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l3.Whieh of the following statements represents a correct and sequentially accurate economic explanation? a. Wage rates rise, SRAS rises, and the SRAS curve shifts to the left. b. The prices of nonlabor inputs rise, SRAS decreases, and the SRAS curve shifts to the right. c. Labor productivity rises, SRAS increases, and the SRAS curve shifts to the right. d. An adverse supply shock hits, SRAS decreases, and the SRAS curve shifts to the right. 14. A persistent recessionary gap may be removed by a. by a slow downward shift of the SRAS curve b. a policy-induced increase in AD c. a natural revival of private sector AD d. all of the above 15. If businesses buy fewer capital goods, and nothing else changes, then total expenditures on US. goods and services (TE) will decrease. And if TE decreases, then will decrease; consequently, the curve will shift . aggregate demand (AD); AD; rightward short-run aggregate supply (SRAS); SRAS; leftward aggregate demand (AD); AD; leftward interest rates; AD; leftward $1.057.\" 16. Which of the following statements is false? A higher Real GDP is associated with a lower unemployment rate, celeris paribus. If AD rises and SRAS is constant, the price level rises in the short run. If both SRAS and AD decline, the unemployment rate rises in the short run. If both SRAS and AD increase, the price level necessarily rises in the short run. 9-957.\" 17. The short-run aggregate supply curve is upward-sloping because of sticky wages. sticky prices. producer misperceptions. all of the above 9-9 9"?\" 18. A rise in wage rates a. causes the SRAS curve to shift leftward. b. causes the short-run aggregate supply (SRAS) curve to shift rightward. C. does not affect the present position of the SRAS curve. d. causes the AD curve to shift leftward. PART II 1. Explain and show graphically how the consumption function is derived. Explain by providing a numerical example how an increase in MPC affects consumption, the multiplier, total expenditure and national income. 2. Consider the following information C = 140 + 0.8 Yd, where Yd= 0.85Y G : 120 I= 100 (X M) : 20 0.23Y a Derive algebraically the equation for TE and show your work graphically. b TE is the expression for national income (Y). Based on this information, calculate the national income for this economy. 0 If MPC rises to 0.82 with no change in autonomous consumption, G, I, and (X-M), explain and show graphically the impact of the change in MPC on the aggregate demand and the national income