Question 45 The second step in analyzing a macroeconomic shock is to: O assess inflation. O find the output gap. O identify the shock and shift the curve. O forecast future GDP growth.D Question 31 When a competitive business sets prices, it takes into account: (i) marginal costs. (ii) competitive prices. (iii) prices from two decades back. (iv) monopoly prices. O (i) only O (i) and (ii) O (i), (ii), and (iv) O (ii) and (iv) Question 32 A rise in nominal wages represents: O a right shift of supply for firms. O an increase in employment. an increase in production costs. O a decrease in production costs. D Question 37 1 pts In the IS-MP analysis in the Fed model, the risk-free rate rises in response to: increased capital inflows. O adverse supply shocks. fiscal policy. monetary policy