The answers to the practice multiple-choice questions are below. Just click on "Read more". 1. D 2. E 3. E 4. B Need more practice? Get the Ultimate Review Packet. It's FREE to start. Step 1: Go to: www.ultimatereviewpacket.com Step 2: Create a free account Step 3: Enroll in the free version of the Macroeconomics packet
I do not even have to take more economic courses anymore, but I will never forget how much your videos helped me. I watched them all throughout my senior year of high school to sophomore year of college cause I had to take econ courses those times.
God your timing is just absolutely insane. This is the third time my class has started a new topic and you uploaded a video about it the very next day I really can’t thank you enough for these videos!
Thank you Mr. Clifford for this amazing lesson! I was honestly confused why all the commentators were saying "learned more in a few minutes than some hours in my macro class" but now in university I relate to every single one of em and you did an amazing job explaining these concepts in a clear and concise way.
Notes from this video... *Aggregate means added all together. What is aggregate supply? supply for everything in the entire economy x = real gdp y = price level (inverse relationship) -- upward sloping: a change in... resource prices--the cost or availability of key resources will affect the amount that producers can make in the short-run actions by the government--taxes, subsidies, or regulations can change the incentives of producers and affect the amount they produce productivity--technology or human capital can change the amount of producers can make with the same amount of resources shift left = decrease | shift right = increase ; when price shifts, eventually it will adjust/balance and become long-run aggregate supply (vertical || same concept as production possibilities curve--representing max capacity at full employment) capital stock--the accumulation of physical capital, like factories, tools, and equipment, used to produce goods and services (in economics, “capital” is never money) negative supply shock--an unexpected decrease in the availability of a key resource: this causes a decrease in the short-run aggregate supply. positive supply shock--an unexpected increase in the availability of a key resource: this causes an increase in the short-run aggregate supply.
My guy thank you so much I don't understand this stuff in class but you make it so much easier to understand. College Professors have to sit explain this stuff for hours but you make it so much easier to understand.
@@searchfluoridemakesyoustup5883 It will depend on the market. Eventhough the cost is near to zero, the price is determined by demand and supply. Also, it depends on which market we are talking about. Besides, we have to consider the type of good they are producing. there are some problems that makes the government make laws about.
i know Im asking the wrong place but does any of you know of a method to log back into an Instagram account? I somehow forgot the account password. I would appreciate any help you can give me
Answers to the pop quiz 1-D Specialized training that improves human capital (this is because employees will produce more but the salary remains the same,so more is produced for the same cost,therefore costs for producing more units will go down,increasing Short run AS 2-E The per unit cost of production (If the costs of production per unit will increase,in the short run,the company will produce less while having the same amount of resources,less will be produced so the short run AS curve will shift to the left) 3-E The long run AS curve will shift to the right (the production possibility curve shows what can be produced in the economy,so if it shifts to the right,the amount that can be produced in the economy will increase,so the LRAS curve will shift to the right,as more supply can be produced) 4-B A increase in productivity (when more can be produced with the given resources,there's more efficiency in the usage of those resources in the economy,the LRAS curve will shift to the right)
@@shammaalali352 no because it says an increase. if there's an increase in money supply they would be able to produce more. I think you misread the question.
After I failed my exam in Macroeconomics, I tried looking for vidoes. His videos is a game changer! I understand Macroeconomics better. How I wish I watched all his video and his review packet before my exam. Now I a have another exam and I feel more confident.
I'm studying macroeconomics using gregory mankiw's book.... I can honestly say I gained a much better understanding of the aggregate supply curves watching this video than struggling through the very cumbersome explanations of the mankiw guy this entire weekend! If acdc has a book I can buy then I would because the way you explain things s#!ts all over this book I'm reading
Omg I just learned this today! Thank you so much!! Your videos are super helpful (especially during this time when all my classes are online and even more confusing!!)
Mr Clifford is a god in economics And the best Econ teacher Not because he’s good at teaching, but because he hears a magical whiteboard on the side lol
I could not get this concept of AD, AS, Short-run, and Long-run at all by reading the textbook. It is definitely not an easy concept to understand. Thank you for making it simple. I am grateful that you care and are a great professor. Please keep making videos.
Which topic addresses more aggregate demand and supply? The increase of prices for used cars or the decrease demand and negative prices for oil? I think is the latter but I would like a second opinion
AS curve: As P increases, Output increases but Can it also be said like as Output increases, Prices increases? Bcoz, as Output increases, unemployment decreases, which leads to higher wages which leads to higher prices.
I love macro economics but hate those oversimplified models which are reduced to a point where they actually barely make you understand anything but how to solve questions about the model . thank you for making university b.a classes simpler to understand but other than that this is not economics
Sorry I dont quite understand why the SRAS2 shifted to the right in the long run? In the graph, the point on the LRAS indicated lower price level but higher GDP. I dont get it :(
I just hate macroeconomics so much, but it's a required course for my degree... The explanations here don't really help me much.... I also watched it because it was required... Well... Whatever, right?
