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GK Set-1
Economics
Micro Economics
427

Micro Economics MCQ (GK Set-1) with Answers

427) Which of the following statements about a country’s long-run aggregate supply curve, LAS, is true?

It is vertical throughout its length at the output which would be produced if there were no unemployment

It is vertical throughout its length at the output which would be produced if there were only natural unemployment

It slopes forwards at low price levels and is then vertical

It slopes forwards at all price levels

Answer is:

It is vertical throughout its length at the output which would be produced if there were only natural unemployment

Micro Economics MCQ (GK Set-1) with Answers

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Related Micro Economics MCQ (GK Set-1) with Answers

428) Suppose an economy is in short-run and long-run equilibrium where its AD, SAS, and LAS curves intersect. Then there is a demand shock and AD shifts to the right. Which of the following statements is false?

In the short run unemployment will exceed the natural level

In the long run unemployment will equal the natural level

In the short run the price level will increase

In the long run, the price level will equal the original level

Answer is:

In the long run, the price level will equal the original level

429) Suppose an economy is in short-run and long-run equilibrium where its AD, SAS and LAS curves intersect. Then there is an improvement in technology which leads to a higher demand for labour, so increasing the level of natural employment and the level of pot

The new LAS curve will be to the right of the original LAS

The price level will be lower than it started

The real wage will be higher than it started.

The new SAS curve will be to the left of the original SAS

Answer is:

The new SAS curve will be to the left of the original SAS

430) Suppose an economy is in short-run and long-run equilibrium where its AD, SAS and LAS curves intersect. Then there is an increase in the price of imported inputs. Which of the following statements about the new long-run equilibrium position is false?

The new AD curve will be to the left of the original AD

The new SAS curve will be to the left of the original SAS.

The new LAS curve will be to the left of the original LAS.

The new aggregate demand for labour curve will be to the left of the original curve

Answer is:

The new AD curve will be to the left of the original AD

431) Which of the following groups of people are not regarded as economically inactive?

People who want a job but do not have one

Family or home carers

Students with no employment.

Students with no employment.

Answer is:

People who want a job but do not have one

Micro Economics MCQ (GK Set-1) with Answers

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