An Increase in the Price of Nonlabor Inputs

question 108

Multiple Choice

An increase in the price of nonlabor inputs

• A) shifts the AD curve leftward.
• B) shifts the SRAS curve leftward.
• C) is the same thing as a beneficial supply shock.
• D) shifts the AD curve rightward.
• E) shifts the SRAS curve rightward.

---

Definitions:

Sums of Squared Deviations

The total of the squared differences between each observation in a data set and the mean of that data set, used in various statistical methods to measure variability.

Sample Mean

The average value calculated from a subset (sample) of a population.

ANOVA Table

A table used to summarize the results and findings of an Analysis of Variance, displaying sources of variance, degrees of freedom, and significance levels.

Mean Square

A statistical measure used in variance analysis, representing the average of squared differences from the mean.