I'd love someone's help. I got #5 wrong. Here is my thinking. If I were expecting higher inflation in the future, wouldn't I want to increase my purchasing now, in the present, before costs are higher? I'm having trouble with this one. Wouldn't I want to increase production in the present, if I thought that inflation was going to increase the value of goods that I've already produced? Wouldn't I want to buy my widgets now, when I can still afford them?
You will actually find econ professors & textbooks who teach it both ways. The key to answering any question would be to look at the context. If workers and resource owners expect future inflation, then resource prices increase and short-run supply falls. If firms expect higher prices in the not-too-distant future, then they might increase production before resource prices can adjust and short-run supply would increase.
@@jaytweet9494Here is how i see it, supply is me both producing AND supplying goods to the market, so if i expect higher prices in the future i would produce NOW and store in inventory, but reduce the amount i put out on the market so that i can benefit from the higher prices in the future, hence sras shifts left.
I thought it also could be A because an increase in consumers' income would mean an increase in wages, which would decrease the sras to the left. However, I think it is incorrect to think of consumers' income solely as wages, since the income may be from other sources such as owning their own business. In general when these kinds of questions talk about changes in consumers' income they reference the aggregate demand. Changes in the components of gdp (Y = I + C + G + NX) are related to AD and not SRAS.
@@justinhahs3825 3:54 my line of thinking behind E is that when there is economic growth, both the PPC shifts right and the LRAS shifts right, so I think a shift in one would correlate a shift in another
I think the second question was E because an increase in the cost of production would mean it would be more expensive for producers to produce thus decreasing the quantity supplied at each level. This would shift the SRAS curve left.
The answers to the practice multiple-choice questions are below. Just click on "Read more".
1. D
2. E
3. E
4. B
Need more practice? Get the Ultimate Review Packet. It's FREE to start.
Step 1: Go to: www.ultimatereviewpacket.com
Step 2: Create a free account
Step 3: Enroll in the free version of the Macroeconomics packet
Yeah, I got all of them correct.
Why are those the answer? An explanation would be sweet.
You should pin this. I had to scroll down quite a lot to find this comment.
@@riddlewrong Fixed. Thank you!
@@devin7551 Why wouldn't it be C? If the government is giving out more money than the supply increases @Jacob Clifford
I learned more in these 6 minutes than I did in my 3 hour long macroeconomics class today.
good job out of you!
santamaria?
Same😂
I do not even have to take more economic courses anymore, but I will never forget how much your videos helped me. I watched them all throughout my senior year of high school to sophomore year of college cause I had to take econ courses those times.
Thanks Michelle. I'm glad I was able to help and I hope you still love econ :)
@@JacobAClifford I cannot believe I got a reply from the legendary Jacob Clifford omg 😱🤩. Your videos were the only thing I loved about Econ haha 😆
Lol it’s Michelle
Wasn’t sure until I saw the fan in ur page 💀
@@randylin1871 WTF RANDY?! HAHAH HI small world dude
You are the guy that makes my life easier. Such an iconic person
God your timing is just absolutely insane. This is the third time my class has started a new topic and you uploaded a video about it the very next day
I really can’t thank you enough for these videos!
I missed Mr Clifford's lessons.Bloody hell,it's absolutely good to have you back!
I started watching you to get an A on economics. Now I’m watching your videos so I will not forget this awesome information.
Thank you Mr. Clifford for this amazing lesson! I was honestly confused why all the commentators were saying "learned more in a few minutes than some hours in my macro class" but now in university I relate to every single one of em and you did an amazing job explaining these concepts in a clear and concise way.
Here because of my econ class. My prof loves you 😂 and i love u too thank you for making economics less daunting!
this mans a life saver. im a freshman in high school rn and this man has taught me more in 6 mins than my macro teacher had in a week. Thank You!!
You're a star, Mr. Clifford. Thank you for these videos!
Notes from this video...
*Aggregate means added all together.
What is aggregate supply? supply for everything in the entire economy
x = real gdp y = price level (inverse relationship) -- upward sloping: a change in...
resource prices--the cost or availability of key resources will affect the amount that producers can make in the short-run
actions by the government--taxes, subsidies, or regulations can change the incentives of producers and affect the amount they produce
productivity--technology or human capital can change the amount of producers can make with the same amount of resources
shift left = decrease | shift right = increase ; when price shifts, eventually it will adjust/balance and become long-run aggregate supply (vertical || same concept as production possibilities curve--representing max capacity at full employment)
capital stock--the accumulation of physical capital, like factories, tools, and equipment, used to produce goods and services (in economics, “capital” is never money)
negative supply shock--an unexpected decrease in the availability of a key resource: this causes a decrease in the short-run aggregate supply.
positive supply shock--an unexpected increase in the availability of a key resource: this causes an increase in the short-run aggregate supply.
