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Is the following statement TRUE or FALSE? Please provide reason for the answer.
A fall in the
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- An increase in the price level causes the aggregate supply curve to shift to another supply schedule. True or FalseIf the price level rises, what happens to aggregate supply? Aggregate supply _______. A. doesn't change, but the quantity of real GDP supplied increases B. decreases C. increases D. doesn't change, but the quantity of real GDP supplied decreasesIf 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.
- 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%A decrease in the availability of an important major resource such as oil shifts aggregate supply left. True or FalseIs the following statement TRUE or FALSE? Please provide reason for the answer. The aggregate supply curve is shifted rightward by an increase in tax rates.
- Like the supply curve for individual goods and services, the aggregate supply curve slopes upward and to the right.True or FalseWhich 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 statements concerning the aggregate demand and aggregate supply model is correct? a. The aggregate demand and aggregate supply model is nothing more than a large version of the model of market demand and supply. b. The price level and quantity of output adjust to bring aggregate demand and supply into balance. c. The aggregate supply curve shows the quantity of goods and services that households, firms, and the government want to buy at each price. d. The aggregate demand shows the quantity of goods and services that firms are willing to produce at a given price level.
- 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 decreaseWhich of the following is true? A. Potential GDP decreases as the price level increases. B. At full employment, aggregate supply is equal to potential GDP. C. The potential GDP line has a negative slope. D. Potential GDP increases as the price level increases. E. Aggregate supply is another name for potential GDP.Illustrate graphically and interpret the change in equilibrium price and quantity using short-run Aggregate Demand and Supply curve when: Prices of raw materials of suppliers increase. The Federal Bank increases the interest rate. Government decides to spend less on development of infrastructure of the country. New skilled workers join the workforce. Factories and plant got destroyed due to outbreak of fire.
