An Increase in the Price of a Resource Such as Oil

question 307

Multiple Choice

An increase in the price of a resource such as oil
I. shifts the aggregate demand curve leftward.
II. shifts the long-run aggregate supply curve rightward.
III. shifts the short-run aggregate supply curve leftward.
IV. increases the price level and decreases real GDP in the short run.

• A) Only I is correct.
• B) Both I and II are correct.
• C) Only III is correct.
• D) Both III and IV are correct.

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Definitions:

Virtual Communication

The exchange of information and ideas through electronic means when participants are not physically present in the same location.

Nonverbal Signals

Communication cues such as facial expressions, body language, and gestures that convey information or feelings without using words.

Nonverbal Part

The component of communication that does not involve words but includes gestures, facial expressions, and body language.

Distance Interactions

this term refers to the communications or actions that occur between individuals or groups who are not physically co-located, often facilitated by technology.