ECO 102 CATAt tempt all questions 1. The image above shows two aggregate supply curves. Which of the following statements accurately describes the two curves?AS 1 is Classical, because it shows more price and wage flexibility AS 2 is Keynesian, because it shows less price and wage flexibility AS 1 is Keynesian, because it shows less price and wage flexibility both curves are Keynesian AS 2 is Classical, because it shows less price and wage flexibility 2. If the supply of money increases, what happens in the money market?The interest rate falls Transaction demand for money falls.The interest rate rises The interest rate does not change Transaction demand for money rises.3. When aggregate demand increases faster than aggregate supply, prices go up. This is an example of:demand-pull inflation per-worker productivity deflation cost-push inflation government grid lock 4. The Phillips curve illustrates that when inflation is low, unemployment is low when inflation is low, unemployment is high when unemployment is low, nominal GDP is negative when unemployment is high, inflation is high when inflation is low, the real interest rate is high 5. Economics is the study of how people use unlimited resources to satisfy limited want show people use unlimited resources to satisfy their unlimited want show businesses use unlimited resources to satisfy unlimited consumer want show people use scarce resources to satisfy unlimited want show governments satisfy business demand
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