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This Question: 1 pt Time Rem 11 of 30 (30 complete) The set of international standards governing rights to intellectual property is called O A. WTO O B. TRIPS O C. IMF O D. GATT. Activate Windows so to Seri Click to select your answer msi F11 PRT SCR PAUSE F12 SCROLL SYSRO BREAK F3 FH FS 2' ESC F2 P1 ECO BACKSPACEall Main 4 -March 71 Time Remaining: 00 This Question: 1 pt 1 of 30 (30 complete) This Te The graph to the right shows an economy in an initial long-run equilibrium at point A Using the line drawing tool, show how the equilibrium real GDP and the long-run equilibrium price level are affected, if at all, by a reduction in the quantity of money in circulation. Properly label this line as LRAS or AD. LRAS According to your graph, the equilibrium price level rises , while the equilibrium real GDP |decreases Price Level AD LRAS. Real GDP (S Trillions) ActivatetWidows, Click the graph, choose a tool in the palette and follow the instructions to create your graph msi F le PRT SCR SCROLL PAUSE InSER F 12 F11 LOCK FB SYSRO BREAK FS F2 F3 ECOThis Question: 1 pt 30 of 30 (30 complete) Approximately how many immigrants come to Canada each year? OA. O OB. 200 000 O C. 1 000 000 O D. 50 000 Acavate Windo Click to select your answer msi Fle PRT SCR PAUSE LOCK SYS RO F5 #7 BREAK ESC F2 F3 F4 F1 P1 ECO BACKSPAThis Test: 30 pts native born residents, at any given interest rate. Suppose that the classical model is appropriate for a country that has suddenly experienced an influx of immigrants who possess a wide variety of employable skills and who have reputations for saving relatively large portions of their incomes, compared wit From the following list, choose the letter that gives the resulting outcome for each of the variables given below: - Increase ZO - - Decrease (Enter a letter I, D, or N) - No Effect Current equilibrium employment Current equilibrium real GDP Current equilibrium interest rate Current equilibrium investment Future equilibrium real GDP Activate Windows Enter your answer in each of the answer boxes msi PAUSE INSERT PRT SCR HOME LOCK BREAK SYSRO + FS F3 F2 ECO BACKSPACE LOCK Esc @ 3 P U I10 of 30 (30 complete) A firm produces a good and generates $5 million in receipts. Wages are $3 million, rent is $500,000, and interest payments are $1 million. Then O A. profits are $500,000, the cost of production is $5 million, and households receive income equal to $5 million. O B. profits are $500,000, the cost of production is $5 million, and households receive income equal to $4.5 million. O C. profits are $500,000, the cost of production is $4.5 million, and households receive income equal to $4.5 million. D. profits are $500,000, the cost of production is $5 million, and households receive income equal to $3.5 million Activate Windows Click to select your answer msi G SCROLL PAUSE INSERT LOCK F 10 F12 RT SCR BREAK 2 SYS RO F4 FS FE ESC F2 F3 P1 ECO BACKSPACE %9 of 30 (30 complete) The graph to the right indicates the market equilibrium for workers in the labour market. Suppose that more workers enter the country because of immigration. Assume also that the immigrants come with significant human and financial capital. Q Using the line drawing tool, show how this would affect BOTH the supply and demand curves. Q So ADD A LABEL Real Wage ($ per hour) Do 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Employment (millions of workers) Activate Windows Click the graph, choose a tool in the palette and follow the instructions to create your graph msi SCROLL PAUSE INSERT F11 Fle PRT SCR SYSRO BREAK F5 F2 F3 F4 ESC P1 ECO BACKSPACEThis Question: 1 pt 29 of 30 (30 complete) Suppose that last week 100,000 people lost their jobs or quit. We can say that A. the 100,000 people represent a flow known as job leavers. O B. the number of unemployed increased by 100,000 people. O C. the 100,000 people represent a stock known as the new unemployed. O D. the number of unemployed increased by less than 100,000 people because we should not count those who quit their jobs. Activate Windows Click to select your answer msi F 10 PRT SCR SCROLL PAUSE nSER LOCK FH ESC F + SYSRO BREAK F2 F3 P1 ECO BACKSPACEThe economy's SRAS and LRAS are depicted in the graph to the right. Suppose initially the economy is in long-run equilibrium and then there is a rise in the price level, resulting from an increase in exports to other countries. Which of the following best describes the result of this event? Q O A. The short-run aggregate supply curve shifts inward while the long-run aggregate supply curve remains constant. LRAS Q O B. Both the short-run and long-run aggregate supply curves shift outward. C. Neither curve shifts. The economy moves along the short-run aggregate supply curve. SRAS O D. The