You are literally the greatest don’t ever stop doing these😁
thanks Clifford for making our lives easier with econ
Thanks for making online classes so much more productive the world could use for econ lecturers like you!!!!!
My guy thank you so much I don't understand this stuff in class but you make it so much easier to understand. College Professors have to sit explain this stuff for hours but you make it so much easier to understand.
Me : "I learn nothing from online classes"
Also me : *watching your videos and understand everything*
@@searchfluoridemakesyoustup5883 It will depend on the market. Eventhough the cost is near to zero, the price is determined by demand and supply. Also, it depends on which market we are talking about. Besides, we have to consider the type of good they are producing. there are some problems that makes the government make laws about.
i know Im asking the wrong place but does any of you know of a method to log back into an Instagram account?
I somehow forgot the account password. I would appreciate any help you can give me
@@finnleylondon2755 use email to reset
Excellent
Came across this unexpectedly, and was so interesting, and charmed by the well-made video and charisma I watched the whole thing. Well done.
Answers to the pop quiz
1-D Specialized training that improves human capital (this is because employees will produce more but the salary remains the same,so more is produced for the same cost,therefore costs for producing more units will go down,increasing Short run AS
2-E The per unit cost of production (If the costs of production per unit will increase,in the short run,the company will produce less while having the same amount of resources,less will be produced so the short run AS curve will shift to the left)
3-E The long run AS curve will shift to the right (the production possibility curve shows what can be produced in the economy,so if it shifts to the right,the amount that can be produced in the economy will increase,so the LRAS curve will shift to the right,as more supply can be produced)
4-B A increase in productivity (when more can be produced with the given resources,there's more efficiency in the usage of those resources in the economy,the LRAS curve will shift to the right)
For number 2 but B is also correct bc they won’t supply that much when they don’t have enough money
@@shammaalali352 no because it says an increase. if there's an increase in money supply they would be able to produce more. I think you misread the question.
1---"..cost for producing more units will be the same..."
my favourite youtuber right now i binge watch all your vids!!! I LOVE ACDC ECONOMICS!!!!!!!!!!!!!!!!
After I failed my exam in Macroeconomics, I tried looking for vidoes. His videos is a game changer! I understand Macroeconomics better. How I wish I watched all his video and his review packet before my exam. Now I a have another exam and I feel more confident.
Hi Mr.Clifford, our 1st period AP Macro class did really well! Thank you for your video!!
I'm studying macroeconomics using gregory mankiw's book.... I can honestly say I gained a much better understanding of the aggregate supply curves watching this video than struggling through the very cumbersome explanations of the mankiw guy this entire weekend! If acdc has a book I can buy then I would because the way you explain things s#!ts all over this book I'm reading
This video way more helpful than my teacher is! So thank you !
Omg I just learned this today! Thank you so much!! Your videos are super helpful (especially during this time when all my classes are online and even more confusing!!)
Correct answers: 1. D
2. E
3. E
4. B
Genius👍👍
you are the reason why i have an A in ap macroeconomics. thanks for making this video!
I got 5 out of 5 on the quiz thanks to your expert teaching :)
Hey bestie, our 5th period class has been loving your videos!
I'm from India and I love the way you teach its so easy to understand
Thankyou
YOU MADE THIS TOPIC WAY EASIER TO UNDERSTAND !!!!!!
i never had a larger moment of realization till i watched this video a couple of times
Our class did great - 7 out of 7!
🙂
Mr Clifford is a god in economics
And the best Econ teacher
Not because he’s good at teaching, but because he hears a magical whiteboard on the side lol
probably my fav youtuber
Most amazing teacher!
I could not get this concept of AD, AS, Short-run, and Long-run at all by reading the textbook. It is definitely not an easy concept to understand. Thank you for making it simple. I am grateful that you care and are a great professor. Please keep making videos.
Appreciate your help. Stay blessed.
Thank God I found this video!
I DID SO GOOD ON THE PRACTICE QUESTIONS
Clifford you slayed the house down love you thanks so much Jonathan if you are reading this go away
@Jacob Clifford My econ class will soon be over but I intend to continue watching your videos. You've turned me into an Econ-junkie. :)
tak you for teaching me about aggregate supply jaky c
4 out of 5 of your questions, Mr. Clifford.
Thanks for clearing all my doubts 🙂 sir
Thanks I'm going to pass my reading Quiz (I didn't read the amsco)
You look like Mark Cuban. Great video!
And also change in productivity means change in I which shift AD not AS?
