Suppose There Is a Decrease in the Availability of an Important

question 171

Multiple Choice

Suppose there is a decrease in the availability of an important major resource, such as oil. Which of the following shifts would most likely occur?

• A)The aggregate supply would shift right.
• B)The aggregate supply would shift left.
• C)The aggregate demand would shift right.
• D)The aggregate demand would shift left.

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Definitions:

Amended Returns

The process of revising previously submitted tax returns to correct any errors or include new information.

Loss

The result when an entity's expenses exceed its revenues, leading to a negative net income or deficit in its financial results.

Tax Liability

The amount of tax owed to the government by an individual, corporation, or other entity in a specific period.

Taxable Income

The amount of income that is subject to income tax after all deductions and exemptions.