FIGURE 23-2 Refer to Figure 23-2

question 28

Multiple Choice

FIGURE 23-2 Refer to Figure 23-2.Which of the following events could cause the upward shift of the AS curve?

• A)a decrease in the price of raw materials
• B)a decrease in the world supply of oil as a result of a major hurricane
• C)improved quality of the national education system
• D)rapid technological advances in mass production
• E)an increase in consumption

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Definitions:

Developing Countries

Nations with lower levels of industrialization, lower standard of living, and lower Human Development Index (HDI) ratings compared to developed countries.

Adult Illiteracy

The condition in which an adult lacks the basic reading and writing skills needed for managing daily living and employment tasks.

Infrastructure

Infrastructure represents the fundamental facilities and systems serving a country, city, or area, including transportation, communication, sewage, water, and electric systems.

Import Quotas

Government-imposed limits on the quantity or value of goods that can be imported into a country, used to protect domestic industries from foreign competition.