Short-Run Economic Dynamics Quiz Explore short-run economic dynamics with key questions on fixed factors, aggregate supply, Phillips curve, and more in this quiz on short-run macroeconomics.
#1
Labor
Capital
Both labor and capital
None of the above
#2
Long-term trends
Market equilibrium
Temporary fluctuations
International trade
#3
Constant returns to scale
Variable input proportions
Infinite elasticity of output
Perfect competition
#4
Flexible prices and wages
Sticky prices and wages
Perfect competition
Constant production technology
#5
The relationship between inflation and unemployment
The impact of government spending on GDP
The behavior of firms in a competitive market
The elasticity of demand
#6
Stabilizing prices
Achieving full employment
Promoting economic growth
Reducing income inequality
#7
Always equal
Marginal cost is greater than average variable cost
Average variable cost is greater than marginal cost
No relationship exists
#8
Prices that never change
Prices that adjust rapidly to market changes
Prices that adjust slowly to market changes
Prices that are fixed by government regulations
#9
High inflation rates
Interest rates become ineffective in stimulating the economy
Fiscal policy is always effective
Deflationary pressures
#10
Costs associated with printing menus for restaurants
Costs of changing prices and wages
Costs related to advertising
Costs incurred in menu planning
#11
An increase in private investment due to government spending
A decrease in private investment due to government borrowing
An increase in government spending due to private investment
A decrease in government spending due to increased taxes
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