorizonFoot with kero, Wari, MiddleHorizonMasked dignitary in a litter, Wari, CoastalPeru, Middle HorizonChan Chan, Chim, Late Intermediate PeriodRelief, Chan Chan (U
Maryland - ARTH - 250
Hall of the Arabesques, Chan Chan, Chim, Late Intermediate PeriodWoven hanging, Chim, Late Intermediate PeriodTabard, South Coast, Chim, Late Intermediate PeriodPair of ear ornaments (feather,wood), Chim, Late IntermediatePeriodVessel with figures,
Maryland - ARTH - 250
Quipu, Inca, Late HorizonPlan of Cuzco, Inca, Late HorizonQorikancha, Cuzco, Inca, Late HorizonRock shrine, Kenko, Inca, LateHorizonAgricultural terraces, Pisac, Inca, LateHorizon
Maryland - ARTH - 250
Sacsahuaman, Inca, Late HorizonKero, Inca, Late HorizonKero, Inca, Colonial periodCuzco bottle (urpu), Inca, Late HorizonRoyal tunic covered with tocapus, Inca,Late HorizonCuzco bottle (urpu), Inca, Late Horizon
Maryland - ECON - 201
Analysis of Three RecessionsUsing The TheoryThe 1990-1991 Recession Story of 1990-91 recession begins in mid1990, when Iraq invaded Kuwait During this conflict, Kuwaits oil was taken offworld market, as was Iraqs Reduction in oil supplies resulted i
Maryland - ECON - 201
Where You Are!Economics 201 Principles of MacroeconomicsMon. and Wed from 2:00 to 3:15PMDiscussion Friday from 1:00 1:50PMText: Principles of Macroeconomics, Case, Fair,Oster, Prentice Hall, 10th edition.Course website:http:/www.terpconnect.umd.edu
Maryland - ECON - 201
Chapter 8Aggregate Expenditureand Equilibrium OutputChapter OutlineThe Keynesian Theory of ConsumptionOther Determinants of ConsumptionPlanned Investment (I)The Determination of Equilibrium Output(Income)The Saving/Investment Approach toE qu i l
Maryland - ECON - 201
The Money Supply andthe Federal Reserve System10Chapter OutlineAn Overview of MoneyWhat Is Money?Commodity and Fiat MoniesMeasuring the Supply of Money in the UnitedStatesThe Private Banking SystemHow Banks Create MoneyA Historical Perspective:
Maryland - ECON - 201
Monetary and Fiscal Policy EffectsA Shift of the AggregateDemand Curve When theEconomy Is on the NearlyFlat Part of the AS CurveAggregate demand can shift tothe right for a number ofreasons, including an increase inthe money supply, a tax cut, or