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Short and Long Run Aggregate Supply Phillips Curve and Laffer Curve Causes of Economic Growth Economic Growth VocabularyPotpourri

In terms of aggregate supply, a period in which nominal wages and other resource prices are unresponsive to price-level changes is called the ___________ A 100

In terms of aggregate supply, the difference between the long run and the short run is that in the long run ________________ A 200

Other things equal, an increase in the price level will _________ A 300

Other things equal, the short- run aggregate supply curve shifts positions when ___________ A 400

If government uses fiscal policy to restrain cost-push inflation, we can expect ___________________ A 500

B 100

B 200

The main criticism of the Laffer Curve is __________ B 300

An adverse supply shock can cause this economic problem. B 400

Inflation accompanied by rising unemployment is known as ________ B 500

Economic growth is usually depicted graphically as ____________. C 100

C 200 An increase in an economy's labor productivity would shift curve ________________

C 300 Labor productivity is defined as ____________

DAILY DOUBLE C 400 DAILY DOUBLE Place A Wager

Suppose total output (real GDP) is $4000 and labor productivity is 8. We can conclude that _________ C 400

Suppose total output (real GDP) is $10,000 and worker- hours are 20,000. We can conclude that ________ C 500

Give one of the reasons that economic growth may not be a “good” thing D 100

Give two reasons why economic growth may be a “good” thing D 200

The largest contributor to increases in the productivity of American labor is ___________ D 300

The fact that large producers may be able to use more efficient technologies than smaller producers is usually referred to as ___________. D 400

Increases in the value of a product to each user, including existing users, as the total number of users rises are called ______________ D 500

This was recently named after Stephen Colbert E 100

The first game of the Philadelphia Eagles’ season will be played at this team’s stadium. E 200

E 300 The Phils play five games in seven days against this rival in first days of May

The quote “He conquers who endures” is located here in Mr. Masucci’s room. E 400

What is the quote and author of that quote on the outside of Mr. Masucci’s door? E 500

A view of macroeconomics that emphasizes the role of costs and aggregate supply in explaining inflation, unemployment and economic growth. F 100

Sudden, large changes in resource prices. F 200

Increases in quality/quantity of natural and human resources, the supply of capital goods and improvement of technology F 300

The idea that a product can be produced once, but satisfy the needs of many customers. F 400

Period characterized by accelerated growth (productivity and economic) caused by rapid technological increases and global trade. F 500

The Final Jeopardy Category is: Economic Growth Please record your wager. Click on screen to begin

List and fully describe the three main factors of economic growth. Click on screen to continue

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