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6. According to the wealth effect, when prices decrease, the…

6.

According to the wealth effect, when prices decrease, the purchasing power of assets _____ and consumer spending _____.

 A.increases; decreases
 B.decreases; decreases
 C.decreases; increases
 D.increases; increases

7.

A tariff or quota will _____ prices and _____ the consumption of the protected goods in the importing country.

 A.raise; decrease
 B.raise; increase
 C.lower; decrease
 D.lower; increase

8.

A general increase in wages will result primarily in the _____ curve shifting to the _____.

 A.short-run aggregate supply; left
 B.aggregate demand; right
 C.short-run aggregate supply; right
 D.aggregate demand; left

9.

A negative supply shock often results in:

 A.a leftward shift of the AD curve.
 B.an increase in the aggregate price level and a decrease in aggregate output.
 C.no change in the price level.
 D.a drop in the unemployment level.

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