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UNI Fall 2023 > Macroecon chapter 8 > Flashcards

Macroecon chapter 8 Flashcards

1
Q

Impact of price on consumption

A

Negative

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2
Q

Impact of price on wealth

A

Negative

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3
Q

Impact of wealth on consumption

A

Positive

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4
Q

Impact of price on AE

A

Negative + downward shift in AE curve

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5
Q

Impact of price on net export

A

Negative

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6
Q

Impact of price on import

A

Positive

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7
Q

Impact of price on export

A

Negative

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8
Q

AD curve definition

A

Combination of real GDP and P that allows AE to be equal to Y

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9
Q

Change of other factor on AD curve

A

AD curve shift right

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10
Q

Other factor influencing AD

A

AD = C + I + G +Nx

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11
Q

Impact of consumption on AD

A

Positive

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12
Q

Impact of investment on AD

A

Positive

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13
Q

Impact of government purchase on AD

A

Positive

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14
Q

Impact of export on AD

A

Positive

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15
Q

Impact of import on Ad

A

Negative

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16
Q

Positive relation between AD curve and other factors on graph

A

AD curve shift right

17
Q

Negative relation between AD curve and other factors on graph

A

AD curve shift left

18
Q

AS curve definition

A

Combination of P and Y given technology and price

19
Q

Suppose factor price of input are constant (2)

A

ΔT = 0
ΔP = 0

20
Q

AS curve is ________ slopped

A

Positively

21
Q

ΔP cause… on the graph

A

Mvt along the AS curve

22
Q

ΔOther factors cause… on the graph

A

Shift to the left

23
Q

ΔT cause… on the graph

A

Shift to the right

24
Q

If AS is elastic (2)

A

ΔAD -> ΔY > ΔP
ΔAD -> ΔY < ΔP

25
Q

Since ΔAD = demand shock

A

ΔY and ΔP ahve the same sign

26
Q

Since ΔAS = supply shock

A

ΔY and ΔP will have opposite sign

27
Q

The distribution of the impact of demand shock and supply shock on P and Y depends on…

A

The elasticity of AD and AS curve

28
Q

Impact of COVID on AD/AS

A
  • Individuals work recovery from COVID -> As shock reverses relatively quickly
  • Households/firms recovery from COVID -> AD shock reverses relatively quickly

UNI Fall 2023 (21 decks)

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