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A permanent reduction in international trade barriers would

 A permanent reduction in international trade barriers would

A) decrease long-run aggregate supply.

B) increase long-run aggregate supply.

C) decrease aggregate demand.

D) increase aggregate demand.

17) A short-lived increase in oil prices caused by destruction of oil-producing and oil-refining facilities by a large hurricane will

A) shift the SRAS curve to the right.

B) shift the LRAS curve to the right.

C) shift the SRAS curve to the left.

D) shift the AD curve to the right.

18) If there is a change in the U.S. endowment of factors of production, then there would be

A) a shift in just LRAS.

B) a shift in both LRAS and SRAS.

C) shifts in just SRAS.

D) a movement along the SRAS curve.

19) All items below will decrease short-run aggregate supply EXCEPT

A) a decrease in the marginal tax rates.

B) an increase in the prices of inputs.

C) a decrease in training and education.

D) a decrease in labor supply.

20) Which of the following decreases aggregate supply?

A) discoveries of new raw materials

B) an increase in competition

C) an increase in training and education

D) a decrease in labor supply

21) A temporary embargo on oil from the Middle East going in to the United States would

A) shift both the short-run and long-run aggregate supply curves to the left.

B) shift only the long-run aggregate supply curve to the left.

C) shift the long-run aggregate supply curve to the right.

D) shift only the short-run aggregate supply curve to the left.

22) A new discovery of large volumes of previously unknown deposits of natural gas in Pennsylvania would

A) shift the short-run and long-run aggregate supply curves to the right.

B) shift only the short-run aggregate supply curve to the right.

C) shift only the long-run aggregate supply curve to the right.

D) not affect either the short-run or long-run aggregate supply curves.

23) Consider a nation in which most workers are unionized. If all the nation's unions band together and succeed in boosting wages established by long-term labor contracts, then

A) there is a leftward shift in just LRAS.

B) there is a leftward shift in both LRAS and SRAS.

C) there is a rightward shift in just SRAS.

D) there is a rightward movement along the SRAS curve.

24) All of the following will cause the aggregate supply curve to shift to the right EXCEPT

A) discoveries of raw materials.

B) a reduction in input prices.

C) an increase in marginal tax rates.

D) a reduction in international trade barriers.

25) A temporary increase in the price of oil would

A) increase both short-run and long-run aggregate supply.

B) increase short-run aggregate supply and decrease long-run aggregate supply.

C) decrease short-run aggregate supply and leave long-run aggregate supply unchanged.

D) decrease both short-run and long-run aggregate supply.

Dec 10 2019 View more View Less

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