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- ) What is the equation of the long-run aggregate supply curve? The income velocity of money is constant, and the money supply is fixed: V = 0.15 M = 5600 The production function is Y = F(L, K) = 8 x √L x √K The endowment of resources is given by the input combination (L, K) = (49, 25)The aggregate supply curve is probably better thought of as a price/output response curve. Select one: True FalseAll of the following impact (shift) the short-run aggregate supply curve EXCEPTtechnological innovationlabor costsresource costsunemployment
- Given the following circumstances, indicate whether or not the aggregate supply curve would shift and, if so, which way would it shift: The price of a barrel of oil doubles An advance in alternative energy technology significantly reduces its cost In order to maintain a relatively clean air quality, a carbon emissions tax is levied against firms with a carbon footprint As a result of fracking, the price of natural gas is significantly reduced Advances in technology increase the productivity of the American worker, on average, by 30%The position of the long-run aggregate supply curve Group of answer choices: a. is determined by resource usage and technology. b. is at the point where the unemployment rate is zero. c. shifts to the right when the money supply increases. d. is at the point where the economy would cease to grow.Which of the following is likely to occur if an increase in legal immigrants significantly reduces the wages of workers, Cerberus paribus? A) Aggregate supply will decrease B) Aggregate supply with increase C) Aggregate demand will increase D) Aggregate demand will decrease
- Researchers in an oil producing country discover a cost effective method using existing levels of capital and labour to extract large amounts of petroleum resources that were previously inaccessible. All else equal, which of the following will most likely occur. Select one: The long run aggregate supply curve will shift to the left The long run aggregate supply curve will shift to the right The aggregate demand curve will shift to the left The aggregate demand curve will shift to the rightWhich of the following is likely to occur if an increase in legal immigrants significantly reduces the wages of workers, ceteris paribus? A. Aggregate supply will decrease (shift left). B. Aggregate supply will increase (shift right). C. Aggregate demand will increase (shift right). D. Aggregate demand will decrease (shift left).Which of the following explains why the long-run aggregate supply curve corresponds to the production possibilties curve? A. Both curves illustrate flexible wages and prices B. Both curves illustrate the maximum sustainabke capacity C. Both curves are downward sloping D. Both curves illustrate the trade-off between inflation and unemployment E. Both curves illustrate short-run macroeconomic equilibrium
- The aggregate supply curve for the long run is: Group of answer choices Represents potential output, full employment output and is a vertical line. a vertical line when output is plotted against the price level. Potential output for the economy. the full employment aggregate supply curve.A long-run equilibrium occurs when aggregate demand and aggregate supply are in equilibrium ____ a) below potential output b) at potential output c) above potential output d) at any level of outputAnswer the given question with a proper explanation and step-by-step solution. Which of the following will increase both the short-run and long-run aggregate supply curves? A. There are fewer firms involved in perfectly competitive and monopolistically competitive market structures as the economy features more oligopolies than before. B. The wage rate temporarily decreases throughout the economy. C. Younger workers in the labour force receive better and more training than their predecessors. D. The supply of key raw materials, such as petroleum and bauxite, is reduced. Which of the following is true concerning shifts of the long-run aggregate supply curve? A. An increase in the long-run aggregate supply curve causes its slope to become steeper as real GDP increases. B. An increase in the long-run aggregate supply curve causes greater unemployment. C. An increase in the long-run aggregate supply curve is depicted as a rightward shift and an increase in real GDP. D. A decrease…
