Macroeconomics

‭7.‬ ‭In‬ ‭the‬ ‭long‬ ‭run‬ ‭at‬ ‭full‬ ‭employment,‬ ‭a‬ ‭consistent‬ ‭output‬ ‭level‬ ‭aligns‬ ‭with‬ ‭which‬ ‭shape‬ ‭of‬ ‭the‬ ‭long-run Phillips curve?‬ ‭A.‬ ‭Horizontal‬ ‭B.‬ ‭Convex to the origin‬ ‭C.‬ ‭Concave to the origin‬ ‭D.‬ ‭Vertical‬ ‭8.‬ ‭A‬ ‭government‬ ‭recently‬ ‭implemented‬ ‭a‬ ‭contractionary‬ ‭fscal‬ ‭policy.‬ ‭Which‬ ‭of‬ ‭the‬ ‭following‬ ‭Phillipe curve models represents the short-run effect of this policy?‬

‭A.‬ ‭Model 1‬ ‭B.‬ ‭Model 2‬ ‭C.‬ ‭Model 3‬ ‭D.‬ ‭Model 4‬

‭9. Which of the following causes a movement along the short-run Phillips curve?‬

‭A.‬ ‭A shift of the long-run aggregate supply curve‬ ‭B.‬ ‭A positive supply shock‬ ‭C.‬ ‭A negative supply shock‬ ‭D.‬ ‭A change in cyclical unemployment‬

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