3.2partII

3.2partII - Question 1 (Worth 3 points) Keynes believed...

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Question 1 (Worth 3 points) Keynes believed that the economy was always at full employment of resources. the economy was never at full employment of resources. any increase in demand will only be met with higher prices and little or no more production. wages and prices increase to attain full employment of resources. Points earned on this question : 0 Question 2 (Worth 3 points) New laws result in an influx of highly educated immigrants. The determinant causing the shift in this scenario is price. resource cost government intervention (taxes, subsidies, or regulations). political or environmental phenomena consumer spending. investment. net exports. government spending. Points earned on this question : 0
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Question 3 (Worth 3 points) OPEC radically cuts back on the production of oil used by U.S. manufacturers. Aggregate supply will increase. decrease. remain the same. Points earned on this question : 3 Question 4 (Worth 3 points) If an economic crisis caused the collapse of the automobile industry, then there is a movement down the AS curve as price level decreased. AS shifts right and price level would decrease. AS shifts right and price level would increase. AS shifts left and the price level would increase. Points earned on this question : 0 Question 5 (Worth 3 points) Congress votes to substantially increase the minimum wage. Aggregate supply
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will increase. decrease. remain the same. Points earned on this question : 3 Question 6 (Worth 3 points) If government regulations force employers to provide dental insurance, then the determinant causing the shift in this scenario is price.
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3.2partII - Question 1 (Worth 3 points) Keynes believed...

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