Exhibit 10.1 -Refer to Exhibit 10.1, Which Shows the Short-Run Aggregate Supply

question 171

Multiple Choice

Exhibit 10.1

-Refer to Exhibit 10.1, which shows the short-run aggregate supply (SRAS) curve of an economy. What happens to short-run aggregate supply if prices are higher than expected?

• A) SRAS shifts right.
• B) SRAS shifts left.
• C) There is an upward movement along SRAS to Y₃.
• D) There is a downward movement along SRAS to Y₂.
• E) Nothing happens in the short run.

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Definitions:

Sixth Amendment

A provision in the United States Constitution guaranteeing important rights in criminal prosecutions, such as the right to a speedy and public trial, the right to counsel, the right to confront witnesses, and the right to an impartial jury.

Confront Witnesses

A legal right, particularly in criminal cases, that allows the accused to question and cross-examine witnesses testifying against them in court.

Sixth Amendment

An amendment to the U.S. Constitution guaranteeing the rights of criminal defendants, including the right to a speedy and public trial, an impartial jury, and the assistance of counsel.

Nolo Contendere

Latin for “I will not contest it.” A criminal defendant’s plea in which he or she chooses not to challenge, or contest, the charges brought by the government. Although the defendant will still be convicted and sentenced, the plea neither admits nor denies guilt.