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Author Question: Which of the following changes best represents the effect of the oil embargo (a shut-off of oil from ... (Read 62 times)

dalyningkenk

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on: Jun 30, 2018
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.


lkanara2

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

d


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