Question 1
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. Higher oil prices shift the aggregate supply curve to
AS
2. If the government decides to counter the effects of higher oil prices by increasing net taxes, then the price level will be ________ than
P
2 and output will be ________ than
Y
2.
◦ greater; greater
◦ greater; less
◦ less; less
◦ less; greater
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 currently at Point
A on aggregate supply curve
AS
1. An increase in inflationary expectations that causes firms to increase their prices
◦ shifts the aggregate supply curve to
AS0.
◦ shifts the aggregate supply curve to
AS2.
◦ moves the economy to Point
C on aggregate supply curve
AS1.
◦ moves the economy to Point
B on aggregate supply curve
AS1.
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