Which topic addresses more aggregate demand and supply? The increase of prices for used cars or the decrease demand and negative prices for oil? I think is the latter but I would like a second opinion
helped me so much for my classes
Any idea on where the answers are I got D E E B
unsure about number 3 tho
Yep idk about 2 or 3 though
AS curve: As P increases, Output increases but Can it also be said like as Output increases, Prices increases? Bcoz, as Output increases, unemployment decreases, which leads to higher wages which leads to higher prices.
I love macro economics but hate those oversimplified models which are reduced to a point where they actually barely make you understand anything but how to solve questions about the model . thank you for making university b.a classes simpler to understand but other than that this is not economics
I remember this topic in Micro Econ. Thanks
Could you explain the type of economy of the healthcare system of what a conservative and liberal approach would be?
This is really helpful! Thx ~
thank you for the video, great as always
Hey Jacod Cliffard, I got a 100 on ur little quiz
Hello how the AS is shifted by taxes and when we cut taxes we just shift the AD?
Ur right on time sir.Thank you😀
Thank you so much for your video!!!!
What are the correct answers? My answers were D E E B
same
same!! I wanna know the answers TT
facts
i might asking for stupid question but what is D E E B?
@@rajazakirah619 the answers we got for the mini quiz at the end of the video
love it u saved me
real
This was super helpful!!
Fanks for the help
Ahhh u are again active on your channel.nice to know.all the videos I watched are 5 years old😅
Where's the answer key?
Sorry I dont quite understand why the SRAS2 shifted to the right in the long run? In the graph, the point on the LRAS indicated lower price level but higher GDP. I dont get it :(
yah me too this guy sucks
Thank youuuu
we did alright. the last one was a little tricky
thank you so much
Im writing my paper 2 in 4hours . WISH ME LUCK 😁😊
Good luck!
@@JacobAClifford Thank you sir
And for your help
Hi. Why does the supply not decrease in the long run when nominal wages for workers increase?
Thank you so much!
All correct!
God of economics
Deadset. I love you
I love it!
i can't find the answer key to the pop quiz but mine is: D E E B :-----)))))))
Won't an increase in interest rate shift it to the left because producers will borrow less money and produce less?
Please do convex and concave curves of PPC
Did everyone get DEEB
what are the answers?
I just hate macroeconomics so much, but it's a required course for my degree... The explanations here don't really help me much.... I also watched it because it was required... Well... Whatever, right?
Hey man, love the vid but where are the answers to the pop-quiz? I found d,e,e,b
Yes
Gr8 vid m8
He did not mention changes in long run aggregate supply.
I'd love someone's help. I got #5 wrong. Here is my thinking. If I were expecting higher inflation in the future, wouldn't I want to increase my purchasing now, in the present, before costs are higher? I'm having trouble with this one. Wouldn't I want to increase production in the present, if I thought that inflation was going to increase the value of goods that I've already produced? Wouldn't I want to buy my widgets now, when I can still afford them?
You will actually find econ professors & textbooks who teach it both ways. The key to answering any question would be to look at the context. If workers and resource owners expect future inflation, then resource prices increase and short-run supply falls. If firms expect higher prices in the not-too-distant future, then they might increase production before resource prices can adjust and short-run supply would increase.
@@jaytweet9494Here is how i see it, supply is me both producing AND supplying goods to the market, so if i expect higher prices in the future i would produce NOW and store in inventory, but reduce the amount i put out on the market so that i can benefit from the higher prices in the future, hence sras shifts left.
omg I do it all rightttttt
Why isn't the answer for number 2 in the MCQ equal to A instead of E?
I thought it also could be A because an increase in consumers' income would mean an increase in wages, which would decrease the sras to the left. However, I think it is incorrect to think of consumers' income solely as wages, since the income may be from other sources such as owning their own business. In general when these kinds of questions talk about changes in consumers' income they reference the aggregate demand. Changes in the components of gdp (Y = I + C + G + NX) are related to AD and not SRAS.
Thankk you!!
what are the answers??
i got D E D B
br then what is government spending
4:30
is that jug of milk added just to be asked why it's here?
Why is there seriously
hey, do you have the answers to the questions at the end?
I cant find them but i got D,E,E,B
@@mrmetsman7693 I got D, E, C, B but i think you might be right on #3
I also got D, E, E, B but im not sure for number 3
@@justinhahs3825 3:54 my line of thinking behind E is that when there is economic growth, both the PPC shifts right and the LRAS shifts right, so I think a shift in one would correlate a shift in another
You should run for President in 2024
4/5 Legend
D, E, E, B
My answers were D, A, E, B
I think the second question was E because an increase in the cost of production would mean it would be more expensive for producers to produce thus decreasing the quantity supplied at each level. This would shift the SRAS curve left.
unbelievable