Which of the following changes best represents the effect of the oil embargo (a shut-off of oil from certain OPEC countries) of the 1970s on the U.S.?
a. A leftward shift of the long-run aggregate supply curve
b. A rightward shift of the long-run aggregate supply curve
c. A leftward shift of the aggregate demand curve
d. A rightward shift of the aggregate demand curve
e. A rightward movement along a given aggregate demand curve
Question 2
An increase in aggregate demand will have a smaller long-run effect on real GDP if the:
a. aggregate demand curve is flat.
b. short-run aggregate supply curve is horizontal.
c. economy is well below potential output.
d. economy is already at potential output.
e. aggregate demand curve is fairly steep.
Effect of stimulus type on graded potentials.
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