Figure 33-2. -Refer to Figure 33-2.The Shift of the Short-Run Aggregate-Supply Curve

question 283

Multiple Choice

Figure 33-2.
-Refer to Figure 33-2.The shift of the short-run aggregate-supply curve from AS₁ to AS₂

• A) could be caused by an outbreak of war in the Middle East.
• B) could be caused by a decrease in the expected price level.
• C) causes the economy to experience an increase in the unemployment rate.
• D) causes the economy to experience stagflation.

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Definitions:

Credit Balance

A situation where the amount of credits in an account exceeds the debits, signifying an amount owed to the account holder.

Accounts Payable

Liabilities representing amounts owed by a company to creditors for goods and services that have been purchased or received but not yet paid for.

Asset

An economic resource or a controlled item of value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.

Revenues

The total income generated from normal business operations, including discounts and deductions for returned merchandise.