Hi please answer the following question and provide an explanation for the correct answer to questions 1, 3, 5, 8, 9, 11, 13, 14, and 15. Please type the explanations. Thank you

Long-run 14. When firms restructure their operations to Aggregate Supply decrease production costs, the aggregate supply Short-run curve, the price level, and real output will change in PRICE LEVEL Aggregate Supply which of the following ways 6. A short-run Phillips Curve shows an inverse Aggregate Real Aggregate Supply relationship between Supply Curve Price Level Output PRICE LEVEL interest rates and borrowing A. Shift to the left Increase Increase (B. inflation and unemployment B. Shift to the left Increase No change C. income and consumption Aggregate Demand C. Shift to the right Increase Increase Aggregate Demand D. prices and quantity demanded REAL GROSS DOMESTIC PRODUC D. Shift to the right Decrease Increase GROSS DOMESTIC PRODUCT E. inputs and outputs E. Shift to the right Decrease Decrease 11. According to the graph above, which of the 1. According to the graph above, an increase in 7. Which of the following can be expected to cause an following is true about the long-run equilibrium of 15. In a closed economy with only lump-sum taxation, aggregate supply will most likely cause income and increase in gross domestic product in the short run? the economy depicted? if the marginal propensity to consume is equal to employment to change in which of the following A An increase in the tax rate A. The economy is in long-run equilibrium 0.75, a $70 billion increase in government spending ways? B. An increase in the interest rate B. The aggregate demand curve will shift to the could cause a maximum increase in output of Income Employment Equal increases in both imports and exports left to restore long-run equilibrium A. $52.5 billion A. Decrease Decrease Equal increases in both taxes and C. The long-run aggregate supply curve will B. $70 billion Decrease Increase government expenditures shift to the right to restore long-run C. $122.5 billion No change Increase Equal decreases in both investment and D. $210 billion equilibrium Increase Decrease government expenditures Without a fiscal policy stimulus, the $280 billion Increase Increase 8. If the federal government reduces its budget deficit economy will remain in a recession 16. When an economy at full which o E. As wages increase, the short-run aggregate 2. An appropriate fiscal policy to combat a recession with the economy close to full employment, which -pull of the following will most likely result? supply curve will shift to the left to restore would be to increase which of the following? long-run equilibrium A. Interest rates A. Inflation will increase B. The money supply B. Tax revenues will increase 12. An increase in personal income taxes will most Taxes Interest rates will decrease likely cause aggregate demand and aggregate Government spending Unemployment will decrease supply to change in which of the following ways in The sales of government bonds The international value of the dollar will increase the short run? Aggregate Aggregate 3. Crowding out refers to the decrease in 17. A Demand Supply A. national output caused by higher taxes 9. Stagflation is most likely caused by B. domestic production caused by increased A. an increase in aggregate demand A. Not change Decrease B. Not change Increase imports B. a decrease in aggregate demand Not change right private investment due to increased C. Decrease an increase in aggregate supply D. right Increase borrowing by the government a decrease in aggregate supply left E. Increase employment caused by higher inflation a large increase in the money supply Not change E. exports caused by an appreciated currency 13. Which of the following is true about the marginal 18. In s, real of a country 10. An advance in technology will cause the gr level A. aggregate demand curve to shift to the right propensity to consume? 4. Suppose that autonomous consumption is $400 and . aggregate demand curve to shift to the left A. It is the percentage of total income that is spent on consumption that the marginal propensity to consume is 0.8. If short-run aggregate supply curve to shift to B. It determines the size of the government disposable income increases by $1,200, the left spending multiplier consumption spending will increase by D. long-run aggregate supply curve to shift to the left C. It increases as incomes increase because A. $1,600 $1,360 E. long-run aggregate supply curve to shift to increases in income cause people to spend more $1,200 the right D. It is the same as the money multiplier $960 19. A E. It is equal to the average propensity to $400 consume for people with low incomes 5. In an economy in which all prices, including wages, are completely flexible, an increase in labor productivity will result in which of the following changes in output and real wages? Output Real Wages to A Increase Increase B. Increase Decrease shift t C. Increase No change D. Decrease Increase E. Decrease Decrease