Use the Following to Answer Questions

question 66

Multiple Choice

Use the following to answer questions
Figure: Long-Run Aggregate Supply Curves
-(Figure: Long-Run Aggregate Supply Curves) Which of the following can explain the shift of the long-run aggregate supply curve from A to C in the figure?

• A) development of new technology
• B) an increase in the nation's factors of production
• C) negative supply shock
• D) increase in oil supply

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Definitions:

Federal Reserve Notes

Paper currency issued by the Federal Reserve, the central bank of the United States, used as legal tender.

Checkable Deposits

Bank accounts that allow the owner to write checks to third parties. Checks can be used for payments while the account earns interest.

Readily Used

implies resources or items that are easily accessible and can be immediately employed for a specific purpose or need.

Great Recession

A severe global economic downturn that began in 2007 and lasted until 2009, marked by high unemployment and significant financial instability.