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.
Habituation to the Aversive Effect of the Odor of Pups
Doppler Effect, Observer Moving
Effect of pH on drug absorption. (a) A weak acid such as aspirin (ASA) is in a nonionized form in an ...
Effect of cooperative substrate binding on enzyme kinetics
Effect of an Increase in R&D in the Follower Country on the Steady State
Effect of an Increase in Technological Progress