If the US Government Were to Relax Its Restrictions on Offshore Oil

question 110

Multiple Choice

If the U.S. government were to relax its restrictions on offshore oil well drilling in Alaska, the result to aggregate supply would be to

• A) cause a shift in the SRAS to the left.
• B) cause a shift in the LRAS to the left.
• C) cause no long-term shifts in aggregate supply.
• D) cause a shift in both LRAS and SRAS to the right.

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Definitions:

Job Simplification

The process of reducing the complexity of a job by limiting the number of tasks or operations involved, often with the aim of improving efficiency and productivity.

Work Standards

Established expectations and requirements for performance and behavior in the workplace, guiding how tasks should be performed.

Incentive Wage Plans

Compensation schemes designed to motivate employees by linking pay directly to performance or productivity levels.

Motion Study

An analysis technique aimed at improving work efficiency by breaking down tasks into their fundamental motions and eliminating those that are unnecessary.