Higher resource prices shift the
A) long-run aggregate supply curve leftward, decreasing real GDP and increasing potential GDP.
B) short-run aggregate supply curve leftward, raising the price level and decreasing potential GDP.
C) short-run aggregate supply curve leftward, raising the price level and decreasing real GDP so it is less than potential GDP.
D) short-run aggregate supply curve rightward, raising the price level and decreasing real GDP so it is less than potential GDP.
119) Suppose that the economy begins at a long-run equilibrium. Which of the following raises the price level and decrease real GDP in the short run?
A) a decrease in the quantity of money
B) an increase in the price of oil that decreases aggregate supply
C) an increase in the stock of capital that increases aggregate supply
D) an increase in government expenditures
120) A decrease in short-run aggregate supply ________ the equilibrium price level and ________ the equilibrium quantity of real GDP.
A) increases; increases
B) increases; decreases
C) decreases; increases
D) decreases; decreases
121) In the short run, a rightward shift of the short-run aggregate supply curve ________ real GDP and ________ the price level.
A) decreases; lowers
B) increases; raises
C) decreases; raises
D) increases; lowers
122) In the short run, a supply shock that shifts the short-run aggregate supply curve leftward ________ real GDP and ________ the price level.
A) increases; raises
B) decreases; raises
C) increases; lowers
D) decreases; lowers
123) Assume the economy is at long run equilibrium and oil prices rise. As a result, the ________ shifts ________.
A) AD; rightward
B) AD; leftward
C) SAS; rightward
D) SAS; leftward
124) In the short-run, a rise in the money wage rate leads to
A) an increase in the price level and an increase in real GDP.
B) an increase in the price level and a decrease in real GDP.
C) an increase in the price level, but no change in real GDP.
D) no change in the price level, but an increase in real GDP.
125) Stagflation is the combination of
A) inflation and increasing real GDP.
B) deflation and recession.
C) inflation and recession.
D) deflation with increasing real GDP.
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