Question 57 (1 point) If the current price level was such that the aggregate quantity demanded exceeded the aggregate quantity supplied, we would expect: the aggregate demand curve to shift leftward. the ratchet effect to be applicable. O inflation to occur. O the aggregate demand curve to shift rightward.Question 58 (3 points) The following table summarizes the real GDP in a country over three years: Year Real GDP (in year 1 prices) Year O 90 Year 1 95 Year 2 10 Compute the average annual growth rate (AAGR) for this economy. (Round your answer to two decimal points.) Your Answer: AnswerQuestion 59 (1 point) Which one of the followings is not among the reasons that aggregate demand curve is downward sloping? interest rate effect net exports effect wealth effect diminishing marginal utility effect Question 60 (1 point) Suppose the nominal annual interest rate on a two year loan is 15.3 percent and lenders expect inflation to be 12 percent in each of the two years. The annual real rate of interest (in percentage points) is: Your Answer: AnswerPIICE above VU. Question 55 (1 point) The law of supply indicates that: consumers will purchase less of a product at high prices than they will at low prices. )producers will offer more of a product at high prices than they will at low prices. the product supply curve is downward sloping. producers will offer more of a product at low prices than they will at high prices. Question 56 (1 point) When a decrease in aggregate demand (AD) causes a recession, one can usually expect the price level in the economy to remain stable, because prices are downward sticky. fall, because the AS is increasing in the short-run. O rise, because the AS is vertical in the long-run. O fall in the short-run, and rise in the long-run