Question 1
Refer to the information provided in Figure 27.3 below to answer the question(s) that follow.
Refer to Figure 27.3. The aggregate supply curve shifting from
AS
1 to
AS
2 will cause
◦ deflation.
◦ hyperinflation.
◦ demand-pull inflation.
◦ cost-push inflation.
Question 2
Refer to the information provided in Figure 27.3 below to answer the question(s) that follow.
Refer to Figure 27.3. Assume the economy is at Point
A. Lower oil prices shift the aggregate supply curve to
AS
0. If the government decides to counter the effects of lower oil prices by decreasing government spending, then the price level will be ________ than
P
0 and output will be ________ than
Y
0.
◦ greater; greater
◦ greater; less
◦ less; less
◦ less; greater
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