revision questions chapter 26 pt1 Flashcards
1
Q
In the macroeconomic short run
A
actual real GDP may be less than or more than potential GDP
2
Q
a decrease in the money wage rate
A
increases the short run aggregate supply
3
Q
After 1992, the United Kingdom has been characterized by
A
increases in long-run and short-run aggregate supply
4
Q
A change in the money wage rate shifts
A
the SAS curve but not the LAS curve.
5
Q
When real GDP exceeds potential GDP, then the economy is in
A
an inflationary gap situation.
