The Following Table Gives Information About the Relationship Between Input

question 58

Multiple Choice

The following table gives information about the relationship between input quantities and real domestic output in a hypothetical economy: Suppose that the price of each input increased from $5 to $8.The per unit cost of production in the above economy would:

• A)rise by $1.50 and the aggregate supply curve would shift to the right.
• B)rise by 60 percent and the aggregate supply curve would shift to the left.
• C)rise by 60 percent and the aggregate demand curve would shift to the left.
• D)fall by $1.50 and the aggregate demand curve would shift to the right.

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Definitions:

Long-range Plans

Strategic plans that encompass a broad vision and long-term goals of an organization, typically extending several years into the future.

Long-term Goals

Objectives or targets a company or individual aims to achieve over an extended period, usually exceeding one year.

Operating Budgets

Detailed projections of income and expenses associated with the day-to-day operations of a business for a specific period.

Financial Budgets

Comprehensive plans that forecast a company's expected revenues, expenditures, and cash flows over a certain period.