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WorksheetsAggregate Supply
Total questions: 11
Worksheet time: 6mins
A large increase in wages occurs across the whole economy, how will the SRAS curve be affected ?
It will shift to the left
It will rotate
It depends on the price level
It will shift to the right
It will bend
Conflict in the Middle East affects oil prices, how will this affect the SRAS curve?
It will shift to the right
It depends on the price level
It will stay in the same place
It will form a circle
It will shift to the left
Sterling appreciates, how will this affect the SRAS curve
It will remain in the same place
It will from a spiral
It will shift to the right
It will shift to the left
It will become perfectly horizontal
Electricity prices fall substantially, what will happen to the SRAS curve ?
It will shirt to the right
It will become more curved
It will remain in the same place
It depends on the price level
It will shift to the left
The determinants of the LRAS curve are the quality and quantity of the factors of production and what type of efficiency ?
Allocative
Productive
Dynamic
X-efficiency
Pareto efficiency
The adoption of new technology creates productivity gains for the UK economy, how will this affect the LRAS curve ?
It will shift to the left
It will shift upwards
It will shift to the right
It will stay in the same place
It will become flatter
In the Republic of Bernardia, large scale emigration occurs, what will happen to its LRAS curve ?
It will shift downwards
It will shift upwards
It will shift to the right
Change from the Classical to the Keynesian LRAS curve
It will shift to the left
Classical economists believe that prices and wages will adjust in the long run, bringing the economy to full employment. Keynesians reject this because they believe that wages and prices are :
Sticky upwards
Sticky downwards
Sticky sideways
Rapidly adjustable
Paid a month in arrears
Skills training and education should shift the LRAS curve eventually to the right because it increases the workforce's :
Capital depreciation
Tax
House prices
Merit goods
Human capital
Real GDP is nominal GDP with the effect of what subtracted ?
Tax
Unemployment
Wages
Inflation
Foreign trade
SPICED stands for :
Sick pound imports cheap exports dear
Strong pound investment cheap exports dear
Strong pound investment cheered elasticity diminished
Strong pound imports cheap exports dear
Strong pound investment cheap externalities dulled