short-run aggregate supply curve shifts outward while the long-run aggregate supply curve remains constant. Price level this point 'A. Using the point drawing tool, show a possible point the economy may move to, recalling it is initially in long-run equilibrium. Label Note. If you are not prompted for a label, you have used the wrong drawing tool. Real GDP (S trillions ) 1'5 Activate Windows Click the graph choose a tool in the palette and follow the instructions to create your graph msi PRT SCR SCROLL PAUSE DELETE FS SYSRO BREAK F4 P1 BACKSPACE @ E W E R ENTER 4 K8 of 30 (30 complete) If NDP is $50 less than GDP, we know that A. net investment equals $50. O B. depreciation equals $50 O C. inventories decreased over the year. O D. inventories increased over the year. Activate Windows Click to select your answer msi G RT SCR SCROLL PAUSE INSERT LOCK SYSRO BREAK F5 FB ESC F2 F3 P1 ECO BACKSPACEThis Question: 1 pt 27 of 30 (30 complete) The Keynesian model of the macroeconomy (shown in the graph to the right) argues that prices are sticky due to labour contracts and unions. 160- The existence of sticky prices causes the short-run aggregate supply |to be horizontal. Q 1.) Draw a Keynesian short-run aggregate supply curve (using the line drawing tool) at a price level of 110. Label it 'SRAS." 140- 2.) Suppose aggregate demand increases. Draw the new aggregate demand curve (using the line drawing tool) such that equilibrium is at a real GDP of $6 trillion and a price level of 110 Label it 'AD, 3.) Indicate the new equilibrium (using the point drawing tool) and label it 'E. Price level 100- SRAS Note: if you are not prompted for a label, then you have used the wrong drawing tool. 80- ADO 60 + Real GDP (S trillions) Activate Windows Click the graph, choose a tool in the palette and follow the instructions to create your graph msi G PAUSE InSER F12 PRT SCR SCROLL LOCK F11 BREAK SYSRO F4 FS F3 ECO BACKSPACEThis Question: 1 pt 24 of 30 (30 complete) This Test: 30 pts The long-run aggregate supply curve is a O A. bowed-out curve representing the level of real GDP after full adjustment has occurred and with full employment. O B. vertical line representing the level of real GDP after full adjustment has occurred and with full employment. C. bowed-out curve representing society's trade-off between producing capital goods versus producing consumption goods. O D. vertical line representing society's trade-off between producing capital goods versus producing consumption goods Activate Windows ? Click to select your answer msi PRT SCR SCROW RUSE DELETE SYSRO BREAK FS F2 + ESC P1 ECO BACKSPACE Pum P/a a 5 E 2 e I P YThis Question: 1 pt 23 of 30 (30 complete) This Test: 30 pts po Consider the following hypothetical data for the Canadian economy in 2012 (all amounts are in billions of dollars). Assume any unstated values are zero. Category Value Consumption $398 Government spending 328 Gross private domestic investment 180 Exports 130 Imports 105 Depreciation (CCA) 75 Indirect business taxes 29 a. Based on the data, calculate the following values: (Enter your responses as integers) i. Calculate GDP: $ 931 billion ii. Calculate NDP $ 856 billion. ini. Calculate NNI: $ 827 billion b. Suppose that in the next year, exports increase to $155 billion, imports increase to $205 billion, and gross consumption falls to $348 billion. What will GDP be in that year? $ 806 billion. c. If the value of depreciation (capital consumption allowance) should ever exceed that of gross private domestic investment, how would this affect the future productivity of the nation? Future productivity would decrease Activate Windows tags to activate Windows ? Enter your answer in each of the answer boxes msi DELETE RT SCR SCROLL Home F11 FS + SYSRO BREAK F2 F3 ECO ESC BACKSPACE 2 P U I3 of 30 (30 complete) Per capita GDP is O A. GDP minus depreciation. O B. population divided by GDP . C. GDP divided by the population. O D. GDP divided by a price index. Activate Windows atsings fo activate Wind Click to select your answer msi PAUSE FB F11 F12 RT SCR SCROLL LOCK BREAK ESC F1 FE F3 FS 2 ' SYSRO P1 ECO PP + BACKSPACE LOC a28 of 30 (30 complete) Classify each of the following as either a stock or a flow: a. Myung Park earns $850 per week. Flow b. America Online purchases $100 million in new computer equipment this month. F c. Sally Schmidt has $1000 in a savings account at a credit union. Stock d. XYZ, Inc., produces 200 units of output per week. Flow e. Giorgio Giannelli owns three private jets. Stock f. DaimlerChrysler's inventories decline by 750 autos per month. Flow g. Russia owes $25 billion to the International Monetary Fund. Stock Activate Windows Click to select your answer(s) msi F12 PRT SCR SCROLL PAUSE InSER LOCK F4 FS Fe SYSRO BREAK + FE F3 ESC FT ECO BACKSPACE