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An increase in oil
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- If there is a temporary decrease in Aggregate Supply due to supply chain problems, • Prices will fall and output will rise • Prices will rise and output will fall • Prices and output will rise • Prices and output will fall.A decrease in the availability of an important major resource such as oil shifts aggregate supply left. True or FalseA vertical aggregate supply graph indicates that aggregate demand has no effect on: A) Prices B) Inflation C) Wages D) Quantity of output
- How can the COVID-19 pandemic influence the aggregate demand in a country?An increase in resources available would decrease potential GDP and the long-run aggregate supply curve. True or FalseA rightward shift in the aggregate supply curve with no change in the aggregate demand curve signals an economic expansion. True or False?
- A sudden increase in consumer spending will shift the aggregate demand curve to the right and lower the price level/inflation and increase the level of GDP output. True /FalseUnemployment would decrease and prices would increase if a. aggregate supply shifted left. b. aggregate demand shifted right. c. aggregate supply shifted right. d. aggregate demand shifted left.A large reduction in oil prices will cause: Group of answer choices a leftward shift in the aggregate demand curve. a rightward shift in the aggregate supply curve. a leftward shift in the aggregate supply curve. a rightward shift in the aggregate demand curve.