Question 1
Refer to the information provided in Figure 26.6 below to answer the question(s) that follow.
Refer to Figure 26.6. Suppose the equilibrium price level is 110. An increase in the supply of oil would probably
◦ increase both the equilibrium output and the price level.
◦ decrease the equilibrium output and increase the price level.
◦ increase the equilibrium output and decrease the price level.
◦ decrease both the equilibrium output and the price level.
Question 2
Refer to the information provided in Figure 26.6 below to answer the question(s) that follow.
Refer to Figure 26.6. Suppose the equilibrium price level is 110. An increase in wages and an increase in government spending will, for sure, increase
◦ both the equilibrium output and the price level.
◦ the price level.
◦ equilibrium output.
◦ equilibrium output and decrease the price level.
Lewis symbols,(Figure 1)
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