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.
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