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:

Inventory

Raw materials, work-in-process products, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.

Sales Journal

A dedicated financial ledger designed for documenting all credit sales transactions.

Posting

The act of recording financial transactions in the ledger of an accounting system.

Account Numbers

are unique identifiers assigned to specific accounts in an accounting system to track financial transactions.