What factors affect the determinants of aggregate supply?

Resource inputs, technology, and institutional factors

Changes in consumer preferences

Elasticity of supply measures

The responsiveness of quantity supplied to price changes

The responsiveness of quantity demanded to price changes

Technological advancements can lead to

Increase in production efficiency

Decrease in production capacity

An elastic supply means that

Quantity supplied is highly responsive to price changes

Quantity supplied is insensitive to price changes

There is no supply in the market

What does the long-run aggregate supply curve represent?

Potential output level when all inputs are variable

Institutional factors influencing aggregate supply include

Government policies and regulations

Elasticity of supply is calculated as

Percentage change in quantity supplied divided by percentage change in price

Percentage change in quantity demanded divided by percentage change in price

Percentage change in price divided by percentage change in quantity demanded

Percentage change in price divided by percentage change in quantity supplied

Short-run aggregate supply (SRAS) considers

Nominal wages and input prices as fixed

Inelastic supply means that

Quantity supplied is insensitive to price changes

Quantity supplied is highly responsive to price changes

There is no supply in the market

A technological advancement that reduces production costs will likely lead to

A leftward shift in the supply curve

A decrease in elasticity of supply

If a country experiences an increase in labor productivity, what is the likely effect on aggregate supply?

Aggregate supply remains unchanged

If there is a technological breakthrough that significantly improves production efficiency, what is the likely effect on aggregate supply?

Aggregate supply remains unchanged

In analyzing aggregate supply, what does the long-run aggregate supply curve represent?

Potential output level when all inputs are variable

When analyzing elasticity of supply, what does an elastic supply indicate?

Quantity supplied is highly responsive to price changes

Quantity supplied is insensitive to price changes

There is no supply in the market

Evaluate the effectiveness of government subsidies in promoting technological advancements and increasing aggregate supply.

Positive impact on aggregate supply

Negative impact on aggregate supply

Critically evaluate the role of institutional factors such as government policies in shaping aggregate supply in an economy.

Positive influence on aggregate supply

Negative influence on aggregate supply

No influence on aggregate supply

Propose a strategy to increase aggregate supply in an economy facing high inflation and stagnant economic growth.

Encourage technological innovations and investments in infrastructure

Increase taxes to reduce consumer spending

Implement strict price controls on essential goods

Limit imports to boost domestic production

Develop a plan to address the challenge of decreasing labor productivity and its impact on aggregate supply.

Invest in workforce training and education programs

Reduce government spending on infrastructure projects

Increase import tariffs to protect domestic industries

Implement austerity measures to reduce inflation

Create a scenario where changes in consumer preferences lead to a rightward shift in the supply curve for a specific product.

Consumers demand more eco-friendly products, leading to increased production and supply.

Consumers shift towards luxury goods, reducing production and supply.

Consumers prefer imported goods, decreasing domestic production and supply.

Consumers stop purchasing the product altogether, leading to a decrease in supply.

Design a policy framework to encourage firms to invest in new technologies and improve production efficiency, thereby increasing aggregate supply.

Offer tax incentives and subsidies for research and development activities

Impose heavy fines on firms not adopting new technologies

Increase interest rates to encourage saving instead of investment

Implement trade barriers to protect traditional industries

SOCSCI 9.QUIZ.007.SUPPLY 2

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SOCSCI 9.QUIZ.007.SUPPLY 2

Student Name (LAST, FIRST MI.):

Student Number:

Subject:

Days:

Time Start:

Time End:

Contact Number:

Changes in supply occur due to

The aggregate supply curve shows the relationship between

Long-run aggregate supply (LRAS) represents

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